It has come to be known that the PF Basic + DA limit of ₹6,500.00 is going to be enhanced to ₹15,000.00 by an amendment of the PF Act. Does anybody have any clue about this? Please revert.
From India, Bangalore
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From India, Bangalore
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Dear All, Still this is in proposal stage. Notification to this effect yet to come & I believe this will take sometime or may be enhanced at 10000/- instead of 15000/-.
From India, Mumbai
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From India, Mumbai
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Expert Committee on Employees' Pension Scheme - 1995
On 12th June 2009, the Government of India constituted an Expert Committee on Employees' Pension Scheme - 1995 to review the existing pension scheme. The committee submitted its recommendations to the Parliament on 5th August 2010, which were subsequently approved by the Central Board of Trustees (EPF) two months ago (according to newspaper reports).
One of the recommendations is to enhance the ceiling salary limit of EPF from ₹6,500 to ₹10,000.
Regards,
Abbas.P.S
From India, Bangalore
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530On 12th June 2009, the Government of India constituted an Expert Committee on Employees' Pension Scheme - 1995 to review the existing pension scheme. The committee submitted its recommendations to the Parliament on 5th August 2010, which were subsequently approved by the Central Board of Trustees (EPF) two months ago (according to newspaper reports).
One of the recommendations is to enhance the ceiling salary limit of EPF from ₹6,500 to ₹10,000.
Regards,
Abbas.P.S
From India, Bangalore
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Over the past couple of years, we have witnessed a lot of changes in the salary structure, particularly in the case of ESI. Looking ahead, we can anticipate the PF slab to increase up to ₹10,000/-. Consequently, the maximum contribution could reach up to ₹1,200 per month (Employer's Contribution). This is an excellent initiative to save money for the future, especially with the revised PF interest rate of 9.5%.
Cordially,
Subin Chandran
From India, Delhi
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Cordially,
Subin Chandran
From India, Delhi
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PF Contribution May Cover House Rent & Conveyance Allowance
The Madhya Pradesh High Court's ruling that employee benefits, such as house rent and conveyance allowances, should be taken into account while computing the employee provident fund contributions may soon be implemented all over the country. Central Provident Fund Commissioner Samirendra Chatterjee said the ruling was conveyed to EPF offices in the state, but he mentioned it could be implemented nationwide in consultation with the Ministry of Labour.
The ruling marks a shift from the present arrangement where employees have to contribute 12% of their basic salaries while employers have to match the contributions. The new order will mean a higher retirement corpus for employees, though it would result in a cut in their take-home package. However, it will also bring an additional burden on the companies.
Source: Hindustan Times
Cordially,
Subin Chandran
From India, Delhi
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The Madhya Pradesh High Court's ruling that employee benefits, such as house rent and conveyance allowances, should be taken into account while computing the employee provident fund contributions may soon be implemented all over the country. Central Provident Fund Commissioner Samirendra Chatterjee said the ruling was conveyed to EPF offices in the state, but he mentioned it could be implemented nationwide in consultation with the Ministry of Labour.
The ruling marks a shift from the present arrangement where employees have to contribute 12% of their basic salaries while employers have to match the contributions. The new order will mean a higher retirement corpus for employees, though it would result in a cut in their take-home package. However, it will also bring an additional burden on the companies.
Source: Hindustan Times
Cordially,
Subin Chandran
From India, Delhi
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EPF-Circular-da ted-23-May-2011 -Splitting-of-M inimum-Wages-fo r-the-Purpose-o f-PF-Contributi on-Not.pdf
SC Judgment-No obligation to excess contribution than Statutory Limit.docx