HI Prathima reddy & Saravana
As per the rules If the employees basic is more than 6500 then
Employee contribution can be limited to 6500 or for the full
basic amount.
Employer contribution is limited to basic of 6500 that is
contribution amount is 780/- or even the employer can
contribute even for full basic amount as per ur question for
full 10000 that is 1200/-. This practice is in some companies.
The both contribution includes to your CTC.
If employee is not contributing his share then no need of
employer contribution.
Cheerz
Jeevarathnam Reddy
From India, Bangalore
633As per the rules If the employees basic is more than 6500 then
Employee contribution can be limited to 6500 or for the full
basic amount.
Employer contribution is limited to basic of 6500 that is
contribution amount is 780/- or even the employer can
contribute even for full basic amount as per ur question for
full 10000 that is 1200/-. This practice is in some companies.
The both contribution includes to your CTC.
If employee is not contributing his share then no need of
employer contribution.
Cheerz
Jeevarathnam Reddy
From India, Bangalore
The statutory rate of contribution is 12% on the salary limit of Rs.6500/-pm.
option.1.:
If the establishment ready to contribute over and above the salary limit, it can do so, that it can contribute 12% on total salary of Rs.10000 or any.
option2:
If the employee wants to contribute over and above 12%, he can contribute so and the company can restrict its contibution to 12% on Rs.6500
option 3
if the salary of an employee (new employee, not existing pf covered employee who have increased wages) is more than 6500, he need not be a member of PF, if he wants and a letter has to be given by him to the management for not to deduct pf from his salary as he is drawing more than 6500.
From India, Madras
option.1.:
If the establishment ready to contribute over and above the salary limit, it can do so, that it can contribute 12% on total salary of Rs.10000 or any.
option2:
If the employee wants to contribute over and above 12%, he can contribute so and the company can restrict its contibution to 12% on Rs.6500
option 3
if the salary of an employee (new employee, not existing pf covered employee who have increased wages) is more than 6500, he need not be a member of PF, if he wants and a letter has to be given by him to the management for not to deduct pf from his salary as he is drawing more than 6500.
From India, Madras
Dear Adithisangam,
The entire amount of employee contribution towards pf will be remitted in Account No.1
The employer contribution of 8.33% of the PF wages is to be remitted in Account NO.10 as is termed as Family Pension Scheme amount (FPS).
The balance 3.67%(that is the balance amount (12%amount less 8.33%amount(FPS)) is to be remitted in account number 1 along with employees' share, under employers share column.
The whole employee contribution and 3.67% of employer contribution will be paid back to the employee with interest at the time of his withdrawal or superannuation or death.
The amount contributed to FPS fund will be returned to the employee by the way of Pension on his completion of 58th year.
It is your duty to explain the left employees to get the pf accumulations transfered instead of withdrawal, then only the PENSION SCHEME WILL fullfilled its goal.
From India, Madras
The entire amount of employee contribution towards pf will be remitted in Account No.1
The employer contribution of 8.33% of the PF wages is to be remitted in Account NO.10 as is termed as Family Pension Scheme amount (FPS).
The balance 3.67%(that is the balance amount (12%amount less 8.33%amount(FPS)) is to be remitted in account number 1 along with employees' share, under employers share column.
The whole employee contribution and 3.67% of employer contribution will be paid back to the employee with interest at the time of his withdrawal or superannuation or death.
The amount contributed to FPS fund will be returned to the employee by the way of Pension on his completion of 58th year.
It is your duty to explain the left employees to get the pf accumulations transfered instead of withdrawal, then only the PENSION SCHEME WILL fullfilled its goal.
From India, Madras
I am Computer Professional in Forest Department, Haryana.
department give me 9000+500 medical = 9500/-
tell me how can i open CPF account and what amount is monthly subscription for me and what is for the department.
9896087698
From India, Ambala
department give me 9000+500 medical = 9500/-
tell me how can i open CPF account and what amount is monthly subscription for me and what is for the department.
9896087698
From India, Ambala
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