Hi, Can anyone send me the detailed Provident Fund and Bonus Scheme which is must to follow for all the organization. Its urgent. Regards NEHA
From India, Lucknow
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3From India, Lucknow
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Dear Neha, Pls type provident fund and bonus in the Search Tab of the Forum...you will get loads of info already posted here...(on other labor laws also) Cheers :P Cheenu
From India, Delhi
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From India, Delhi
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Hi,
PF is calculated on basic i.e. if the salary is 5000 and the basic is 3000, PF should be 3000 X 12% = 360 (Is deducted from both employer as well as the employee). Bonus depends on Management. It may vary from company to company. Some companies may have a bonus of 1 month salary, some may have 1.5 months' salary.
From India, Mumbai
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PF is calculated on basic i.e. if the salary is 5000 and the basic is 3000, PF should be 3000 X 12% = 360 (Is deducted from both employer as well as the employee). Bonus depends on Management. It may vary from company to company. Some companies may have a bonus of 1 month salary, some may have 1.5 months' salary.
From India, Mumbai
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Hi Neha,
P.F. is dependent upon Basic+DA. Both E.Yr & E.yee should contribute 12% of Basic+DA towards PF. Out of the 12% of the employer's share, 8.33% will go to the Employee Pension Scheme (EPS-16/11/95), and the remaining 3.67% will go to the Employee Provident Fund under EPF(M&P) Act, 1952. The total 12% of the employee's share will go to EPF under EPF(M&P) Act, 1952.
First, you should take the PF Nomination Form (Form-2) for each employee, and then the above procedure will follow through different forms.
Regarding the bonus - employees drawing less than Rs 3,500/- are eligible for a bonus under the Payment of Bonus Act, 1965. They are eligible to receive a minimum of 8.33% (Basic+DA) and a maximum of 20% (Basic+DA) subject to your company's profits (Allocable Surplus).
For those earning more than Rs 3,500/-, it is referred to as Ex-gratia or PLP subject to your company policies.
For further inquiries, you may send emails to citehr at
.
Regards,
Rajesh - Trainee HR 8)
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P.F. is dependent upon Basic+DA. Both E.Yr & E.yee should contribute 12% of Basic+DA towards PF. Out of the 12% of the employer's share, 8.33% will go to the Employee Pension Scheme (EPS-16/11/95), and the remaining 3.67% will go to the Employee Provident Fund under EPF(M&P) Act, 1952. The total 12% of the employee's share will go to EPF under EPF(M&P) Act, 1952.
First, you should take the PF Nomination Form (Form-2) for each employee, and then the above procedure will follow through different forms.
Regarding the bonus - employees drawing less than Rs 3,500/- are eligible for a bonus under the Payment of Bonus Act, 1965. They are eligible to receive a minimum of 8.33% (Basic+DA) and a maximum of 20% (Basic+DA) subject to your company's profits (Allocable Surplus).
For those earning more than Rs 3,500/-, it is referred to as Ex-gratia or PLP subject to your company policies.
For further inquiries, you may send emails to citehr at
Regards,
Rajesh - Trainee HR 8)
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Provident Fund - Excluded Employee - Definition.pdf
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