pujarikavita Started The Discussion:
I want to know about Pf Deductions from salary: Accounts, Dates, %s, etc. Also related forms in PF Act.
1. PF Percentage:-
12% From Employee (Basic)
13.61% Employeer (Basic)
2. Account No. on PF Challan:-
A/C No. 1 - 3.67% Employer Share and 12% Employee Share (PF Account)
A/C No. 2 - 1.10% Employer Share (Admn. Charges)
A/C No. 10- 8.33% Employer Share (Pention Scheme)
A/C No. 21- 0.50% Employer Share (Employee Deposit Link Insurance)
A/C No. 22- 0.01% Employer Share (EDLI Ins. Charges.)
3. PF Challan Should be deposit before 15th of every month but grace period is 5 days.
4. PF Monthly return should be deposit before 25th of every month.
I think this will help you.
What Raj telling is absolutely correct. PF always be contributed on (Basic + DA) as per Act. There are 05 accounts as Raj stated in which the contribution is deposited. PF Deduction of an employee is 12% from his/her (Basic + Da), however, it is contributed from employer side as 13.61% - (12% for employee account + 1.61% for Admin, EDLI etc.)
Hope this answer is OK for you.
"Basic Wages" means all emoluments which are earned by employee while on duty or on leave or holiday with wages in either case in accordance with the terms of the contract of employment and witch are paid or payable in cash, but dose not include:-
The cash value of any food concession;
Any dearness allowance (that is to say, all cash payment by whatever name called paid to an employee on account of a rise in the cost of living), house rent allowance, overtime allowance, bonus, commission or any other allowance payable to the employee in respect of employment or of work done in such employment.
Any present made by the employer.
Can anyone share the details where we will get exact Idea of contribution towards Pf through employer & employees side.
as in my establishment we have set the PF capping from employers as well as employee side i.e.
780 rs from employee side ( 12% on 6500 /- )
885 Rs. From employers side ( 13.61 % on 6500 )
where as we are planning to change the Pf contribution for employee from caping of 6500 to actual of there basic salary.
kindly confirm if this can be done,
if yes what is the procedure and any documents has been published in this regards through PF
Looking forward from you
Have great day .
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