Dear Sir/Madam,
Please be informed that in our company, we are paying a 12% employer contribution to EPF members' accounts irrespective of the basic amount. Now, the question pertains to changes in the EPF Act effective September 1st, 2014.
According to the amendment in September 2014, employees receiving a basic salary exceeding 15,000/- and if it's their first-time employment are not eligible to receive the EPS contribution from the employer's portion. The full 12% contribution must be remitted to Account No. 1.
However, we have made a mistake and not followed the rules. This means we have remitted the EPS amount for all employees.
Kindly suggest how we can correct this now.
From India, Bengaluru
Acknowledge(0)
Amend(0)
1Please be informed that in our company, we are paying a 12% employer contribution to EPF members' accounts irrespective of the basic amount. Now, the question pertains to changes in the EPF Act effective September 1st, 2014.
According to the amendment in September 2014, employees receiving a basic salary exceeding 15,000/- and if it's their first-time employment are not eligible to receive the EPS contribution from the employer's portion. The full 12% contribution must be remitted to Account No. 1.
However, we have made a mistake and not followed the rules. This means we have remitted the EPS amount for all employees.
Kindly suggest how we can correct this now.
From India, Bengaluru
Acknowledge(0)Amend(0)
This can be corrected from the PF Office. Normally, such wrong contributions will be corrected automatically by the system itself. But, you can personally visit the PF Office and get it corrected.
From India, Kannur
Acknowledge(0)Amend(0)
From India, Kannur
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
PF Contribution on Leave Encashment - Clarification by EPFO.pdf