I am working as a Manager - Personal in a private company. My company is a part of our Group Company. It is understood from the Companies Act that one person can be employed as Managing Director for more than one company. Also, he is eligible for remuneration from both companies as per the Board Resolution.
In such a case, how will the PF contribution and family pension be remitted to the Managing Directors? Are they allowed to have two different PF numbers for each company? Kindly clarify the same.
With Regards, M. Suriyanarayanan
From India, Madras
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2In such a case, how will the PF contribution and family pension be remitted to the Managing Directors? Are they allowed to have two different PF numbers for each company? Kindly clarify the same.
With Regards, M. Suriyanarayanan
From India, Madras
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Does a Managing Director have eligibility for PF? If so, should his ranking for PF be considered at the main office rather than the subsidiary of group companies? Can someone please clarify the above?
Thanks & Best Regards,
Senthil
From India, Tiruppur
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Thanks & Best Regards,
Senthil
From India, Tiruppur
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I think Managing Director is not eligible for PF Contribution, in our company we are not deducting PF from Director Remuneration. I request to all to clarify in this matter Thanks in Advance
From India, Hyderabad
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From India, Hyderabad
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Hi,
One person can be a Managing Director for more than one company, but they are paid based on remuneration. They have to pay Profession Tax only, and in the Commercial Tax, they have to pay Rs 2500 as Director's fees per year.
Regarding the Provident Fund, an employee can keep multiple accounts, but after completing 10 years of service, they become eligible for a pension. However, the pension cannot be claimed.
From India, Secunderabad
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One person can be a Managing Director for more than one company, but they are paid based on remuneration. They have to pay Profession Tax only, and in the Commercial Tax, they have to pay Rs 2500 as Director's fees per year.
Regarding the Provident Fund, an employee can keep multiple accounts, but after completing 10 years of service, they become eligible for a pension. However, the pension cannot be claimed.
From India, Secunderabad
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PF Contribution on Leave Encashment - Clarification by EPFO.pdf
MANAGING DIRECTOR-ROLE RESPONSIBILITY. doc