The ex-HR of my company made incorrect offer letters and salary breakups for employees. As a result, many employees have been registered with the Provident Fund (PF) with a basic pay of 15,000 INR for PF contribution, even though they are earning a CTC of 20,000 INR per month. After revising their salaries this month, I have reduced their basic pay to 40% of their CTC. Will this create any problems if I start filing with the lesser amount?
From India, Noida
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1From India, Noida
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If the revised PF qualifying salary is less than the previous amount of Rs 15,000, then it will become an issue. At the same time, if you were contributing to PF on a salary above Rs 15,000 and now the HR has brought it down to Rs 15,000, then there will not be any issue.
From India, Kannur
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From India, Kannur
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PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
PF-Know Employees Provident Fund-CHART-L-4. doc