I am working in one of the IT industry , I was appointed as a Recruitment Admin, but now they are giving me an additional opportunity & that is PF Admin. but :( Problem is that i dont have knowledge of PF at all , I know the Basics but practically how to do end to end process i dont know , Can some body help me out is this matter Plzzzzzzzzzzzzzzzzzzzzzzzzzz
PF is calculated on the Basic Salary of the employees. At present the minimum rate of PF is 12% of the basic salary subject to a maximum of Rs.6500/- per month. This may change time to time subject to Governments PF Law. <means it is not nessary to give PF those basic is above 6500>
Employee’s contribution to PF = 12% of Basic Salary subject to a maximum of Rs.780/- per month.
Employer’s contribution to PF = 12% of Basic Salary subject to a maximum of Rs.780/- per month.
I would also like to add on with regard tp PF
PF form 5 needs to be filled whenever there is new arrivals in your Company.
PF Form 10 of previous month for the leftover in your company.
Form 12 for monthly submission stating about the total employee contribution and total employer contribution. Here ou also needs to mention about the TEMP STAFF
Challan needs to be submitted in the State Bank of India and the last date for the same is 15 of each month ( with regard to delhi).
12 % Employer contribution is segregated in to 2 parts
8.33 % in Pension
3.67% in PF
But Employees contribution of 12 % each month goes to PF.
After Resignation Employee can finally have money after 3 months from the date of resignation and for the same PF form need to be submitted to PF Office only after 2 months from the date of resignation.
Employee can also transfer their PF Account to the new employer by getting Form 13 filled up.
The PF return neds to be submitted after every 6 months where in you have to shown till now how many contribution is made by you and your employee.
You can receive PF Slips for the contribution you have made and what is interest you have acrrued on the money which is lying with PF Office.
I am attaching herewith some presentations on PF and family Pension Scheme. Hope this may help you. Also some of our professional collogue have given update on PF contribution calculation and return related aspects.
It has been observe that we as a principal employer are very keen in deduction and remittance of PF Contribution. But most of the time we forget to pay attentions to different forms and returns to be submitted to the office of PF Commissioner.
With my past employer i have prepared an exhaustive check list which i'll try to attach by end of Dec as right now I am on International assignment.
it was nice presentation on P.F.
As for the starter we should start with basic of P.F
1) P.F is deducted from basic salary.
2) Employeer contribution 12% and employee contributin 12%
3) For a new joining Form No Revised -2 is used.
4) New P.F nunmber is given by the company .for eg: if the last persons A/C No is HR/36c/180,next No.would be 181.182....so on.
5)P.F amount is depodited every month in the SBI bank.
6) for that u need FORM NO 5,10,Form No 12(A),Challans,with covering letter.
7) If an employee who joins ,but has P.F No,the same No.Can be transfered to new Org.
8) P.F returns are done annually(March-aprill)
9) To do the annual return u need from No.3(A) & 6.
10.Along with covering letter and copy of cahalans.
11) beside this its very important to maintain P.F legder,on monthly basis.
12)Try to fill P.F ledger,so that in the end its not a problem for u.
This is all about P.F.
Thanks N regards
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