Dear All, Comming up new notification from Provident Fund; please see the attached article published in 'The Economic Times'.-The take home salary may further reduce. Regards, PBS KUMAR
From India, Kakinada
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592From India, Kakinada
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Dear Sir, Thanks for the valuable information and it would be help all to be prepare and to get some breathing period for the same.Thanks Again Regards ravi
From India, Mumbai
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From India, Mumbai
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Issue is not as big as it appears to be, especially for those who are already drawing salaries much above the PF limit of Rs. 6500/- per month.
The last paragraph of the article reiterates the fact that, as long as the salary ceiling of Rs. 6500/- per month remains in place, there will not be a significant impact of this judgment.
From India, Pune
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The last paragraph of the article reiterates the fact that, as long as the salary ceiling of Rs. 6500/- per month remains in place, there will not be a significant impact of this judgment.
From India, Pune
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Agreed with VKO Kamthankar but as we take the reference of EPFO Circular on PF on wages No Coord. 4(6) 2003 Clarification Vol. II Dated 21.06.2011, it implies that where the overall wages are less than Rs. 6500/- per month, the PF shall be deducted on overall wages irrespective of the salary bifurcations.
Does it further imply that the basic wages for PF is Rs. 6500/- per month, or are the actual overall wages paid, whichever is lower, considered as the basis for PF?
From India, Jaipur
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Does it further imply that the basic wages for PF is Rs. 6500/- per month, or are the actual overall wages paid, whichever is lower, considered as the basis for PF?
From India, Jaipur
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Thank you, PBS Kumar.
However, any new employee recruited and receiving a gross of above Rs. 6500 (including all allowances) and having a basic/DA of, let's say, Rs. 3500 will not be enrolled for EPF. This is an injustice to the low-paid employees since there are no savings. Previously, a similar employee was receiving a Basic+DA of Rs. 3500, and his gross was Rs. 6500 - Rs. 780 = Rs. 5720, with savings (own + Co Contribution) totaling Rs. 1560 (PF + Pension). Clearly, he is at a loss!
I hope that the minimum wage is revised to Rs. 10000 from Rs. 6500!
Rajusiachen
From India, Coimbatore
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However, any new employee recruited and receiving a gross of above Rs. 6500 (including all allowances) and having a basic/DA of, let's say, Rs. 3500 will not be enrolled for EPF. This is an injustice to the low-paid employees since there are no savings. Previously, a similar employee was receiving a Basic+DA of Rs. 3500, and his gross was Rs. 6500 - Rs. 780 = Rs. 5720, with savings (own + Co Contribution) totaling Rs. 1560 (PF + Pension). Clearly, he is at a loss!
I hope that the minimum wage is revised to Rs. 10000 from Rs. 6500!
Rajusiachen
From India, Coimbatore
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PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
SALARY with out PF Deduction.xls
PF-Know Employees Provident Fund-CHART-L-4. doc