Rates of Contribution:
a) The Employees' Provident Fund Scheme <link updated to site home> (Search On Cite | Search On Google)
In respect of establishments employing 20 or more persons and engaged in industry notified under Section 6 of Act (other than the Establishments declared as sick), 12% of the basic pay, DA, cash value of food concession, and retaining allowance, if any, subject to a maximum of Rs. 6500/- per month. Voluntary higher contributions are also acceptable at the joint request of the member and the employer.
b) The Employees' Pension Scheme <link updated to site home> (Search On Cite | Search On Google)
From and out of the employer's share of Provident Fund contributions, 8.33% of the total wages limited to Rs. 6500/- per month are segregated and credited to the Employees' Pension Fund in A/C No. 10 (w.e.f. 1-06-2001). The Central Government also would contribute at the rate of 1.16% of total wages.
c) Employees' Deposit Linked Insurance Scheme: <link updated to site home> (Search On Cite | Search On Google)
No amount is recovered from employees' wages. The employer should pay 0.5% of total wages subject to a ceiling of Rs. 6500/- per month (w.e.f. 1-06-2001).
d) What is the voluntary rate of Provident Fund contribution by the member?
As per the Act, the member has to contribute at the rate of 12% of his basic pay, DA, & retaining allowance if any. In case the member wants to contribute more than this, voluntarily he can do so at any rate he desires, i.e., up to 100% of basic and DA. But the employer is not bound to contribute at the enhanced rate.
Regards
Bharath
HCM
From United States
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a) The Employees' Provident Fund Scheme <link updated to site home> (Search On Cite | Search On Google)
In respect of establishments employing 20 or more persons and engaged in industry notified under Section 6 of Act (other than the Establishments declared as sick), 12% of the basic pay, DA, cash value of food concession, and retaining allowance, if any, subject to a maximum of Rs. 6500/- per month. Voluntary higher contributions are also acceptable at the joint request of the member and the employer.
b) The Employees' Pension Scheme <link updated to site home> (Search On Cite | Search On Google)
From and out of the employer's share of Provident Fund contributions, 8.33% of the total wages limited to Rs. 6500/- per month are segregated and credited to the Employees' Pension Fund in A/C No. 10 (w.e.f. 1-06-2001). The Central Government also would contribute at the rate of 1.16% of total wages.
c) Employees' Deposit Linked Insurance Scheme: <link updated to site home> (Search On Cite | Search On Google)
No amount is recovered from employees' wages. The employer should pay 0.5% of total wages subject to a ceiling of Rs. 6500/- per month (w.e.f. 1-06-2001).
d) What is the voluntary rate of Provident Fund contribution by the member?
As per the Act, the member has to contribute at the rate of 12% of his basic pay, DA, & retaining allowance if any. In case the member wants to contribute more than this, voluntarily he can do so at any rate he desires, i.e., up to 100% of basic and DA. But the employer is not bound to contribute at the enhanced rate.
Regards
Bharath
HCM
From United States
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Voluntary PF.doc