Hello Everyone, Under the new wage code which will be applicable from April 2021, is the PF rule the same as the earlier one. Can we still have a capping of 15000 basic salaries with 12% PF deduction or is the rule changed as per the new wage code? Please guide me on this.
From India, Delhi

PF rules are still same, and maintain 15000 capping,
However the department would keep an eye on records of the employees, who draw gross wages below 15000/- that the diff of gross wages and EPF wages paid is segregated on genuine facts or not. if found incorrect then they would seek contribution on that portion of payment
new wages code is not just for PF, its gross effect would be on annual income tax (TDS), where most of the allowances may get taxable, and terminal benefits would be higher for the employee side, viz gratuity, EL encashment etc

Hello Everyone Kindly advice if an employee can opt out from PF if his basic salary gets increased beyond 15,000 (who is currently a PF member).
From India, Delhi

If he is currently a PF member, and if his salary is increased beyond Rs.15000/-, his contribution (+employer’s) towards PF shall be continued to be made, as if his salary is Rs.15000/-.
From India, Aizawl
In current employment he/she can not opt out from PF.
From India, New Delhi
New Wage code has been introduced for updating changes in the Pay structures and has no concern with PF Contributions, the capping continues to be 12% of gross wages (Excluding HRA and Standard allowances) upto 1800 per month.
From India, Mumbai
helo dear my gross salary is 24840 what is my PF deduction please help me?
From India, Thane

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.

Please Login To Add Reply →

About Us Advertise Contact Us Testimonials
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2022 CiteHRô

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server