Hi ,
I have recently joint a new Software Firm its a CMMi Level 3 Company.
In my salary structure they have given any component of PF contribution.
They said their company doesnt have it or do it.
If I have to go for PF deduction then I will have to pay 24% on my own is what they informed me.
i.e.12% employee Contribution and 12% company contribution.
both will be paid by me.
Is it true.Till date my earlier company have opened my PF account and both myself and company have contributed.
I also asked them if I want to contribute only for myself i.e.12% is it possible.
They said "NO" If I have to go for PF Contribution then both shud be paid by employee only.
How far this is true.
Please suggest me and help me how to go about this.
I am facing a loss of 12% from my salary account.
Regards
Blue Eagle.
From India, Mumbai
I have recently joint a new Software Firm its a CMMi Level 3 Company.
In my salary structure they have given any component of PF contribution.
They said their company doesnt have it or do it.
If I have to go for PF deduction then I will have to pay 24% on my own is what they informed me.
i.e.12% employee Contribution and 12% company contribution.
both will be paid by me.
Is it true.Till date my earlier company have opened my PF account and both myself and company have contributed.
I also asked them if I want to contribute only for myself i.e.12% is it possible.
They said "NO" If I have to go for PF Contribution then both shud be paid by employee only.
How far this is true.
Please suggest me and help me how to go about this.
I am facing a loss of 12% from my salary account.
Regards
Blue Eagle.
From India, Mumbai
Hi,
This is a very generic employee problem faced by employee. Most of the companies do not show PF contribution of employer an employee as different. The same is shown as a part of CTC. As the same is the part of the CTC it is obvious it will be deducted from the same only. Henece in future be sure before accepting the offer of any organisation as to on the breakup of the CTC.
Regards,
Niraj Sharma
From India, Bangalore
14This is a very generic employee problem faced by employee. Most of the companies do not show PF contribution of employer an employee as different. The same is shown as a part of CTC. As the same is the part of the CTC it is obvious it will be deducted from the same only. Henece in future be sure before accepting the offer of any organisation as to on the breakup of the CTC.
Regards,
Niraj Sharma
From India, Bangalore
I agree with abbasiti.
Under the situation, it is OBLIGATORY for the employer to contribute his share - as per law.
The employer can not recover the amount from employee, under any circumstances - CTC or no CTC - in whatever way it is calculated.
Warm regards.
From India, Delhi
Under the situation, it is OBLIGATORY for the employer to contribute his share - as per law.
The employer can not recover the amount from employee, under any circumstances - CTC or no CTC - in whatever way it is calculated.
Warm regards.
From India, Delhi
Dear niraj.imb
What you have stated may be the truth or reality; however; you must know that it is ABDOLUTELY ILLEGAL.
EMPLOYER'S SHARE of P.F. is meant to be paid by the EMPLOYER.
There can not be any compromise, arrangment, calculation or "jugaad" over it.
How can an Employer show the recovery from Employee in his Account Books ???
He can not; as it is ILLEGAL.
Therefore, this money becomes BLACK and becomes a threat to nation's economy.
Warm regards.
From India, Delhi
What you have stated may be the truth or reality; however; you must know that it is ABDOLUTELY ILLEGAL.
EMPLOYER'S SHARE of P.F. is meant to be paid by the EMPLOYER.
There can not be any compromise, arrangment, calculation or "jugaad" over it.
How can an Employer show the recovery from Employee in his Account Books ???
He can not; as it is ILLEGAL.
Therefore, this money becomes BLACK and becomes a threat to nation's economy.
Warm regards.
From India, Delhi
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