Dear All,
It is very interesting discussion. Each member has contributed something but not in full. I would like to summaries as follows:-
-Wages for any completed moth are paid normally in the following month(Say April salary in the first week of may)
-Due date is 15 days from the end of the month to which salary pertains( 15th of May without 5 days of grace period.)
- Grace period is to be sparingly used and it can not be a regular practice
-Prior to 1.09.1997, damages levied were inclusive of interest portion but after 26.09.2008, damages are levied at 5% (for delay upto 59 days) 10% (for delay up to 199 days)15%(for delay up to 179 days) 25% (for delays of 180 days and above)
- damages are not automatic and courts can always be approached for relief if damages are not justified in certain circumstances as an equitable relief
G S Rao
From India, Raurkela
4It is very interesting discussion. Each member has contributed something but not in full. I would like to summaries as follows:-
-Wages for any completed moth are paid normally in the following month(Say April salary in the first week of may)
-Due date is 15 days from the end of the month to which salary pertains( 15th of May without 5 days of grace period.)
- Grace period is to be sparingly used and it can not be a regular practice
-Prior to 1.09.1997, damages levied were inclusive of interest portion but after 26.09.2008, damages are levied at 5% (for delay upto 59 days) 10% (for delay up to 199 days)15%(for delay up to 179 days) 25% (for delays of 180 days and above)
- damages are not automatic and courts can always be approached for relief if damages are not justified in certain circumstances as an equitable relief
G S Rao
From India, Raurkela
Dear sir,
As far as my little knowledge is concern last date of realization of EPF/EPS accumulation is 15th of every month instead of 20th or 25th, but the consultant who are in business of non- acceptance the said true fact , their decision for paid date 20th or 25th should also be treat a welcome move.
thanks & regards,
from,
sumit kumar saxena
From India, Ghaziabad
As far as my little knowledge is concern last date of realization of EPF/EPS accumulation is 15th of every month instead of 20th or 25th, but the consultant who are in business of non- acceptance the said true fact , their decision for paid date 20th or 25th should also be treat a welcome move.
thanks & regards,
from,
sumit kumar saxena
From India, Ghaziabad
Hi,
Will somebody help me, i have got damages notice from EPF office for late payments, due to company is under loss we have delayed payments but the damages are huge.
I would like to know do we have to pay penalty and interest for Employer share also.
I understand yes we have to pay for employee share deducted from salary and kept, but for employer share also do we have to pay.
please give me your inputs anybody paid damages like this.
From India, Bangalore
Will somebody help me, i have got damages notice from EPF office for late payments, due to company is under loss we have delayed payments but the damages are huge.
I would like to know do we have to pay penalty and interest for Employer share also.
I understand yes we have to pay for employee share deducted from salary and kept, but for employer share also do we have to pay.
please give me your inputs anybody paid damages like this.
From India, Bangalore
Dear Sir,
Suppose I have paid April month's wages in 10-May and PF Challan for April month is deposited on 15-May in SBI thru' other bank's cheque. And the same will be realised on 21-May. How many days are delayed including grace period?
From India, Mumbai
Suppose I have paid April month's wages in 10-May and PF Challan for April month is deposited on 15-May in SBI thru' other bank's cheque. And the same will be realised on 21-May. How many days are delayed including grace period?
From India, Mumbai
If a company is going through loss and they have not contributed the pf amount both employee and employer's contribution. And now the company wants to settle the account. so what will be the process involve doing so ??
From India, New Delhi
From India, New Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Expat PF Excluded Employees Contribution & No Due Certificate Clarification.p df