Dear All, Can anyone tell me about PF deduction if basic is above 15000 then it is necessary to do pf deduction or not ? is it exempted ?
From India, Pune
Acknowledge(0)
Amend(0)
From India, Pune
Acknowledge(0)Amend(0)
PF Deduction Guidelines
Deducting 12% on $15,000 is sufficient if the basic salary is ≥ $15,000.
If you have employees whose basic salary is < $15,000, you should follow the above-said guidelines.
If all or most of your employees have a basic salary > $15,000, there is an option to not opt for PF deduction. You can collect and keep a record of their consent, which can be produced during inspection.
It is strongly recommended to go with the first line.
From India, Chennai
Acknowledge(0)Amend(0)
22Deducting 12% on $15,000 is sufficient if the basic salary is ≥ $15,000.
If you have employees whose basic salary is < $15,000, you should follow the above-said guidelines.
If all or most of your employees have a basic salary > $15,000, there is an option to not opt for PF deduction. You can collect and keep a record of their consent, which can be produced during inspection.
It is strongly recommended to go with the first line.
From India, Chennai
Acknowledge(0)Amend(0)
Hi, "PF deduction if basic is above 15,000 then it is necessary to do PF deduction or not: If the employee is already a contributing member to PF, then PF should be deducted even though Basic is above 15,000/- but PF can be limited to Rs. 15,000/-. However, if the member is not already a contributing member to PF, then there is no need for PF deduction. But collect EPF Form 11 duly signed by the employee."
From India, Madras
Acknowledge(0)Amend(0)
From India, Madras
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
SALARY with out PF Deduction.xls
Basic 4 pf.pdf