Dear All,
I am an HR in a real Estate Company and I need to know that is in Real Estate Sector Provident Fund is necessary to calculate or optional. If it is necessary then what is its percentage?? Is that percentage is specific one???
From India, Delhi
I am an HR in a real Estate Company and I need to know that is in Real Estate Sector Provident Fund is necessary to calculate or optional. If it is necessary then what is its percentage?? Is that percentage is specific one???
From India, Delhi
Dear sakshi
If your real estate company is engaging itself in buildng and construction activity, the P.F Act is applicable. If so, the P.F contribution is payable at 12% of Basic + DA+ retaining allowance, if any.
B.Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
54If your real estate company is engaging itself in buildng and construction activity, the P.F Act is applicable. If so, the P.F contribution is payable at 12% of Basic + DA+ retaining allowance, if any.
B.Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
Dear Saikumar,
Thanks for your reply...
Is contribution of PF would be on the salary/wages of Rs. 6500 or more than that??? If an employee is getting more than Rs. 6500 as basic, then whether he also applicable for PF or not???
Regards,
Sakshi Saxena
From India, Delhi
Thanks for your reply...
Is contribution of PF would be on the salary/wages of Rs. 6500 or more than that??? If an employee is getting more than Rs. 6500 as basic, then whether he also applicable for PF or not???
Regards,
Sakshi Saxena
From India, Delhi
Dear Sakshi
The P.F contribution shall be on the pay(salary) not exceeding Rs.6500/-p.m. An employee who is drawing more than Rs.6500/- at the time of his joining, will be considered as an excluded employee under Para.2(f) of the P.F.Scheme 1952 and is not eligible for being memeber of the scheme. If an employee is already a memeber of the scheme and is contributing to P.F but subsequently draws wages exceeding Rs.6500/p.m, he con continue to contribute to P.F.
B.Saikumar
Hr & Labour Law Advisor
Mumbai
From India, Mumbai
The P.F contribution shall be on the pay(salary) not exceeding Rs.6500/-p.m. An employee who is drawing more than Rs.6500/- at the time of his joining, will be considered as an excluded employee under Para.2(f) of the P.F.Scheme 1952 and is not eligible for being memeber of the scheme. If an employee is already a memeber of the scheme and is contributing to P.F but subsequently draws wages exceeding Rs.6500/p.m, he con continue to contribute to P.F.
B.Saikumar
Hr & Labour Law Advisor
Mumbai
From India, Mumbai
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Provident Fund Act.ppt
EMPLOYEES' PROVIDENT FUND & MISC PROVISIONS ACT '1952 [Compatibility Mode].pdf