Dear .... it depends upon the employer ,,,,, in this case employee give the declaration to employer that he wants to deduct more than 12% of his basic as a PF contri.. REgards devendra
From United States, Decatur
2From United States, Decatur
In respect of the valued reply by mak007hr regarding VPF rate I just like to state that the following statement found in EPF Web site (EPFO) "As per the Act, the member has to contribute at the rate of 10% or 12% of his basic pay, D.A. & retaining allowance if any. In case the member wants to contribute more than this, voluntarily he can do so at any rate he desires. i.e. upto 100% of basic and D.A. But the employer is not bound to contribute at the enhanced rate."
From India, Calcutta
From India, Calcutta
Respected
Mr. Malik Sir,
I have not concealed my identity, It is just a typogrphical error from my side.
For your kind information, my personal particulars are
Mohd. Arif Khan
MSW (HR)
+91 9891578605 (
)
Working as Dy. Manager HR with a Manufacturing Company.
Location :- G. Noida/Delhi
Mr. Malik Sir,
I have not concealed my identity, It is just a typogrphical error from my side.
For your kind information, my personal particulars are
Mohd. Arif Khan
MSW (HR)
+91 9891578605 (
Working as Dy. Manager HR with a Manufacturing Company.
Location :- G. Noida/Delhi
Dear Mr. Subratasingha,
Share of PF contribution of an employee inculindg his / her VPF should not be more than 27% of his Wages on which contribution has been calculated.
The income tax rules provide a maximum of 27% contribution of Basic Wages, it may be in the form of EPF/VPF/Superannuation Fund, Etc. The idea for the same is to restrict the benefit of tax extened on such contributions.
Mohd. Arif Khan
Dy. Manager - HR
9891578605.
Share of PF contribution of an employee inculindg his / her VPF should not be more than 27% of his Wages on which contribution has been calculated.
The income tax rules provide a maximum of 27% contribution of Basic Wages, it may be in the form of EPF/VPF/Superannuation Fund, Etc. The idea for the same is to restrict the benefit of tax extened on such contributions.
Mohd. Arif Khan
Dy. Manager - HR
9891578605.
Dear Mohd,
We recently implemented employee VPF in our organisation after consultation with an audit firm. It was confirmed that to enroll in to this scheme there has to be a minimum of 20 members opting for this scheme and the contribution can be upto 100% of basic inclusive of the mandatory contribution.
VPF is part of the 1,00,000 investments under section 80 C of income tax rules.
I agree to the point that the VPF employer contribution above 12% is in descretion of the organisation.
We recently implemented employee VPF in our organisation after consultation with an audit firm. It was confirmed that to enroll in to this scheme there has to be a minimum of 20 members opting for this scheme and the contribution can be upto 100% of basic inclusive of the mandatory contribution.
VPF is part of the 1,00,000 investments under section 80 C of income tax rules.
I agree to the point that the VPF employer contribution above 12% is in descretion of the organisation.
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