Sir/s,
I am working in an agriculture based organisation.
I have a quary regarding provident fund.
My query is, is it possible for an employee to make his PF contribution on lesser basic+DA than his actual basic+DA ? As already he was contributing on his actual basic+ DA.
For example
His Basic+D.A= Rs 12,500/- per month
He was contribtuing on above Basic+DA @ 12%. his contribution was Rs 1,500/- per month.
Now after salary revision his Basic+DA is Rs 15,500. and contribution in PF will be Rs 1,860/-.
Hence his contribution in PF increased as salary increased but he won't like to contribute at higher salary.
Now he wants to contribute in his PF account on the basis of Rs 6,500/-(As per PF law regarding maximum(bounded) salary for calculation of employer contribution).
Can he do so? If yes than what procedure have to follow up by him?
Is there anyother option to switch off from EPF to PPF or any other PF Scheme?
Please help.
Thanks & regards
I am working in an agriculture based organisation.
I have a quary regarding provident fund.
My query is, is it possible for an employee to make his PF contribution on lesser basic+DA than his actual basic+DA ? As already he was contributing on his actual basic+ DA.
For example
His Basic+D.A= Rs 12,500/- per month
He was contribtuing on above Basic+DA @ 12%. his contribution was Rs 1,500/- per month.
Now after salary revision his Basic+DA is Rs 15,500. and contribution in PF will be Rs 1,860/-.
Hence his contribution in PF increased as salary increased but he won't like to contribute at higher salary.
Now he wants to contribute in his PF account on the basis of Rs 6,500/-(As per PF law regarding maximum(bounded) salary for calculation of employer contribution).
Can he do so? If yes than what procedure have to follow up by him?
Is there anyother option to switch off from EPF to PPF or any other PF Scheme?
Please help.
Thanks & regards