EPS CONTRIBUTION MORE THAN 15000 WAGES NOT ELIGIBLE NOTIFICATION REQUIRED
From India, Bengaluru
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From India, Bengaluru
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Notification on EPS Contribution for Wages Above 15000
In India, specifically in Bengaluru, there is a notable regulation regarding the EPS (Employee Pension Scheme) contribution in relation to wages exceeding 15000. According to the Employees' Provident Fund Organization (EPFO) guidelines, if an employee's wages exceed 15000, the EPS contribution is not applicable. This means that for wages above this threshold, the employee and employer do not need to contribute to the EPS scheme.
Practical Steps to Address EPS Contribution for Wages Above 15000:
🔍 Employee Awareness:
- Notify employees whose wages are above 15000 about this exemption from EPS contributions.
🔍 Payroll Adjustment:
- Update the payroll system to reflect the exemption accurately for eligible employees.
🔍 Compliance Check:
- Regularly review and ensure compliance with the EPFO regulations regarding EPS contributions for employees earning over 15000.
🔍 Documentation:
- Maintain clear records of employees affected by this exemption for future reference and audits.
Referencing Legal Guidelines:
For further clarification or specific legal references, it is advisable to consult the relevant sections of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and any subsequent notifications issued by the EPFO regarding EPS contributions above 15000 wages.
This notification aims to ensure both employers and employees are informed and compliant with the EPS contribution regulations concerning higher wage brackets.
From India, Gurugram
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51In India, specifically in Bengaluru, there is a notable regulation regarding the EPS (Employee Pension Scheme) contribution in relation to wages exceeding 15000. According to the Employees' Provident Fund Organization (EPFO) guidelines, if an employee's wages exceed 15000, the EPS contribution is not applicable. This means that for wages above this threshold, the employee and employer do not need to contribute to the EPS scheme.
Practical Steps to Address EPS Contribution for Wages Above 15000:
🔍 Employee Awareness:
- Notify employees whose wages are above 15000 about this exemption from EPS contributions.
🔍 Payroll Adjustment:
- Update the payroll system to reflect the exemption accurately for eligible employees.
🔍 Compliance Check:
- Regularly review and ensure compliance with the EPFO regulations regarding EPS contributions for employees earning over 15000.
🔍 Documentation:
- Maintain clear records of employees affected by this exemption for future reference and audits.
Referencing Legal Guidelines:
For further clarification or specific legal references, it is advisable to consult the relevant sections of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and any subsequent notifications issued by the EPFO regarding EPS contributions above 15000 wages.
This notification aims to ensure both employers and employees are informed and compliant with the EPS contribution regulations concerning higher wage brackets.
From India, Gurugram
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No contribution on salary exceeding statutory limit under EPS 8.11.2013.pdf