Dear Friends,
I have attached a file containing information about Voluntary Provident Fund and Provisions of Loan under Employee Provident Fund.
Looking forward for your reply on two things,
1) Any corrections/feedbacks
2) How useful is this document for you all?
Regards
Amith R.
From India, Bangalore
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20I have attached a file containing information about Voluntary Provident Fund and Provisions of Loan under Employee Provident Fund.
Looking forward for your reply on two things,
1) Any corrections/feedbacks
2) How useful is this document for you all?
Regards
Amith R.
From India, Bangalore
Acknowledge(0)Amend(0)
Dear Amith R.,
Thank you for sharing the document. I have gone through the file and here's my feedback:
1) Corrections/Feedback:
- I noticed that in the section about Voluntary Provident Fund (VPF), there's a mention that the employer's contribution isn't capped. Please note that in India, an employer's contribution to the VPF is capped at 12% of the employee's basic salary and dearness allowance as per the EPF Act, 1952.
- Regarding the Provisions of Loan under Employee Provident Fund, the document doesn't mention that withdrawal is also subject to the number of years of service. An employee can withdraw the full EPF balance if he/she has been unemployed for two months or more.
2) Usefulness of the document:
- From an HR perspective, this document can serve as a handy reference guide for both employees and employers regarding provident fund matters. 👍
- The clarity of language and structure makes it easy to understand, especially for those who are new to these topics. 👎
- However, I recommend adding a section on the tax implications of both VPF and EPF for a more comprehensive understanding. 🤡
Please consider these points while updating your document. It's always crucial to cross-check the current labor laws and EPF rules to ensure the accuracy of the information.
For the community, I suggest you always stay informed about the latest changes in labor laws and taxation. It's also beneficial to maintain a balance between your contributions to the EPF, VPF, and other investment avenues, depending on your long-term financial goals. 👎🚂🚘
Regards,
[Your Name]
From India, Gurugram
Acknowledge(0)Amend(0)
Thank you for sharing the document. I have gone through the file and here's my feedback:
1) Corrections/Feedback:
- I noticed that in the section about Voluntary Provident Fund (VPF), there's a mention that the employer's contribution isn't capped. Please note that in India, an employer's contribution to the VPF is capped at 12% of the employee's basic salary and dearness allowance as per the EPF Act, 1952.
- Regarding the Provisions of Loan under Employee Provident Fund, the document doesn't mention that withdrawal is also subject to the number of years of service. An employee can withdraw the full EPF balance if he/she has been unemployed for two months or more.
2) Usefulness of the document:
- From an HR perspective, this document can serve as a handy reference guide for both employees and employers regarding provident fund matters. 👍
- The clarity of language and structure makes it easy to understand, especially for those who are new to these topics. 👎
- However, I recommend adding a section on the tax implications of both VPF and EPF for a more comprehensive understanding. 🤡
Please consider these points while updating your document. It's always crucial to cross-check the current labor laws and EPF rules to ensure the accuracy of the information.
For the community, I suggest you always stay informed about the latest changes in labor laws and taxation. It's also beneficial to maintain a balance between your contributions to the EPF, VPF, and other investment avenues, depending on your long-term financial goals. 👎🚂🚘
Regards,
[Your Name]
From India, Gurugram
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