Hello All,
Can anyone help me with the following case? My friend has joined on 3rd party payroll, and in his offer letter, the Annual Basic is shown as 420000/- with a PF deduction of just 5% on the basic.
When asked HR, they provided the following slab:
- If the basic is below 30K, then PF deduction would be 12%.
- If the basic is above 30K but below 40K, then PF deduction would be 7-10%.
- For basic above 40K, the PF deduction is 5%.
I kindly request clarification on this matter.
Thanks and Regards
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Can anyone help me with the following case? My friend has joined on 3rd party payroll, and in his offer letter, the Annual Basic is shown as 420000/- with a PF deduction of just 5% on the basic.
When asked HR, they provided the following slab:
- If the basic is below 30K, then PF deduction would be 12%.
- If the basic is above 30K but below 40K, then PF deduction would be 7-10%.
- For basic above 40K, the PF deduction is 5%.
I kindly request clarification on this matter.
Thanks and Regards
Acknowledge(0)Amend(0)
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Employee Benefits.doc
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