Friends, please find attached the circular dated 14.3.2019 issued by EPFO, along with a copy of the recent Supreme Court order on the subject for your information.
The calculation of Provident Fund (PF) as per the new rules involves understanding the updated guidelines provided by the authorities. The process typically includes considering the revised contribution rates, any changes in the calculation method, and other related adjustments. It is essential for employers and employees to familiarize themselves with these new rules to ensure accurate PF calculations and compliance with the current regulations. In case of any confusion or queries, consulting with HR or financial experts can provide further clarity and guidance on computing PF as per the latest regulations.
Whether all allowances including HRA, Conveyance, food, washing, etc. should be included for calculating the 12% PF contribution?
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In general, all allowances such as HRA, Conveyance, food, washing, etc., should be included when calculating the 12% PF contribution. However, it is essential to review the specific guidelines provided by the company and applicable laws to ensure accurate compliance with the regulations.
As far as my understanding goes, PF will be calculated on basic + all allowances except for HRA.
Members, please correct me if I am wrong as I am also a novice when it comes to the compliance part.
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