No Tags Found!

gangapuram
Dear sir,
Good afternoon
I am Hr Excutive in one of the company. I have full responsibility to facilitates pF and ESI to my employees.
So please tell me the procedure how to approach authorities and send the forms also.
Regards,
Santhosh Kumar.G

From India, Hyderabad
Rose_S
10

Dear All
In line with the same issue, request a response to the next scenario:
Employer and employee is currently contributing 12% of basic into PF (basic being higher than Rs. 6500/-); and employee now wants to restrict his contribution now to only 12% of Rs. 6500/- basic, ie. Rs. 780/- pm, can this change be done in sal, employer PF contributions being part of CTC.
Purpose behind this request is that the employee wants a higher take home package. [ He will get his the amount from his reduced PF deductions plus the employer's reduced contributions as increased take home (net) sal.]
What are the implications from a statutory standpoint to implementing this change?
Appreciate some inputs on this
regards
Rose S

From India, Mumbai
Kalyan Mitra
6

Dear All,
As per statute the company is bound to pay PF contribution upto rs 6500/- but beyond the said amount it is absolutely company's discretion to pay or not to pay the matching amount. There are many companies who are paying PF contribution on basic +DA exceeding Rs 6500/-. It all depends on the Company. Since PF is a social security scheme and also keeping in view the financial distress a person might face at the old age most of the big MNCs pay the PF contribution on actual basic + DA.

From India, Calcutta
S.Chandrasekar
39

Hi Bhuvana / Jeeva,
PF is a part of CTC. For that reason when you negotiate your salary for a new job, say, Rs.5 lakh is the annnual CTC, company cannot deduct 24% totally.
There are companies that argue that Ee PF and Er PF contributions are in this cTC that was agreed by employee. That means, Ee 12% and Er 12% are in this CTC and for this reason we cannot 24% totally. Hope you understood.
PF office has come heavily on this that deduction this way is illegal. This topic was spoken on many occasions in this forum.
Regards,
Chandru

From India, Madras
sanjay_saha
2

Hi
I am quite satisfy with your explanation but in normal CTC what we offer to our employees, is employer's contribution included in that and if not then how one can maintain the amount from employer contribution as it is with the option with a particular employee whether one would like to go for PF or not.
Please provide me necessary solution in this regard.
Thanks & regards
Sanjay Saha
HR Executive

From India, Mumbai
labhendra
Aear All
PF can be calculated on what ever percentage suites your co. in case of basic more than6500- but only 8.33 % of 6500(Rs541) will atract eps which will be deposited in acc. no. 10 rest will go to acc. no 1.
Lalit kandpal

From India, Delhi
gangapuram
Dear all the Management consultenccy is Exempted from labour law. please give the details regarding this issue. Regards, Santhosh
From India, Hyderabad
ankur rana
Dear Bhuvana.
if a employee draw the basic more than 6500/- then his contribution is on actual basic he drawn. And also the Employer is contribute on that current basic.
For ceiling amount 6500/- the employee and employer has to pass mutual order to strict the contribution with in the limit of 6500/-.
Thanx,
Ankur Rana

From India, New Delhi
maheshbabuatp
Hi bhavana
Accordindg to my knowledge i am givingthe information if any amendments are required let me know pls.
The employee have option to take high percentage of contribution.A\c to provident fund act 1952 the minimum of 12%you can contribute,suppose if u want give more percentage u can do .but companywill pay only 13.61%.

From India, Hyderabad
Priyamathi
Hi jeevarathnam,
I am not clear abt the following can pls explain the same??
There are some companies where in the employer & employee contribution will be for their full basic & they will add it to their CTC. Then the company is not loosing anything from their pocket.
Thanks

From India, Madras
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.