Dear All,
There is a huge confusion on PF deduction as we have mixed suggestions from PF consultants, HR Network that PF is mandatory for all irrespective of PF slab and PF is optional for employees whose basic is more than the PF slab(i.e.Rs.6500/15000 as per new revision which is yet to be effected).
Can you please clarify on this.
Thanks in advance!
Regards,
David.
From India, New Delhi
There is a huge confusion on PF deduction as we have mixed suggestions from PF consultants, HR Network that PF is mandatory for all irrespective of PF slab and PF is optional for employees whose basic is more than the PF slab(i.e.Rs.6500/15000 as per new revision which is yet to be effected).
Can you please clarify on this.
Thanks in advance!
Regards,
David.
From India, New Delhi
What is the pension fund of 541/- Rs. in our PF.
I can see that we should eligible for that at the age of 58+. How much do we get after that age?
If a person die suddenly after 10 yrs of his/her service will the nominee get the pension fund and Provident fund. If so how long the nominee get pension. Because its almost 2 Lakhs rupees goes into pension fund during the tenure. What is the benefit for him/her or their nominees.
Can any one please explain me because I don\'t have idea on that one.
Thanks in advance.
Vellanki
From India
I can see that we should eligible for that at the age of 58+. How much do we get after that age?
If a person die suddenly after 10 yrs of his/her service will the nominee get the pension fund and Provident fund. If so how long the nominee get pension. Because its almost 2 Lakhs rupees goes into pension fund during the tenure. What is the benefit for him/her or their nominees.
Can any one please explain me because I don\'t have idea on that one.
Thanks in advance.
Vellanki
From India
Hi friends Pl read 2(f),26,26A,29,30 of PROVIDENT FUND SCHEME and para 3,4,6,9,to,16 of pension scheme.as it is difficult to explain all in this forum. Varghese Mathew 09961266966
From India, Thiruvananthapuram
912From India, Thiruvananthapuram
HI David,
Well, in the best of my knowledge, the the PF deduction & contribution is mandatory till the slab of 6500 (basic salary). Beyond that it on the organisation to decide if they wish to contribute.
Hope this should help.
Regards:
Vivek Sharma.
From India, Madras
Well, in the best of my knowledge, the the PF deduction & contribution is mandatory till the slab of 6500 (basic salary). Beyond that it on the organisation to decide if they wish to contribute.
Hope this should help.
Regards:
Vivek Sharma.
From India, Madras
PF is mandatory. It is not the choice of employer or employee to decide on it. If it is not mandatory then the whole company can say 'NO' to EPF. Is this allowed under Social Security act...? Well then we can open a recurring deposit account in a nationalised bank.
Working on usual terms, if PF wages ceiling is 15000 then EPS share is 541 and remaining 1259 is EPF share. Let's wait for official circular from EPFO for the next financial year. It is too early to get confused.
Regards
Chandru
From India, Madras
Working on usual terms, if PF wages ceiling is 15000 then EPS share is 541 and remaining 1259 is EPF share. Let's wait for official circular from EPFO for the next financial year. It is too early to get confused.
Regards
Chandru
From India, Madras
Dear Mr. S. Candrasekhar,
As and when PF ceiling is raised to 15000 it is most likely that EPS ceiling also will be raised to 15000,meaning that EPS contribution will be 8%of 15000 + govt contribution which is also under revision to 1.76 or so from 1.16%. End result will be more pension because pension is a function of last drawn salary(average of last 12 months),but more out go from employees.
From India, Thane
As and when PF ceiling is raised to 15000 it is most likely that EPS ceiling also will be raised to 15000,meaning that EPS contribution will be 8%of 15000 + govt contribution which is also under revision to 1.76 or so from 1.16%. End result will be more pension because pension is a function of last drawn salary(average of last 12 months),but more out go from employees.
From India, Thane
Shri Chandrasekar rightly said that PF contribution has to deposit by employer even after Rs. 6500/-, its not on employer wish, it is mandatory and can not be avoided. Yes, its employer wish that he would may follow maximum ceiling i.e. Rs. 6500/- for depositing PF contribution to avoid more financial burden on him.
I would like to request all the follow members that please check your best knowledge before any post for reply. It may create more confusion only.
Or Cite HR administration may also keep check all the replies before post it immediately.
Manish Bali
From India, Delhi
I would like to request all the follow members that please check your best knowledge before any post for reply. It may create more confusion only.
Or Cite HR administration may also keep check all the replies before post it immediately.
Manish Bali
From India, Delhi
Dear Mr R Vellanki,
1.Yes you will get a lifelong pension after 58 years.
2. In case death of a member while in service Nominee/wife for lifelong & children up to age 25 will get pension. As per the new proposal Widow & probably children also will get minimum Rs 1000. Other wise widow will get a pension which will be more than the pension entitlement of the member as if he retires on date of death(probably 1000 more,Not sure).
3. As regards your pension after 58 please find the XL sheet attached(posted on this forum by Mr Abbas iit)
From India, Thane
1.Yes you will get a lifelong pension after 58 years.
2. In case death of a member while in service Nominee/wife for lifelong & children up to age 25 will get pension. As per the new proposal Widow & probably children also will get minimum Rs 1000. Other wise widow will get a pension which will be more than the pension entitlement of the member as if he retires on date of death(probably 1000 more,Not sure).
3. As regards your pension after 58 please find the XL sheet attached(posted on this forum by Mr Abbas iit)
From India, Thane
Unless notification comes out from EPF department for the increased Limit for EPF Rs. 15,000/-, it is very difficult to conclude on whom and how it would be applicable.
From India, Vasai
From India, Vasai
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PF is to be deducted on canteen allowance - Delhi HC 22.7.2013.pdf