hi ranjith/amith,
based on your reply reg:employer limit for PF contribution,what i understood is that employer can cap employor contribution for 6500 basic i.e 780 per month ,
But 1) Is Organization has an option of limitting employee contribution also at 6500 though the employee basic is above 6500, Coz employer and employee contributions should be equal ??
I didn't find answer for the above question in your replies.
Pls give info on this ,wud appreciate if u can attch any proof( EPF rules) for the same.
regards,
viranchi
From India, Hyderabad
2based on your reply reg:employer limit for PF contribution,what i understood is that employer can cap employor contribution for 6500 basic i.e 780 per month ,
But 1) Is Organization has an option of limitting employee contribution also at 6500 though the employee basic is above 6500, Coz employer and employee contributions should be equal ??
I didn't find answer for the above question in your replies.
Pls give info on this ,wud appreciate if u can attch any proof( EPF rules) for the same.
regards,
viranchi
From India, Hyderabad
Hi,
The above statement is absolutely right, but in case of employer contribution the amount is 13.61% of basic, where the amount of pension fund would not be more that 8.33% (i.e 540) maximum of 6500. it means maximum of Rs.540/- will add in pension account if basic more than 6500/- and balance amount would be add in PF account. In case of VPF it could be any amount , but must be declaired in advance, if we deposited in Bank, or incase of organisation it would be slab of 12%, as earlier friend told in above statement. One can open VPF account in bank also.
Regards
Arun
From India, Delhi
The above statement is absolutely right, but in case of employer contribution the amount is 13.61% of basic, where the amount of pension fund would not be more that 8.33% (i.e 540) maximum of 6500. it means maximum of Rs.540/- will add in pension account if basic more than 6500/- and balance amount would be add in PF account. In case of VPF it could be any amount , but must be declaired in advance, if we deposited in Bank, or incase of organisation it would be slab of 12%, as earlier friend told in above statement. One can open VPF account in bank also.
Regards
Arun
From India, Delhi
Dear Ramesh, In my opinion the limit is Rs 6500 i.e (Basic +D.A+retaining allow if )can be changed voluntary only. But the contribution % would be same i.e 12%. Rgds Shrvan
From India, Dehra Dun
From India, Dehra Dun
Hi CHitra,
Its depend upon empolyer's wish wether he wish to contribute more than Rs. 780/- or not it is also possible if one is drawing Rs. 10000 basic +da then employer can contribute Rs. 780/- and employee Rs. 1200/-*...
Ajaay
From India, Coimbatore
Its depend upon empolyer's wish wether he wish to contribute more than Rs. 780/- or not it is also possible if one is drawing Rs. 10000 basic +da then employer can contribute Rs. 780/- and employee Rs. 1200/-*...
Ajaay
From India, Coimbatore
Dear All
Please Advice Me On How I Will Transfer My Pf Amount From My Previous Employer. I Was Worked For A Bombay Based Public Ltd Construction Company Having Its Registered Office At Baroda.i Was Posted At Paradip Orissa.in Aug-2002 The Company Transferred Me To Bombay , But Due To Some Personal Problems I Did Not Go & Then Join In Other Organisation. Since Then In 2007 I Again Joined In Another Organisation & My Present Employer Deducting P.f From My Salary.
Now I Want To Get The P. Accumulation In Previous Bombay Base Co. To My Present P.f Acoount.
Please Guide Me On The Subject.
Thanx
From India, Bhubaneswar
Please Advice Me On How I Will Transfer My Pf Amount From My Previous Employer. I Was Worked For A Bombay Based Public Ltd Construction Company Having Its Registered Office At Baroda.i Was Posted At Paradip Orissa.in Aug-2002 The Company Transferred Me To Bombay , But Due To Some Personal Problems I Did Not Go & Then Join In Other Organisation. Since Then In 2007 I Again Joined In Another Organisation & My Present Employer Deducting P.f From My Salary.
Now I Want To Get The P. Accumulation In Previous Bombay Base Co. To My Present P.f Acoount.
Please Guide Me On The Subject.
Thanx
From India, Bhubaneswar
EPF is optional only to those who are drawing (at the time of joining) more than Rs 6500. This means that those whose salary at the time of joining or on the date on which EPF is enforced to the establishment is not more than Rs 6500 are covered by the Act compulsarily and those others who draw more than Rs 6500 shall be covered if the employer and employees agree to. It is primarily upto the employer to decide whether those drawing more than 6500 shall be covered because if they are brought under EPF Schemes, the employer has to contribute 12% of the salary towards EPF and once an employee is covered he will continue to be covered irrespective of any increase in the salary. So, in the long run the employer would be the sufferer and not the employee for whom for every 12% contribution he makes he is getting an additional 12% by way of employer's contribution and the same is defenitely a good saving for old age. Moreover contribution to EPF is a tax saver also.
Regards,
Madhu.T.K
From India, Kannur
Regards,
Madhu.T.K
From India, Kannur
Dear Viranchi,
Yes if at all for all this days basic was equal to or less than than you can certainly keep PF contribution of both employee and employer to Rs 780 only when they get hike in salary, but in case you were already paying more than in such a case you cannot reduce it to ......................
Dear Ashok,
You need to fill up Form-13 and hand it over to your present employer to get your PF transfered. This for you can download from PF website www.epfindia.com
Regards
Amith R.
From India, Bangalore
Yes if at all for all this days basic was equal to or less than than you can certainly keep PF contribution of both employee and employer to Rs 780 only when they get hike in salary, but in case you were already paying more than in such a case you cannot reduce it to ......................
Dear Ashok,
You need to fill up Form-13 and hand it over to your present employer to get your PF transfered. This for you can download from PF website www.epfindia.com
Regards
Amith R.
From India, Bangalore
Dear All,
As per my knowledge, If the employee basic is more than 6500/-, the employee have a chance to choose the following options
1. 12% on Basic
2. 780/- (12% on basic - basic is restricted to 6500/- in this case)
Even If u opt any one of the above the options, the Employeer contribution will be 12% on basic (basic restricted to 6500/-).
This is the General Accounting Practice in max companies.
Thanks & Regards
VIJAYA BHASKAR. K
From India, Hyderabad
As per my knowledge, If the employee basic is more than 6500/-, the employee have a chance to choose the following options
1. 12% on Basic
2. 780/- (12% on basic - basic is restricted to 6500/- in this case)
Even If u opt any one of the above the options, the Employeer contribution will be 12% on basic (basic restricted to 6500/-).
This is the General Accounting Practice in max companies.
Thanks & Regards
VIJAYA BHASKAR. K
From India, Hyderabad
Dear All, Whatever, basic is consider for PF subject to 6500 maximum limit for Employer’s contributin on maximum amount. more than that its wish of employer. Sagar
From United States, Los Angeles
From United States, Los Angeles
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