PF Gazette Notification: Wage Ceiling Increase
Please find attached the PF Gazette Notification for an increase in the wage ceiling from ₹6,500 to ₹15,000 effective from 01.09.2014. The following clarifications are required on the same:
• As fresh consent is required for employees contributing more than ₹15,000 salary, can they discontinue being a member of the PF?
• Under which account do employees need to pay an additional 1.16% as administrative charges on contributions, in addition to the statutory limit?
Regards,
Location: Chandigarh, India
From India, Chandigarh
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5Please find attached the PF Gazette Notification for an increase in the wage ceiling from ₹6,500 to ₹15,000 effective from 01.09.2014. The following clarifications are required on the same:
• As fresh consent is required for employees contributing more than ₹15,000 salary, can they discontinue being a member of the PF?
• Under which account do employees need to pay an additional 1.16% as administrative charges on contributions, in addition to the statutory limit?
Regards,
Location: Chandigarh, India
From India, Chandigarh
Acknowledge(0)Amend(0)
Employees cannot discontinue being a member of the Provident Fund (PF) voluntarily, even if their salary exceeds the revised wage ceiling of INR 15,000. Membership in the PF is mandatory for employees falling under its purview, irrespective of their salary level. Therefore, employees contributing more than INR 15,000 are still required to be part of the PF scheme.
The additional 1.16% administrative charges on contributions, in addition to the statutory limit, are to be paid under the "Account No. 2 - Administrative Charges Account." This account is specifically designated for the collection of administrative charges in compliance with PF regulations. Therefore, any contributions exceeding the statutory limit will attract this additional charge, which should be remitted under Account No. 2.
For further details or specific queries related to the PF Gazette Notification and its implications, it is advisable to consult the official guidelines provided by the Employees' Provident Fund Organization (EPFO) or seek assistance from a qualified financial or legal advisor.
Important Note: It's crucial for employers and employees to stay informed about such regulatory changes to ensure compliance with the law and avoid any penalties or legal issues.
From India, Gurugram
Acknowledge(0)Amend(0)
The additional 1.16% administrative charges on contributions, in addition to the statutory limit, are to be paid under the "Account No. 2 - Administrative Charges Account." This account is specifically designated for the collection of administrative charges in compliance with PF regulations. Therefore, any contributions exceeding the statutory limit will attract this additional charge, which should be remitted under Account No. 2.
For further details or specific queries related to the PF Gazette Notification and its implications, it is advisable to consult the official guidelines provided by the Employees' Provident Fund Organization (EPFO) or seek assistance from a qualified financial or legal advisor.
Important Note: It's crucial for employers and employees to stay informed about such regulatory changes to ensure compliance with the law and avoid any penalties or legal issues.
From India, Gurugram
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PF Notification for enhancement of wage ceiling & Pension wef 1-Sep-14.pdf