Senior Executive - Hr
How one can offer another package i.e without PF as it is a Govt. regulatory body and if he is registered with PF Act, then one can't go beyond the Govt. rules. So second one is not not possible one can't merge your PF amount with peformance Bonus.
2nd May 2007 From India, Ahmadabad
2nd May 2007 From India, Bangalore
2nd May 2007 From India, Khopoli
PF is mandatory for a employee who PF wages, i.e. Basic + DA wages is less than 6500. For all those whose Basic+DA salary is more than 6500/-, it is optional for the employee to have PF deductions or not.
Ideally, in Comp & Benf, while CTC calculation is made, PF is not adjusted in the Performance Incentive but equally divided in all Salary Head or added in any one Salary head.
2nd May 2007 From India, Mumbai
Ketan is very much right..
PF is optional for the employees whose salary exceeds limit of 6500/-. it is not mendatory for him/her to go for PF deduction...He can start PF deduction afterwards also during service...but PF deduction started once can not be discontinued...
The thing which you are talking about is not possible as per Law...Pf amount can be withdrwed after one resigns/retires...not when he is continue in his service...The contribution which you are talkin about might be some policy your company has formed....may be to encourage savings!.. :-)
2nd May 2007 From India, Vadodara