Hi, just wanted to know that is there any PF kind off scheme for higher salaried employees (above 35k) in the private organization? Where both employee and employer can contribute..
From India, Mumbai
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From India, Mumbai
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Yes, you can contribute to the PF scheme at 12% of your basic salary from both the employee and employer sides if the salary is higher (above 35K). Currently, the PF ceiling limit is 15,000 Basic+DA, but the contribution can be extended by mutual agreement between the employee and employer. However, for this, you may need to seek permission from your management as increased contributions will raise the CTC.
I hope this clarifies your doubts. Please revert in case you have more queries.
Regards
From India, Ahmedabad
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32I hope this clarifies your doubts. Please revert in case you have more queries.
Regards
From India, Ahmedabad
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Understanding the PF Scheme for Higher-Salaried Employees
You should read the details and FAQ on the PF site first. Then you would have automatically had the answer.
The PF scheme provides for 12% of the employee's salary to be deducted and deposited with the department, with a matching contribution from the employer. Where the salary is above ₹15,000, the deductions are to be made as if the salary is ₹15,000.
The act also allows voluntary contributions by the employee above the specified limit, subject to not exceeding a total deduction from the gross salary of 50% (Payment of Wages Act). The employer is not required to match the contribution beyond ₹1800 per month. However, nothing in the law prevents the employer from giving more.
From India, Mumbai
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You should read the details and FAQ on the PF site first. Then you would have automatically had the answer.
The PF scheme provides for 12% of the employee's salary to be deducted and deposited with the department, with a matching contribution from the employer. Where the salary is above ₹15,000, the deductions are to be made as if the salary is ₹15,000.
The act also allows voluntary contributions by the employee above the specified limit, subject to not exceeding a total deduction from the gross salary of 50% (Payment of Wages Act). The employer is not required to match the contribution beyond ₹1800 per month. However, nothing in the law prevents the employer from giving more.
From India, Mumbai
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EMPLOYEES' PROVIDENT FUND & MISC PROVISIONS ACT '1952.ppt
EMPLOYEES' PROVIDENT FUND & MISC PROVISIONS ACT '1952 [Compatibility Mode].pdf