can any tell me what are the accounts related to provident fund????????? and whats the logic behind restriction of employer contribution to Rs.6500 ????
From India, Calcutta
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From India, Calcutta
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Dear Debasis,
Please do a quick search on "Provident Fund." Both of your queries have been covered before. I hope this helps. In case of further doubts, you can address them to the forum.
Regards,
Anuradha
From India, Pune
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8Please do a quick search on "Provident Fund." Both of your queries have been covered before. I hope this helps. In case of further doubts, you can address them to the forum.
Regards,
Anuradha
From India, Pune
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Hi Anuradha,
I am new to the forum, so I am finding it difficult to gather information from the site. I have sorted out the problem relating to the restriction of Rs. 6500. However, I still have doubts about the various accounts to which the contributions should be deposited at the end of the period. I would appreciate some help with that.
With regards,
Debasish Das
From India, Calcutta
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I am new to the forum, so I am finding it difficult to gather information from the site. I have sorted out the problem relating to the restriction of Rs. 6500. However, I still have doubts about the various accounts to which the contributions should be deposited at the end of the period. I would appreciate some help with that.
With regards,
Debasish Das
From India, Calcutta
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Dear Debashis,
In PF Main deduction, there are contributions from both employers and employees:
a) Employees contribute 12% of the basic salary.
b) For employers, the 12% is divided into 8.33% for the Pension Scheme and 3.67% for the Provident Fund.
c) Additionally, there is the Employee Deposit Linked Insurance (EDLI) scheme, to which only the employer contributes 0.5% of the PF salary.
d) There are administrative charges, categorized as PF Administrative Charges at 1.10% and EDLI Administrative Charges at 0.01%.
e) If your company has its own PF trust, you are exempt from paying administrative charges, but you are charged Inspection Charges at 0.18%.
Thanks & Regards,
Amal Shere
From India, Mumbai
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In PF Main deduction, there are contributions from both employers and employees:
a) Employees contribute 12% of the basic salary.
b) For employers, the 12% is divided into 8.33% for the Pension Scheme and 3.67% for the Provident Fund.
c) Additionally, there is the Employee Deposit Linked Insurance (EDLI) scheme, to which only the employer contributes 0.5% of the PF salary.
d) There are administrative charges, categorized as PF Administrative Charges at 1.10% and EDLI Administrative Charges at 0.01%.
e) If your company has its own PF trust, you are exempt from paying administrative charges, but you are charged Inspection Charges at 0.18%.
Thanks & Regards,
Amal Shere
From India, Mumbai
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Provident Fund - Excluded Employee - Definition.pdf
What is Employee Provident Fund.docx