Dear Members,
Here I have a doubt. Suppose an employee coming under PF scheme is drawing salary (Basic Pay+DA) more than 12,000/- and the employer is deducting PF contribution @ 12% of Rs.12,000/- Employer is also contributing equal amount to his PF Account. But now the employer wish to restrict the contributions only to the statutory limit of Rs.6,500/- Is it possible, is there any problem. Kindly clarify.

13th September 2017 From India, Jaipur

Hr Consultant
Sr. Hr Executive
Manager Hr
Manager Accounts
+1 Other

Glidor 323
statuary limit is revised to 15000 w.e.f 01.09.2014 , prior to this the limit was 6500
13th September 2017
Thanks for reply please tell me in relation to new limit.
13th September 2017 From India, Jaipur

Company can restrict their contribution to max. limit of 15000*12%.

In this case employee contribution should also be the same as employee; cannot be more.
14th September 2017 From India, Chennai

PF contribution ceiling limit is 15000/- thus if employer can contribute as per the ceiling amount. But, employee has the choice if he want to deduct pf as per ceiling amount or more than that.
14th September 2017
Manoj Kamble,

This kind of contribution is termed as voluntary contributions & employer should be willing to pay higher admin charges. Both have to sign joint declaration in such case. Employee signs it as he allows employer to deduct more contribution from his salary & employer signs it to indicate that he is willing to pay additional admin charges due to this non-statutory contributions. Please know full requirements & then comment.
15th September 2017 From India, Mumbai
Bad Boy's Always Rule in Corporate.
18th September 2017 From India, Calcutta
Please login to participate in this discussion or start your own. Create Account

About Us - Advertise - Contact Us - RSS   On Google+  
Privacy Policy | Disclaimer | Terms Of Service
Facebook Page | Follow Us On Twitter | Linkedin Network

All rights reserved @ 2017 Cite.Community™