Respected Seniors/Friends,
The Government has approved the increase of PF wage to Rs.15000/- per month. Enclosed herewith the most awaited Notification regarding the same published today itself:
The following may be the impact after the amendment:
1. The employees whose monthly Basic wages is Rs.15000/- and above and the company who is currently paying PF limited to Rs.6500/- for such employees may have to increase the contribution limit at least on Rs.15000/-. ( As per the section 6 of the PF Act , Equal Contribution to be provided by the employer) .
2. The employees who have already opted out from PF coverage ( whose basic is above Rs.6500) should be covered under the scheme incase their Basic Wages is up Rs.15000/- per month).
3. The companies who are currently extending PF benefit only on Rs.6500/- irrespective of their wages , may have to increase the PF wages to Rs.15000/- and need to pay the employer contribution of 13.61% on Rs.15000/-
4. The pension amount maximum limit also may increase from Rs.541/- to Rs.1000/-.
5. The employees who current basis wages is less than Rs.15000/- may have to pay the contribution on the actual basic payable.
The Government has approved the increase of PF wage to Rs.15000/- per month. Enclosed herewith the most awaited Notification regarding the same published today itself:
The following may be the impact after the amendment:
1. The employees whose monthly Basic wages is Rs.15000/- and above and the company who is currently paying PF limited to Rs.6500/- for such employees may have to increase the contribution limit at least on Rs.15000/-. ( As per the section 6 of the PF Act , Equal Contribution to be provided by the employer) .
2. The employees who have already opted out from PF coverage ( whose basic is above Rs.6500) should be covered under the scheme incase their Basic Wages is up Rs.15000/- per month).
3. The companies who are currently extending PF benefit only on Rs.6500/- irrespective of their wages , may have to increase the PF wages to Rs.15000/- and need to pay the employer contribution of 13.61% on Rs.15000/-
4. The pension amount maximum limit also may increase from Rs.541/- to Rs.1000/-.
5. The employees who current basis wages is less than Rs.15000/- may have to pay the contribution on the actual basic payable.
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