Dear Ranjeet,
Answer to your 1st question is YES .
Answer to your 2nd question the employer may or may not contribute on higher basic rather restrict up to 15,000/- Basic but employee voluntarily may contribute more.
Thanks & Regards,
S K Bandyopadhyay ( WB, Howrah)
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity

From India, New Delhi

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