Hello all,
I have joined a new firm where highest salary paid is Rs. 1,00,000/- p.m. and lowest is Rs. 5000/- p.m..There is one consultant who is taking care of all legalities( Factories act, ESI, PF, etc..) He just send us challan of combined figure for ESI and PF. I came to know that the deduction of PF is Rs. 780/- for all.Is this legal? As per law, 12% of basic should be deducted. And if we want to implement 12% of Basic, can we implement from month of August or have to follow financial year?
Kindly reply.
From India, Kolkata
I have joined a new firm where highest salary paid is Rs. 1,00,000/- p.m. and lowest is Rs. 5000/- p.m..There is one consultant who is taking care of all legalities( Factories act, ESI, PF, etc..) He just send us challan of combined figure for ESI and PF. I came to know that the deduction of PF is Rs. 780/- for all.Is this legal? As per law, 12% of basic should be deducted. And if we want to implement 12% of Basic, can we implement from month of August or have to follow financial year?
Kindly reply.
From India, Kolkata
PF deduction ceiling can be put upto 6500 but if management wishes can deduct more that Rs,6500.
YOu can start from August deductions more than 6500 but once do that in case of financial difficulties also you can not reduce the contributions.... So think before implementing....
From India, Pune
467YOu can start from August deductions more than 6500 but once do that in case of financial difficulties also you can not reduce the contributions.... So think before implementing....
From India, Pune
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Steps to transfer PF amount.jpg
PF Amount Balance Check.xls