Let me introduce myself.....I am Sandeep joined as HR in a Pharma company in Hyd.
In our organization there are few managers who wants to exempt themselves from PF saying that their wages(basic) is more than Rs 6500/- and they do not want to contribute to PF.
There was no PF earlier, now management has taken a decision to include PF to all employees irrespective of their wages & make it uniform across all types of employees.
Now my query is
1. Manager X's basic is now fixed at Rs 10,000/-, is it mandatory as per law to exculude him completely from PF.
2. Or should we limit his wages to Rs 6500/- and deposit 12% of employees and a2% employers share on this.
3. Or should we pay employees share of 12% on Rs 10,000/- and limit employers share to Rs 6500/- (i.e Rs 541 to pension and Rs 239 to EPF)
4. Or should we pay employees share of 12% on Rs 10,000/- and limit employers share to Rs 6500/- (i.e Rs 541 to pension) and remaining amount Rs 659/- to EPF).
Is employee given an authority in PF act to exempt himself from PF contributions ?????
Request all expert and professional opinions and inputs on the above..
Awaiting your response..
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