EPFO-Re-initiate process to club allowances with basic pay ordered inspection. Please explain it.(Urgent)
From India, Hyderabad
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5From India, Hyderabad
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Please find attached herewith a circular from EPFO: HO, New Delhi dated 06.08.2014, which is self-explanatory regarding your query. This circular directed EPFO officers to inspect establishments that split wages, with the basic component accounting for 50% or more of the gross pay.
EPFO highlighted that many employers split wages into various allowances to reduce their PF liability. The directive to inspect establishments aimed to comprehend the seriousness of this issue and make decisions regarding the detailed process of combining allowances with the basic pay, as suggested by the review committee.
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From India, Mumbai
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EPFO highlighted that many employers split wages into various allowances to reduce their PF liability. The directive to inspect establishments aimed to comprehend the seriousness of this issue and make decisions regarding the detailed process of combining allowances with the basic pay, as suggested by the review committee.
Kind regards
From India, Mumbai
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Dear All, can you please tell me that presently FPS amount is 541/- on minimum EPF celing is 6500/-. now EPF celing raised to 15000/- than FPS amount would be chang?
From India, Lucknow
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From India, Lucknow
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As per EPFO's new guidelines, the FPS/EPS ceiling is Rs. 15,000/- effective from 01-09-2014. According to this, the maximum EPS amount is Rs. 1,250/-. However, for any employees who join on or after 01-09-2014, if their basic wages exceed Rs. 15,000/-, the entire 24% amount will be remitted into their EPF account. They will not be eligible for EPS.
Regards,
From India, Pune
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Regards,
From India, Pune
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EPFO circular Enhancement of wage ceiling from 6500 to 15000 - 31Aug2014.pdf