Clarification Needed on EPF Interpretation
All are requested to please clear the doubt on the attached EPF interpretation. Please see the attached EPF Interpretation and let us know which one is the right interpretation - A or B?
Thanks & Regards,
Reddy
From India, Mumbai
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All are requested to please clear the doubt on the attached EPF interpretation. Please see the attached EPF Interpretation and let us know which one is the right interpretation - A or B?
Thanks & Regards,
Reddy
From India, Mumbai
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Pension contribution is calculated based on the ceiling salary of ₹6,500 on a pro-rata basis. Therefore, the salary for 20 days would be ₹6,500 x 20/31 = ₹4,194, and the pension contribution would amount to ₹4,194 x 8.33% = ₹349.
Regards,
Abbas.P.S
From India, Bangalore
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530Regards,
Abbas.P.S
From India, Bangalore
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Thank you for your clarification. In the attachment, the earned basic for 20 days is Rs. 9678/-. In this case, what should be the considerable pension salary: Rs. 6500/- or Rs. 4194/-?
Thanks & Regards,
Basivi Reddy
From India, Mumbai
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Thanks & Regards,
Basivi Reddy
From India, Mumbai
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From my above posting it is clear that ceiling salary for one month is Rs. 6500 and for 20 days it is Rs. 4194. Accordingly the contributions will be deducted / credited. Abbas.P.S
From India, Bangalore
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From India, Bangalore
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Implementation of Pensionable Salary Ceiling
How will this be implemented? If the ceiling salary for the pension is Rs. 6500, it means that for 30 or 31 days, it will be considered as 6500. Accordingly, for fewer days, the calculation will be done on a pro-rata basis. Therefore, Case B is correct.
Abbas. P. S.
From India, Bangalore
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How will this be implemented? If the ceiling salary for the pension is Rs. 6500, it means that for 30 or 31 days, it will be considered as 6500. Accordingly, for fewer days, the calculation will be done on a pro-rata basis. Therefore, Case B is correct.
Abbas. P. S.
From India, Bangalore
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EPF - Pension contribution is zero WHY.jpg
EPF Pension.xls