PF qualifying salary means salary on which Provident Fund is payable as per statute. Similarly, there are bonus qualifying salary, ESI qualifying salary, gratuity qualifying salary etc.
PF qualifying salary as per the prevailing provisions of the PF schemes is the basic salary and the dearness allowances including cash value of food grains supplied to the employee and retaining allowance if any paid or payable. Retaining allowance is nothing but a form of wages which is paid during a period in which there is no production or work but the employees are paid an amount so as to retain them on rolls.
11th September 2011 From India, Kannur