Is an employee new to the company who has rs.7500/- basic eligible for PF? what should be done if an employee has basic more than Rs.6500/-?
From India, Ernakulam
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From India, Ernakulam
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can anyone know how can make PF claim online for transfer. it is complsory due by employee. if any one know anything please tell me the procdure to do that. Atul
From India, Mumbai
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From India, Mumbai
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Reply to Xtend Technology:
1. The PF ceiling is Rs. 6,500 per month as of the current date. Employees drawing Basic + DA up to Rs. 6,500 will be covered under PF compulsorily.
2. Employees drawing more than Rs. 6,500 per month have the option for contribution. In this case, there are two scenarios:
- (i) If the employee was already covered under the EPF scheme and later their salary is increased, their membership cannot be stopped.
- (ii) If a new employee is recruited with Basic + DA exceeding Rs. 6,500 per month and they are not made an EPS member, then the decision is up to you. You can have them sign Form-11 to exempt them from the EPS Scheme.
Regards,
Jitender
From India, New Delhi
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711. The PF ceiling is Rs. 6,500 per month as of the current date. Employees drawing Basic + DA up to Rs. 6,500 will be covered under PF compulsorily.
2. Employees drawing more than Rs. 6,500 per month have the option for contribution. In this case, there are two scenarios:
- (i) If the employee was already covered under the EPF scheme and later their salary is increased, their membership cannot be stopped.
- (ii) If a new employee is recruited with Basic + DA exceeding Rs. 6,500 per month and they are not made an EPS member, then the decision is up to you. You can have them sign Form-11 to exempt them from the EPS Scheme.
Regards,
Jitender
From India, New Delhi
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Provident Fund - Excluded Employee - Definition.pdf