Vp - Quikchex Hr And Payroll Software And
1. PPF - Public Provident Fund
2. EPF - Employee Provident Fund
In an organisation we are concerned with EPF
P.F (PROVIDENT FUND): -
1. PF is a statutory deduction. It is deducted on Basic + D.A + Cash value of Food Allowance @ 12%.
D.A is provided only in government departments. Private companies generally do not give Daily Allowance to its employees.
2. Company pays P.F on either actual or Capped Basic. Capped basic is decided on company rules and is not restricted. It is applicable to those employee’s whose basic exceeds Rs.6500/- only.
3. Employer and Employee Contribution are equal in P.F which is 12%.
This means 12% Contribution from Employee and 12% Contribution from Employer. Company contribution is split into two parts.
8.33% on Family pension Fund and 3.67 % on Employee Provident Fund.
4. Every month Employer needs to pay additional charges over and above PF Company Contribution as per the below break up:
1.1% P.F Administration Charges,
0.5 % on Employee Deposit Linked Insurance (E.D.L.I)
0.01% E.D.L.I Administration Charges.
In the case if the company has exemption in EDLI u/s 17(2a), company need not to pay employee deposit linked charges 0.5% and the admission charges are levied at 0.005% instead of 0.010%.
5. The company needs to file Monthly and Annual Returns.
Every month company has to submit duly paid P.F Challan.
Form 12A, Form-5 (additions) and Form 10 (deletions) and Nomination Form-2 (newly joined employee details).
In Annual Return we need file Form 3A and 6A along with the details of Annul PF Challan payments.
6. The employer needs to collect, certify and submit the Nomination and Declaration Form in Form-2 of every new joiner to the scheme along with the monthly report.
7. P.F. Monthly payment due date is 15th with a grace up to 21st. Monthly Returns due date is 25th of following month and Annual Return due date is 30th April.
As per P.F authorities, FY is from 1st March to 28th February.
8. Any employee who wishes to transfer his old company’s PF balances he can transfer his PF Current A/C using Form-13 signed by current employer (new company employer) and old employer has to submit Form 3A to P.F office.
Employee P.F Number will be changing in every company.
9. Any employee who wants to en-cash his P.F amount, he can draw the total amount with using of Form 10 C & Form 19. Form 10 C is E.P.F & Form 19 is F.P.F
10. Recently P.F Authorities introduced e-filling system, in these systems we have to submit every month P.F details in soft copy and hard copy, here no need to submit Annual Returns. (Currently this is not in use).
11. There are 5 number of accounts in PF Challan as shown below:
A/C#01 - PF contributed by Employers & Employee (12% & 3.67)
A/C#02 – PF administration charges (1.1%)
A/C#10 – Pension Fund Account (8.33%)
A/C#21 – EDLI charges (0.5%)
A/C#22 – EDLI Administration charges (0.10%)
visit this site - EPFO u will get all the necessary informations
19th August 2010 From India, Mumbai
26th May 2011 From India, Calcutta
1st January 2013 From India, Bangalore
#AnonymousI am taking care of pf contribution for 300 employees who are casual labors. They are unstable in work. They will work for one month and go for leave in one month. When they are in leave they cant have contribution for that month. Help me on this to care forward their account for next month with out deletion.
18th March 2013 From India, Bangalore
Provident Fund - What you need to know
It pretty much covers all the questions that you may have regarding Provident Fund.
Another pretty useful article is the one on how to register for PF.
Registering for Provident Fund - Step by Step guide
I've also attached the PDFs of these articles to this email.
29th January 2016 From India, Mumbai
Please check the below URL
11th December 2018 From India, New Delhi
>> Provident Fund or Employee Provident Fund is a compulsory saving scheme or fund scheme introduced by government of India on 4th of March 1952. The EPFO (Employees' Provident Fund Organisation) manage all the workload related to PF or EPF. The EPF account will be opened by your employer.
2- How to calculate the provident fund in a company?
>> You can check your EPF amount on government EPF portal. For this you have to visit the website selecting your location and then required to submit your form filling all the details. And then you can fetch all your record from the portal.
3- Who are all eligible for provident fund?
>> All the employees working in any organisation are eligible for provident fund. As it is a compulsory fund scheme of govt.
A time ago, salaried person below 15k was not mandate to have EPF account, but now it is compulsory to all.
4- What are the forms used for provident fund?
>> the following form will be required:
1- To withdrawal: Form 31
2- For EPF Account Transfer: Form 13
3- For New EPF employees registration: Form 5
For more information regards EPF you can read at: https://www.bajajfinserv.in/insights...know-about-epf
26th December 2018 From India