No, it is not the right way. Provident Fund (PF) is not optional; it is a mandatory statutory deduction from employee salaries and also mandatory for employers' contributions. When your employee strength exceeds 19 in a particular month, you are liable to comply with the Employees' Provident Fund (EPF) & Miscellaneous Provisions Act, 1952. It is mandatory for all establishments whose employee strength is 20 or more.
From India, Kolkata
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From India, Kolkata
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I have a doubt. Till now, my company was not having PF, and only PT was getting deducted. But now they want me to start up with PF. How will I do the salary breakup as there is no other deduction done? Kindly help me with a solution.
Regards,
Sonal Gupta
From India, Nashik
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Regards,
Sonal Gupta
From India, Nashik
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This scheme applies to all companies or establishment, which employs 20 or more than that. Do remember that once the employees’ strength reaches to 20 or more then irrespective of employee strength (whether fall or rise) the company must continue with this scheme. However, suppose company or establishment stopped its operation or continue without any employee then in that case this scheme not applicable. In addition, employee if considered as trainee or apprentice will not be covered under this act.
From India, Faridabad
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1From India, Faridabad
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SALARY with out PF Deduction.xls
PF deduction on leave encashment.doc