EPFO-Re-initiate process to club allowances with basic pay ordered inspection. Please explain it.(Urgent)
From India, Hyderabad
5From India, Hyderabad
Dear Yamini.D,
Please find attached herewith a circular of EPFO : HO, New Delhi dated 06.08.2014 which is self explanatory to your query.
By this circular, the officers of EPFO were directed to inspect the establishments which are splitting the wages wherein the basic component is kept at 50% or more to the gross pay.
According to EPFO many employers often split wages in various allowances to reduce their PF liability.
The intention of EPFO to give directives to inspect the establishments was to understand the gravity and decide in to nitty-gritty clubbing of allowances with basic as suggested by review committee.
From India, Mumbai
Please find attached herewith a circular of EPFO : HO, New Delhi dated 06.08.2014 which is self explanatory to your query.
By this circular, the officers of EPFO were directed to inspect the establishments which are splitting the wages wherein the basic component is kept at 50% or more to the gross pay.
According to EPFO many employers often split wages in various allowances to reduce their PF liability.
The intention of EPFO to give directives to inspect the establishments was to understand the gravity and decide in to nitty-gritty clubbing of allowances with basic as suggested by review committee.
From India, Mumbai
Dear All, can you please tell me that presently FPS amount is 541/- on minimum EPF celing is 6500/-. now EPF celing raised to 15000/- than FPS amount would be chang?
From India, Lucknow
From India, Lucknow
Dear Friends,
As per EPFO new guide lines,
FPS/EPS Celling is Rs. 15000/- w.e.f. 01-09-2014, as per this the Maximum EPS Amount is Rs. 1250/-.
but if any employees who joins on or after 01-09-2014, if his Basis Wages is more than 15000/-, his all 24% amount will be remitted in his EPF Account. He will not be eligible for EPS.
Regards,
From India, Pune
As per EPFO new guide lines,
FPS/EPS Celling is Rs. 15000/- w.e.f. 01-09-2014, as per this the Maximum EPS Amount is Rs. 1250/-.
but if any employees who joins on or after 01-09-2014, if his Basis Wages is more than 15000/-, his all 24% amount will be remitted in his EPF Account. He will not be eligible for EPS.
Regards,
From India, Pune
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