Urgent Query - If during joining new employee EPF wages less than 15000 EPS deducted. After one year increment EPF wages increased then EPS should continue or not?
From India, Mumbai
13From India, Mumbai
Hi Either PF can be paid on actual basic +DA over and above 15k or can PF can be limited upto 15k
From India, Madras
From India, Madras
Since he is already a member of Pension Fund, you should continue to contribute to his Pension Fund. As his salary has exceeded Rs 15000, your contribution to Pension Fund shall be restricted to Rs 1250, ie, 8.33% of Rs 15000.
From India, Kannur
From India, Kannur
Hello sir,
I need one more clarification urgent, please.
Does it mean all EPS contributions will go to the EPF in ECR?
Gross Wages 30000
Basic+DA 16000
EPF wages 16000
EPS wages 0
EDLI Wages? will it be zero?
EPF _ CONTRI _ REMITTED 1800? or 3600?
EPS_CONTRI _ REMITTED 0
EPF_EPS_DIFF_REMITTED 0
From India, Mumbai
I need one more clarification urgent, please.
Does it mean all EPS contributions will go to the EPF in ECR?
Gross Wages 30000
Basic+DA 16000
EPF wages 16000
EPS wages 0
EDLI Wages? will it be zero?
EPF _ CONTRI _ REMITTED 1800? or 3600?
EPS_CONTRI _ REMITTED 0
EPF_EPS_DIFF_REMITTED 0
From India, Mumbai
If you are one who have joined after 1st Sept 2014, then it should be like this.
PF Salary can be Rs 16000 or Rs 15000. That depends on the employer decision whether to contribute on actual basic and DA or to restrict it to 12% on Rs 15000. Even if the employee decides to contribute on Rs 16000, the employer can restrict his contribution to 12% on Rs 15000. But many employers do contribute on higher salary as well.
Therefore, assuming that the Basic and DA put together is Rs 16000, then
Contribution of employee to EPF on actual Rs 1920.
Contribution of employer to EPF on acual Rs 1920
Amount put together will be Rs 3840
No contribution to EPS.
Contribution of employer to EDLI Rs 75. (this is 0.5% of Rs 15000, even if the PF qualifying salary is more than Rs 15000)
If the employer restricts his contribution on Rs 15000, then his contribution to Provident Fund will be Rs 1800. The amount together with the employees share will be Rs 3720
If both of you contribute on Rs 15000, then, obvioulsy, the total credit to PF will be Rs 3600.
From India, Kannur
PF Salary can be Rs 16000 or Rs 15000. That depends on the employer decision whether to contribute on actual basic and DA or to restrict it to 12% on Rs 15000. Even if the employee decides to contribute on Rs 16000, the employer can restrict his contribution to 12% on Rs 15000. But many employers do contribute on higher salary as well.
Therefore, assuming that the Basic and DA put together is Rs 16000, then
Contribution of employee to EPF on actual Rs 1920.
Contribution of employer to EPF on acual Rs 1920
Amount put together will be Rs 3840
No contribution to EPS.
Contribution of employer to EDLI Rs 75. (this is 0.5% of Rs 15000, even if the PF qualifying salary is more than Rs 15000)
If the employer restricts his contribution on Rs 15000, then his contribution to Provident Fund will be Rs 1800. The amount together with the employees share will be Rs 3720
If both of you contribute on Rs 15000, then, obvioulsy, the total credit to PF will be Rs 3600.
From India, Kannur
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
No contribution on salary exceeding statutory limit under EPS 8.11.2013.pdf