Hello Sir, This is Srinivas, I have some doubt about PF, Sir We are paying PF as per current basics, but now mgt want to decrease the basics max limit is 15,000/-, please see the below example
E1- Basic Current Basic Salary is 24,000/- and PF is 2,880/-
Now we want to decrease Basic from 24,000/- to 15,000/- and PF 2,880/- to 1,800/-
Please advise if can we change it or not.
From India, Hyderabad
1E1- Basic Current Basic Salary is 24,000/- and PF is 2,880/-
Now we want to decrease Basic from 24,000/- to 15,000/- and PF 2,880/- to 1,800/-
Please advise if can we change it or not.
From India, Hyderabad
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Management is absolutely right. As per EPFO Act and rule maximum contribution will be on 15,000/-. Management voluntarily depositing more. Irrespective of PF Gross ( Basic ,DA, Other allowances regularly paid other than HRA etc. ) - management can restrict the contribution up to 15,000/- per month i.e 18,00/- per month contribution.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
Rs.15000/- is the statutory ceiling for PF deduction. Hence you can go ahead with restructuring salary.
From India, Aizawl
From India, Aizawl
Rs.15000/- is the statutory ceiling for PF deduction. Hence you can go ahead with restructuring salary.
At the same time, Section-12 of the PF Act says Employer should not reduce the wages, for the purpose of decreasing employer contribution towards PF. Hence, it is advisable, before going ahead with restructuring the salaries/wages, please check with PF office of your area
From India, Aizawl
At the same time, Section-12 of the PF Act says Employer should not reduce the wages, for the purpose of decreasing employer contribution towards PF. Hence, it is advisable, before going ahead with restructuring the salaries/wages, please check with PF office of your area
From India, Aizawl
PF Contribution on Leave Encashment - Clarification by EPFO.pdf
Calcu. pf Emp.eps.epf sample sheet for HR site..xls