ROBIN DHYANI
guys you have confused me completely
pls tell what option is right
1: pf ceiling of 6500 means that pf will be calculated maximum on 6500 means Rs 780 is maximum deduction as per the law employer is obliged too . and above its company wish.
or
2 pf ceiling of 6500 means that maximum deduction (12%) on basic (whatsoever) is Rs 6500 that is employee share in AC no . 1 although 12 % of basic (deduction) is more than 6500.
pls tell
Robin Dhyani

From India, Delhi
arvind_upadhyay
Is it true that Employer contributes equal to employees PF contribution. OR Employer contribution is lmited to Max 12% of 6500/-. Although I had been getiing Basic well above than 6500/- but employer used to deduct PF only 780/-. for evryone.
Please clarify

From United Kingdom
dakhseshnaik
9

Dear Friends

The much-awaited minimum monthly pension of Rs.1,000 and a higher wage ceiling of Rs.15,000 for social security schemes run by retirement Fund manager Employees’ Provident Fund Organisation (EPFO) will be implemented from September 1.

The government’s decision to fix pension entitlement of Rs.1,000 under the Employees’ Pension Scheme 1995 (EPFS-95) will immediately benefit 28 lakh pensioners who get less than this amount at present. The move to enhance the minimum wage ceiling for becoming a subscriber of the EPFO to Rs.15,000 a month is expected to bring 50 lakh additional formal sector workers under the ambit of the body.

“The government has notified enhancement of wage ceiling to Rs.15,000 per month, fixed minimum monthly pension at Rs.1,000 under EPS-95 and enhanced the maximum sum assured under the Employees’ Deposit Linked Insurance (EDLI) Scheme to Rs.3 lakh,” EPFO’s Central Provident Fund Commission K. K. Jalan told PTI.

Mr. Jalan said: “Now the maximum sum assured under the EDLI works out to be Rs.3.60 lakh, including 20 per cent ad hoc benefit over the prescribed amount under the notification.” This means that in case an EPFO subscriber dies, his family will be entitled to a maximum sum assured of Rs.3.60 lakh instead of existing Rs.1.56 lakh.

Mr. Jalan said the notification regarding minimum pension, wage ceiling and EDLI would be effected from September 1. Thus all pensioners getting less than Rs 1,000 per month would get at least this much pension from October.

The following may be the impact after the amendment:

1. The employees who have already opted out from PF coverage ( whose basic is above Rs.6500) would be covered under the scheme in case their Basic Wages is higher than Rs.6500 p.m. and upto Rs.15000/- per month.



2. Employees who are exiting PF Members and over a period their basic wages have gone up upto Rs.15000 per month and even above (once member always a member), currently their PF contribution is deducted on a maximum wage limit of Rs, 6500/-, but from now onwards their contribution would be deducted on the actual basic wages upto maximum limit Rs.15000/-p.m.

3. Similarly, the companies who are currently extending PF benefit only on Rs.6500/- irrespective of their wages , may have to increase the PF wages to Rs.15000/- and need to pay the employer contribution of 13.61% on Rs.15000/-

4. The pension amount limit also will increase from Rs.541/- to Rs.1000/-.

5. The employees who current basis wages is less

From India, Pune
Attached Files (Download Requires Membership)
File Type: pdf PF Notification for enhancement of wage ceiling & Pension wef 1-Sep-14 (1).pdf (259.0 KB, 227 views)

Anonymous
Dear Seniors,
In accordance to wage ceiling increase from 6500 to 15000, request to guide that if PF (12%) is deducting on 5000/- basic salary.
EE Share 12% Rs.600/- + ER EPF share 3.67% Rs.184/- = Total Rs.784/-
ER Share 8.33% Rs.417/- contribution deposited in EPS account.
If now wage ceiling is increased, notification will affect to the above calculation or not ?

From India, Mumbai
Anonymous
1

Hi!!! Dear All, Please help me about how i can communicate with my staff about changes in their salary structure due to change in PF Ceiling. please give me any format of letter. Thanks.
From India, Pune
Tayeeb
Please tell me if the employee earn , more than Rs.15,000(For ex:Rs.20,000 Basic) For this how much amount has to contribute by Employer & Employee
From India, Bangalore
919909981609
Ms. SHILPI,
For PF Deduction The Ceiling Basic Salary Limit Is 6500/-. If Basic Of A Member Employee Increases Beyond Rs. 6500' After His Having Become A Member, Is It Mandatory To Continue Or Can Stop The Contribution In PF?
The Ceiling Basic Salary Limit Is 15000/- new amendment,
You can restrict the pf as per statutory norms and can deduct on 6500 (But present 15000 PM.) If member having continue membership so you should do the same but you cant stop the contribution without employees concern.
you have no need to fill the form- 26(6). When employees want to contribute himself more then 12 % PM then you should mandatory fill the form 26 (6) with employee's consent and company's undertaking.
Mayank Panchal
Head HR
Real Namkeen
Nadiad

From India, Anand
bhushan potdar
Dear sir, 1.Why ptax deduction is 300 in February,whats reason? 2.If anyone have basic salary 1lac then what’s maximum pf deducted ? Pls confirm. Regards, Bhushan Potdar HR
From India, Mumbai
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.