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Pf wages revision w.e.f 1st september 2014
Respected seniors/friends the government has approved the increase of pf wage to rs.15000/ per month. enclosed herewith the most awaited notification regarding the same published today itself: the following may be the impact after the amendment: 1. the employees whose monthly basic wages is rs.15000/ and above and the company who is currently paying pf limited to rs.6500/ for such employees may have to increase the contribution limit at least on rs.15000/. as per the section 6 of the pf act equal contribution to be provided by the employer . 2. the employees who have already opted out from pf coverage whose basic is above rs.6500 should be covered under the scheme incase their basic wages is up rs.15000/ per month. 3. 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 maximum limit also may increase from rs.541/ to rs.1000/. 5. the employees who current basis wages is less than rs.15000/ may have to pay the contribution on the actual basic payable.
Pf - is it possible to not cover an reappointed employee under pf - basic just above 15k?
Earlier we had terminated one of our employee bcoz of company condition but now we had reappointed the same employee. first he was covered under pf but now we have increased his basic i.e 15030/ & we dont want him to be covered under pf. is it possible that first he was covered under pf now we don t want to cover him under pf?
Applicability of pf on min wages
Recently our consultant sent the minimum wages payable in a state and opined that the pf deduction should happen at the minimum wages priscribed for that state. clarification sought is : currently the basic salary of employees on this particular state is much less than the minimum wages however the monthly salary paid out is atleast 25 higher than the minimum wages break up is basic hra 40 of basic conveyance special allowance personal pay medical allowance 1250 per month is it necessary to raise the basic salary of all such employees to the min wages now which is around 5900 per month is there any mention in pf act or any amendment to suggest so an early reply is highly appreciated regards sreedharan
Basic pf eligibility question
Hi all my question is if an employee s wages basicda exceeds rs6500/ per month can the employer decide not to pay pf at all? another question is if a workers salary is rs.10000/ can the employer show all of his salary as basic. in this case is the company liable to pay any pf at all? please help me with your valueable replies with suitable sections of the pf act if possible thanx in advance to all those who take the time to reply.
Epf on allowances - can i show 40% basic plus 60% hra so that no need of deducting epf on total wages?
Dear all i am working for a shopping mall where most of the employees are covered under epf and their wages are <15000. as of nowwe are deducting their epf on basic of 40. as per new supreme court order we have to pay the epf on all the allowances except few. can i show 40 basic plus 60 hra so that no need of deducting epf on total wages. or is there any other way as our employees are also not interested to deduct pf on total wages. please advise.
Pf , basic wages
I would like to know what are the basic wages in it sector and would like to know what should be the basic is it still 6500 on which the pf of 12 can be deducted. or has the same been updated.. what is the minimum basis wages for an employee and how his pf can be calculated. is the basic 6500 still ok or has it been revised.