If employee wants to contribute more than 12% it is again limited only to 12% of Basic not more than that. kripa
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That Means as a total he can contribute up to 24% of his Basic 12% — — Statutory 12% — — - Voluntarily and in addition 12% of Employer. Pls. Correct if Wrong. Thanks, Rahul
From India, Delhi
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11From India, Delhi
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If employee voluntarily wishes to pay more than 12% it is again limited only to 12% of basic not more than that
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ya employee needs to declare he/she wants to deduct his Pf on Gross not on basic ,so definitely his contribution would be increase,but any case contribution is 12%.but total ammount will be increase.
From India, Ahmadabad
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From India, Ahmadabad
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Hi Manjali,
I am Vishwa Sehgal, the Head of Human Resources at an international BPO. In response to your query, the option to withdraw and cease paying can only be exercised with the Personal Provident Fund.
According to company regulations, once the PF deduction is made and the employee's salary is below 6500/-, it is compulsory to continue with the PF deduction. However, if the salary bracket increases, the employee has the choice to contribute the same amount instead of the standard 12% of the basic salary.
Please feel free to reach out to me via email or call me at 9967573663.
Take care,
Vishwa
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I am Vishwa Sehgal, the Head of Human Resources at an international BPO. In response to your query, the option to withdraw and cease paying can only be exercised with the Personal Provident Fund.
According to company regulations, once the PF deduction is made and the employee's salary is below 6500/-, it is compulsory to continue with the PF deduction. However, if the salary bracket increases, the employee has the choice to contribute the same amount instead of the standard 12% of the basic salary.
Please feel free to reach out to me via email or call me at 9967573663.
Take care,
Vishwa
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Dear Mehul Mehta If you want to contribute more than there is no problem but the contribution of the Employer will remain same. Darshak Mehta
From India, Mumbai
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From India, Mumbai
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Dear Mr. Kumar,
Yes, PF deduction is compulsory. There is a Statutory Act regarding the PF, that is "The Employees' Provident Fund and Miscellaneous Provisions Act."
The major benefit of PF coverage is that if an employee works for even one day and unfortunately passes away, their dependent spouse will receive a pension for their entire life. Additionally, two children will receive a minimum amount for their education until they reach the age of 21 for boys and 25 for girls.
I hope you now have a better understanding of the benefits of PF coverage.
Regards, KARANLAL Manager, HR & Admin
From India, Hyderabad
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Yes, PF deduction is compulsory. There is a Statutory Act regarding the PF, that is "The Employees' Provident Fund and Miscellaneous Provisions Act."
The major benefit of PF coverage is that if an employee works for even one day and unfortunately passes away, their dependent spouse will receive a pension for their entire life. Additionally, two children will receive a minimum amount for their education until they reach the age of 21 for boys and 25 for girls.
I hope you now have a better understanding of the benefits of PF coverage.
Regards, KARANLAL Manager, HR & Admin
From India, Hyderabad
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Where the number of employees is 20, the establishment will be covered. However, contributions in respect of those 5 employees whose salary is below 6500 will have to be deducted and contributed.
Regards,
Madhu.T.K
From India, Kannur
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Regards,
Madhu.T.K
From India, Kannur
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Dear Kumars, Please click o0n the link below, it might be of help to you: Regards, SC
From India, Thane
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From India, Thane
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Dear All,
I have a doubt in PF. I am aware that Basic or Basic + DA = 6500, the contribution can be exempted. But what is the role of the Minimum Wages Act on this part? Is there any rule specifying the amount the basic and DA should be? Please advise.
Thanks,
Pandey
From India, Mumbai
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I have a doubt in PF. I am aware that Basic or Basic + DA = 6500, the contribution can be exempted. But what is the role of the Minimum Wages Act on this part? Is there any rule specifying the amount the basic and DA should be? Please advise.
Thanks,
Pandey
From India, Mumbai
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Provident Fund - Excluded Employee - Definition.pdf
What is Employee Provident Fund.docx