Dear Colleagues,
Here is the scenario: a few employees were excluded from EPF contributions since their salaries were beyond 6500/- by issuing Form 11, and all these years it was fine from both ends (employee and employer). Now, the same employees want to deposit some amount on their own as savings every month through VPF by not having the liability from the employer end.
Is it possible for any employee to contribute to VPF when they are excluded from the EPF account? Is there a way for it?
From India, Chennai
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Here is the scenario: a few employees were excluded from EPF contributions since their salaries were beyond 6500/- by issuing Form 11, and all these years it was fine from both ends (employee and employer). Now, the same employees want to deposit some amount on their own as savings every month through VPF by not having the liability from the employer end.
Is it possible for any employee to contribute to VPF when they are excluded from the EPF account? Is there a way for it?
From India, Chennai
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Dear, He would be not eligible for deduct VPF because his name not registerd in EPFO.
From India, New Delhi
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From India, New Delhi
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There is no voluntary contribution to PF by employee alone. Varghese Mathew
From India, Thiruvananthapuram
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972From India, Thiruvananthapuram
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Dear Balkrishna ji, Excluded employee is not a member of EPF. An employee who is not a member of EPF, he can not contribute towards PF including VPF. VPF is available to member of EPF only.
From India, Mumbai
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From India, Mumbai
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Dear Kumar ji,
Can you please elaborate on how you have done it?
For an employee who is not a member of PF, this means PF - member share is Nil, employer share is Nil. How did you effect the deduction towards VPF and how did you carry out the remittance?
I think you may have misunderstood the query and the responses to it.
From India, Mumbai
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Can you please elaborate on how you have done it?
For an employee who is not a member of PF, this means PF - member share is Nil, employer share is Nil. How did you effect the deduction towards VPF and how did you carry out the remittance?
I think you may have misunderstood the query and the responses to it.
From India, Mumbai
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You should ask the candidate to open a PPF account and make contributions to it That way he can have his savings and at the same time not create a problem for you
From India, Mumbai
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From India, Mumbai
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In my opinion, when such employees are not willing to have liability from the employer, they can invest any amount from their salary in any investment agency, including LIC. The employer can also deduct their contribution and deposit the same in any bank or may form a trust for such employees.
In case the employer is interested in contributing his share as well, he can get permission from RPFC.
Chandok AK
RPFC (Retd.)
[Link removed]
From India, Chandigarh
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In case the employer is interested in contributing his share as well, he can get permission from RPFC.
Chandok AK
RPFC (Retd.)
[Link removed]
From India, Chandigarh
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This means you agree with the contention of Kamlesh ji, Varghese ji & myself.
This means you also agree with the contention of Kamlesh ji, Varghese ji & myself.
There are various investment tools available to employees but not VPF.
LIC's Salary Saving Scheme (SSS) is available subject to certain conditions.
QUOTE=AK CHANDOK;2062811]
In case the Employer is interested to contribute his share also,
[/QUOTE]
LIC's Employer Employee Policy is available in which both Employer & Employee can avail IT benefit, subject to certain conditions.
QUOTE=AK CHANDOK;2062811]
he can get permission from RPFC .
[/QUOTE]
With due respect to you Sir, I would like to ask you why RPFC permission is required and under which section?
From India, Mumbai
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This means you also agree with the contention of Kamlesh ji, Varghese ji & myself.
There are various investment tools available to employees but not VPF.
LIC's Salary Saving Scheme (SSS) is available subject to certain conditions.
QUOTE=AK CHANDOK;2062811]
In case the Employer is interested to contribute his share also,
[/QUOTE]
LIC's Employer Employee Policy is available in which both Employer & Employee can avail IT benefit, subject to certain conditions.
QUOTE=AK CHANDOK;2062811]
he can get permission from RPFC .
[/QUOTE]
With due respect to you Sir, I would like to ask you why RPFC permission is required and under which section?
From India, Mumbai
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Dear friends,
These employees will open a normal EPF account like any other employees and choose their VPF (say Rs. 10,000) as their subscription, but the employer's contribution (they are allowed to vary their VPF only once a year) will be restricted to only Rs. 6,500. Of course, ours is an EPF Trust. (As our Byelaws of the Trust provide for such things approved by the Commissioner, I don't think there is any violation in doing this). I'm not sure if there could be any restrictions in implementing VPF like this concerning non-exempted establishments that still have to remit to the PF kitty to the PF Commissioner's account. You can check that out with the PF Commissioner's office.
Regards,
Kumar S.
From India, Bangalore
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These employees will open a normal EPF account like any other employees and choose their VPF (say Rs. 10,000) as their subscription, but the employer's contribution (they are allowed to vary their VPF only once a year) will be restricted to only Rs. 6,500. Of course, ours is an EPF Trust. (As our Byelaws of the Trust provide for such things approved by the Commissioner, I don't think there is any violation in doing this). I'm not sure if there could be any restrictions in implementing VPF like this concerning non-exempted establishments that still have to remit to the PF kitty to the PF Commissioner's account. You can check that out with the PF Commissioner's office.
Regards,
Kumar S.
From India, Bangalore
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Dear Sir,
I was referring to permission of RPFC only in case the employer wants to make an excluded employee a member of EPF at a later stage of employment. In that case, the employer will have to contribute his own share plus administrative charges, etc.
I have given a suggestion which may or may not be acceptable.
Chandok
From India, Chandigarh
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I was referring to permission of RPFC only in case the employer wants to make an excluded employee a member of EPF at a later stage of employment. In that case, the employer will have to contribute his own share plus administrative charges, etc.
I have given a suggestion which may or may not be acceptable.
Chandok
From India, Chandigarh
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