Dear All, Can the Employees' Pension Scheme (EPS) be deducted from the salary of Board of Directors?
From India, Kolkata
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From India, Kolkata
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Dear Saiyad, EPS can be part of your CTC but cannot be deducted from any employee salary it has to be contributed as employer contribution only.
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No contribution to Pension fund is deducted from the salary of any person.It is paid by employer.
From India, Thiruvananthapuram
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From India, Thiruvananthapuram
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Dear Saiyad Waseem,
If the Board of Directors is members of the Provident Fund, you must be deducting Provident Fund contributions from their remunerations. If so, naturally, you are paying the matching employer's contribution to PF. The employer's contribution that you pay on behalf of the employees takes care of the Employee's Family Pension part, which is a maximum of 8.33% of Rs. 15,000/-, i.e., Rs. 1,250/-, and the rest amount is credited to the employees' PF account.
Regards,
Suresh
From India, Thane
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If the Board of Directors is members of the Provident Fund, you must be deducting Provident Fund contributions from their remunerations. If so, naturally, you are paying the matching employer's contribution to PF. The employer's contribution that you pay on behalf of the employees takes care of the Employee's Family Pension part, which is a maximum of 8.33% of Rs. 15,000/-, i.e., Rs. 1,250/-, and the rest amount is credited to the employees' PF account.
Regards,
Suresh
From India, Thane
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Amendment in Employees Pension Scheme, 1995.pdf