vinaykhatloiya Started The Discussion:
If any employee who was the member of EPF Scheme with his prior employer & his salary was under 6500. But if he changes employer & his salary is more than 7000 with new employer so is the new employer is forced by act to give him EPF benefits or not. (If any employee who has withdrawn his PF)
Officer - HR
I just join as an HR manager in a infrastructure company which is mainly into excavation work. They are just introducing HR in their company.I have completed my MBA into HR in 201,so i do not have that much practical knowledge of all the work but have theoritical knowledge.
Please help me out in payroll, policies and other things.
As stated Wage/salary ceiling limit for PF is Rs.6500/- and it is statutory compliance to deduct 12% on Basic+Da+ retaining allowance if any from employee pay and equal share of amount has bt be added to total contribution (24%) in the intial service of the employee. The following points are answer for your arising questions.
1) It is not obligatory on the part of employer to cover employees whos wages/salary is above ceiling limit of Rs.6500/-.
2)If Management agreed to cover:- a) Management may restrict to 12% contribution on Rs.6500/- b) May contribution over and above Rs.6500/-also.
3) If employee salary exceeds ceiling limit for covered employee, he/she will enjoy the benefit till retirement/date of leaving subjected to point no.2
4) If employer doesnot want to contribute over and above ceiling limit for covered emplyee, employee may contribute more towards his contribution as voluntary providend fund.
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Topic Categories >> compensation policy providend fund ceiling limit statutory compliance basic salary pf remittance pf benefits attrition rate employer and employee Location-India-Mumbai
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