As the previous limit for PF deduction was 6500/- & now the limit has risen to 15000/-, but some of our employees are getting basic salary more than 15000/-. Is still the company is required to deduct PF on their basic salary? Pl suggest
From India, New Delhi
From India, New Delhi
Yes..you can deduct PF to every employee..
For Existing Employees:Eligible For EPS
Employee Basic Salary is Less than 15000 then the calculation is Acutual basic x 12%(EPS 8.33 + EPF 3.61)
Employee Basic Salary is More than 15000 then the calculation is 15000 x 12%(EPS 8.33 + EPF 3.61)
0R
Employee Basic Salary is More than 15000 then the calculation is Actual Basic x 12%(EPS 8.33 + EPF 3.61)
For New Employees ( Joining after 1St Sep'14):if Basic is Below 15000 then only eligible for EPS
Employee Basic Salary is Less than 15000 then the calculation is Acutual basic x 12%(EPS 8.33 + EPF 3.61)
Employee Basic Salary is More than 15000 then the calculation is 15000 x 12%( EPF 12%)
0R
Employee Basic Salary is More than 15000 then the calculation is Actual Basic x 12%(EPF 12%).
EPS age limit Will be 58yrs..employee crossed 58yrs he can not eligible to contribute EPS.
1) PF monthly wage ceiling raised from 6500 to 15000.
2) If any Employee Joined on or after 1st Sep 2014 his basic salary more than 15000 at the time of joining ,he will not become member of the EPS..His entire contribution (Employee & Employer)24% will go to the provident fund account..These members are not eligible for EPS benefits
From India, Hyderabad
6For Existing Employees:Eligible For EPS
Employee Basic Salary is Less than 15000 then the calculation is Acutual basic x 12%(EPS 8.33 + EPF 3.61)
Employee Basic Salary is More than 15000 then the calculation is 15000 x 12%(EPS 8.33 + EPF 3.61)
0R
Employee Basic Salary is More than 15000 then the calculation is Actual Basic x 12%(EPS 8.33 + EPF 3.61)
For New Employees ( Joining after 1St Sep'14):if Basic is Below 15000 then only eligible for EPS
Employee Basic Salary is Less than 15000 then the calculation is Acutual basic x 12%(EPS 8.33 + EPF 3.61)
Employee Basic Salary is More than 15000 then the calculation is 15000 x 12%( EPF 12%)
0R
Employee Basic Salary is More than 15000 then the calculation is Actual Basic x 12%(EPF 12%).
EPS age limit Will be 58yrs..employee crossed 58yrs he can not eligible to contribute EPS.
1) PF monthly wage ceiling raised from 6500 to 15000.
2) If any Employee Joined on or after 1st Sep 2014 his basic salary more than 15000 at the time of joining ,he will not become member of the EPS..His entire contribution (Employee & Employer)24% will go to the provident fund account..These members are not eligible for EPS benefits
From India, Hyderabad
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SALARY with out PF Deduction.xls
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