Hi,
One of our employees is registered under PF and is contributing 12% unrestricted from the date of joining. However, from 1st April 2014, he wishes to restrict his contribution to a minimum. Is this allowed under the provisions of the Provident Fund Act? If yes, please share the relevant notification.
From India, Bangalore
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One of our employees is registered under PF and is contributing 12% unrestricted from the date of joining. However, from 1st April 2014, he wishes to restrict his contribution to a minimum. Is this allowed under the provisions of the Provident Fund Act? If yes, please share the relevant notification.
From India, Bangalore
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Not possible now. 12% is the mandatory contribution. The opposite is possible. He can contribute more than 12% as VPF - voluntary PF. There are quite a lot of people who are opting for this option as it offers a lot of benefits in the current scenario.
Regards,
A.B.
From India, Mumbai
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38Regards,
A.B.
From India, Mumbai
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PF Contribution on Leave Encashment - Clarification by EPFO.pdf
Voluntary PF.doc