I agree to whar Mr.Mohan said. Any Employee can voluntarily contribute more than 12% on his Basic& DA wages towards PF contribution. But Employer contribution limited 12%. In case of EPS, the limitation would be Rs.6500 ie the contribution to EPS would works out to Rs.541/- per month.
In her first e-mail Shalu said the Management deducts 20% as PF contribution to a particular employee. Hence, Mr.Mohan had to say it was illegal.
4In her first e-mail Shalu said the Management deducts 20% as PF contribution to a particular employee. Hence, Mr.Mohan had to say it was illegal.
Re: PF CalculationPf is mandatory for both employee and employer for who’s basic salary is Rs.6,500/- or less (which is 12%). If basic salary is more than Rs. 6,500/- it is not mandatory for the employer to contribute their share to the employee, but it is up to the employer discretion whether to contribute or not.
If employee (whose basic salary is more than Rs. 6,500/-) would like to contribute more than 12% of his/her basic salary employer can deduct the same and deposit in employee share.
From India, Hyderabad
If employee (whose basic salary is more than Rs. 6,500/-) would like to contribute more than 12% of his/her basic salary employer can deduct the same and deposit in employee share.
From India, Hyderabad
Hi, As I know admistrative charges on PF will be paid on the whole amount in which PF is deducted. EDLI & admistrative charges on EDLI will be paid on Rs.6500.00 max. Regards Navin Chandra Pathak
From India, Delhi
From India, Delhi
Hi,
As per rules of Provident Fund Act following are some facts is applicable :-
1) ''the amount deducted from salary of employee is equal to paid as employee share in PF Challan''!!!;
2) The employer should not be deducted more than 12% of allied salary (i.e. Basic + DA); if company wants to deducted then must be permitted from PF Department;
3) Total Contributions of PF as follows:
Employer Contribution (13.61%) = 8.33 % (Pension Fund) + 3.67% (Provident Fund A/c) + 0.5% (Insurance Fund) + 1.1% + 0.01% (Admin Charges).
Employee Contribution (12%) = 12% (Provident Fund A/c)
Therefore total contribution = 13.61% + 12% = 25.61%.
Reply me above information is valuable or not,
From India, Mumbai
As per rules of Provident Fund Act following are some facts is applicable :-
1) ''the amount deducted from salary of employee is equal to paid as employee share in PF Challan''!!!;
2) The employer should not be deducted more than 12% of allied salary (i.e. Basic + DA); if company wants to deducted then must be permitted from PF Department;
3) Total Contributions of PF as follows:
Employer Contribution (13.61%) = 8.33 % (Pension Fund) + 3.67% (Provident Fund A/c) + 0.5% (Insurance Fund) + 1.1% + 0.01% (Admin Charges).
Employee Contribution (12%) = 12% (Provident Fund A/c)
Therefore total contribution = 13.61% + 12% = 25.61%.
Reply me above information is valuable or not,
From India, Mumbai
Wht is the logic of 20% no this is absolutely rong, in pf act also this is clearly mentioned max limit is rs. 6500 for deducting the pf
if any employee wish to deduct the pf (his basic is more than 6500) is also considered provided only his share will be deposited in that case
employer will contribute their contribution considering the basic rs. 6500 which pl note
mahendra
From India, Mumbai
if any employee wish to deduct the pf (his basic is more than 6500) is also considered provided only his share will be deposited in that case
employer will contribute their contribution considering the basic rs. 6500 which pl note
mahendra
From India, Mumbai
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls