PF is deducted from employees salary every month @ 12 % of basic salary, if his basic salry is upto Rs.6500. Employer needs to pay his share of 12% separately every month though challan.
ESI deducted @1.75% og gross monthly salary of employee. Its limit is Rs 15000. Employer needs to pay his share of 4.75 % separately every month though challan.
say an example the wages is 12000/-, hence the pf amount would be 1440/- (@12% on the wages (12000) and the same alos been deducted from employees and the equal contribution also been paid from company on their contribution.
but considering the employees' benefit, planned to reduce to the maximum ceiling of Rs.6,500/- (PF of 780 each from both side), obvisioly company PF contribution amount will come down and the difference can also be considered to the employees' take home.
Is there any statutory compliance will get effected on this change??? can we change the max. ceiling amount as 6500/- henceforth????
Please specify the formalities if any....... or share your views on this!!!!!
After making Salary and PF sheet for month PF cHallan is made and deposited in PF Office and than form 12A, form5 and form 10 is deposited in EPF Department
Any more Clarifications Needed, Feel Free to Ask
please clarify me if the company is changing the salary structure (basic Wages) for any relavent reason, at that time where they can change/reduce the max. ceiling limit of 6,500/- (for both the employee & Employer), even they are been paid more than 6,500/- basic wages.
This is only for PF calculation & making the payment as per the max. ceiling, for the people who are all above the ceiling amount.
There any question or consequence will raise from PF office???? what is the normal law says?????
It would be helpful us , if any one clarify me .....
Thanks in advance!!!!
We are pleased to offer you an end to end HR Compliance and Payroll processing .We use an automated system for processing and the following are the features:
a. Leave Management
b. Loan Management
c. Reimbursement Management
d. Income Tax Management
e. Monthly Reports
a. Payslip to all employees
b. Attendance report / Leave Summary
c. Monthwise comparison report
f. Statutory Reports
a. ESIC Challan
b. ESIC Form 6/7/5/5A
c. PF Challan – online filing
d. PF Ledger / Register
e. Profession Tax Challan
f. LWF Form
g. Income Tax Projection
h. TDS Report
i. Income Tax Form 16/16AA/12BA
j. Income Tax Form 24/24Q (e-filing)
k. Other Labour Law compliance related to Factories Act.
g. Various other MIS Reports
In case of any assistance required for compliance, feel free to call us.
HR compliance Executive, NI Consulting Services (P) Ltd.,
81, Peters Road | Royapettah| Chennai - 600014
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