Could you please let me know the impact of not implementing PF enhancement (from 6,500 to 15,000) with effect from 01 Sep 2014? If we implement this after 2 months (i.e., with effect from 01 Nov 2014), what are the impacts for employees and employers?
I believe one of the major impacts is that we will need to pay the difference at the time of PF auditing, and the increased PF contribution savings will be affected for employees. Apart from this, are there any other major impacts for employees and employers in your views? Please advise and share your opinion.
Regards,
Madhan
From India, Delhi
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28I believe one of the major impacts is that we will need to pay the difference at the time of PF auditing, and the increased PF contribution savings will be affected for employees. Apart from this, are there any other major impacts for employees and employers in your views? Please advise and share your opinion.
Regards,
Madhan
From India, Delhi
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The amendment is a change in law, which you have to follow unconditionally. If you do not follow it, it will be a breach of law, and you are liable under the law. There will be a prosecution against you, and you may have to face penal action too.
Question on Deferring Implementation
Why do you want to defer the date of implementation by two months?
From India, Mumbai
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Question on Deferring Implementation
Why do you want to defer the date of implementation by two months?
From India, Mumbai
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you have to comply the same form the effective date rather you will be suited u/s 7a of epf & misc. provision act. thanks & regards, From, sumit kumar saxena
From India, Ghaziabad
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From India, Ghaziabad
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Dear Madanji, please follow the advice given by Korgaonkarji. I am a bit confused as to why you wish to defer the date of implementation to November 14 instead of September 1, 2014, which is the effective date as per the Notification/Circular. Furthermore, you have not mentioned the reasons for the delayed implementation date.
To avoid 7A proceedings from the PF Department, in addition to payment of interest and damages, I suggest that you implement the payment of PF contributions as per the amended Act in a timely manner.
From India, Calcutta
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To avoid 7A proceedings from the PF Department, in addition to payment of interest and damages, I suggest that you implement the payment of PF contributions as per the amended Act in a timely manner.
From India, Calcutta
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PF Notification for enhancement of wage ceiling & Pension wef 1-Sep-14.pdf