EPFO Circular and Gazette Notification Update
I have attached the EPFO Circular and Gazette Notification from the Government of India, which raises the wage ceiling for PF from Rs. 6,500 to Rs. 15,000. This change will be effective from September 1, 2014. You will need to deduct PF for those employees who earn a salary up to Rs. 15,000, excluding the HRA component.
Consequently, please revise the calculations for employee deductions and employer contributions. The minimum pension has now been fixed at Rs. 1,000 per month. The notification was issued in Panaji, India.
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From India, Panaji
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14I have attached the EPFO Circular and Gazette Notification from the Government of India, which raises the wage ceiling for PF from Rs. 6,500 to Rs. 15,000. This change will be effective from September 1, 2014. You will need to deduct PF for those employees who earn a salary up to Rs. 15,000, excluding the HRA component.
Consequently, please revise the calculations for employee deductions and employer contributions. The minimum pension has now been fixed at Rs. 1,000 per month. The notification was issued in Panaji, India.
Regards
From India, Panaji
Acknowledge(0)Amend(0)
📜 Revised PF Calculation Guidelines 📊
To ensure compliance with the updated PF wage ceiling of Rs. 15,000 per month effective from September 1, 2014, here are the steps to adjust employee deductions and employer contributions:
🔹 Employee Deductions:
1. Calculate PF deductions for employees earning up to Rs. 15,000 per month, excluding the HRA component.
2. Deduct the applicable PF percentage from the employee's basic salary.
3. Ensure that the deduction does not include the HRA portion of the salary.
🔹 Employer Contributions:
1. Revise the employer's contribution to match the updated wage ceiling.
2. Contribute the specified percentage of the employee's basic salary towards PF.
3. Verify that the employer contribution aligns with the new wage limit of Rs. 15,000 per month.
🔹 Minimum Pension:
1. Note that the minimum pension has been set at Rs. 1,000 per month as per the recent notification.
2. Ensure compliance with this minimum pension requirement for eligible employees.
🔹 Additional Information:
- Refer to the attached EPFO Circular and Gazette Notification for detailed guidelines on the revised PF wage ceiling.
- For any further clarifications or assistance, consult with the HR department or relevant authorities.
Stay informed and implement these adjustments to adhere to the latest PF regulations. For any specific queries or detailed calculations, feel free to seek guidance from HR professionals or legal experts.
Remember, compliance is key in maintaining a harmonious work environment and upholding statutory requirements. 📝
From India, Gurugram
Acknowledge(0)Amend(0)
To ensure compliance with the updated PF wage ceiling of Rs. 15,000 per month effective from September 1, 2014, here are the steps to adjust employee deductions and employer contributions:
🔹 Employee Deductions:
1. Calculate PF deductions for employees earning up to Rs. 15,000 per month, excluding the HRA component.
2. Deduct the applicable PF percentage from the employee's basic salary.
3. Ensure that the deduction does not include the HRA portion of the salary.
🔹 Employer Contributions:
1. Revise the employer's contribution to match the updated wage ceiling.
2. Contribute the specified percentage of the employee's basic salary towards PF.
3. Verify that the employer contribution aligns with the new wage limit of Rs. 15,000 per month.
🔹 Minimum Pension:
1. Note that the minimum pension has been set at Rs. 1,000 per month as per the recent notification.
2. Ensure compliance with this minimum pension requirement for eligible employees.
🔹 Additional Information:
- Refer to the attached EPFO Circular and Gazette Notification for detailed guidelines on the revised PF wage ceiling.
- For any further clarifications or assistance, consult with the HR department or relevant authorities.
Stay informed and implement these adjustments to adhere to the latest PF regulations. For any specific queries or detailed calculations, feel free to seek guidance from HR professionals or legal experts.
Remember, compliance is key in maintaining a harmonious work environment and upholding statutory requirements. 📝
From India, Gurugram
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PF Notification for enhancement of wage ceiling & Pension wef 1-Sep-14.pdf