What I have stated about pension fund contribution by the Central Govt. is right, I believe. I don't know whether the Govt. have made any amendment TODAY. The discussed share of 1.61 is not a contribution by the employer but it is a payment by the employer towards administration of funds, viz, Provident Fund and Employees Deposit Linked Insurance. Contribution should be distinguished from payments and the latter are expenses not forming part of wages. I agree that administration charges total 1.61% of PF and EDLI qualifying wages.
Please note that what I have stated is that the Govt. will contribute @ 1.16% of wages towards employees Pension Fund. For details please go through the Pension Scheme.
Regards,
Madhu.T.K
Please note that what I have stated is that the Govt. will contribute @ 1.16% of wages towards employees Pension Fund. For details please go through the Pension Scheme.
Regards,
Madhu.T.K