Kavita Pal
Dear Senior's
I am working with manufacturing company of Glass as mgr - hr, every company has a different norms for the hr policy. They are providing 40% of Gross as a basic, because PF is calculated on basic. But as i know basic is 60% of gross. Pls advice me what should be the % for the basic salary & how it should be calculated with the current norms.
Warms Regards
Kavita Pal

From India, Ghaziabad
vigna.84@gmail.com
15

Dear Ms.Kavita,
Yes, Basic wages should be 60% of Gross Salary but the Govt. Fixed minimum wages should be the Basic Wages for which EPF has to be contributed. I.e. The Basic wages should not be lesser than the minimum wages as announced for the particular Zone and Industry Type.

From India, Madurai
fc.vadodara@nidrahotels.com
734

Since you cannot reduce the existing Basic, you can increase other component with Basic stagnant during increment which will decrease the % of Basic from Gross Salary
From India, Ahmadabad
natraj@sakthimanagement.com
199

Ms Kavita
As of now there is no change in PF except ceiling increase to accomodate more employees. Pl don't be in a hurry till the Supreme Court decide on the splitting of minimum wages. Pl note that as per Sec 2 (h) of the Minimum Wages Act 1948, HRA is included as part of minimum wages. Govt of Punjab has notified that the minimum wages fixed by the Govt should be the basic rate of wages.
Regards
N Nataraajhan, Sakthi Management Services

From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.