Can i give the option to deduct on actual basic And DA instead of capping 15000 , I dont have any circular Pls provide
From India, Bhubaneswar
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From India, Bhubaneswar
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Hi This is to inform you that, it is a part of supreme court judgement and not any circular.
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The EPS'95, as amended in 2014, set a time limit of six months from September 2014 for opting to continue the remission of EPS contribution on an actual salary basis exceeding the wage limit. However, the Supreme Court in RC Gupta's matter (RC Gupta & Others vs RPFC & Others, decided on 4th October 2016) turned down the contention of EPFO that the option for enhancing the EPS contribution is unavailable under the original EPS'95 due to a limitation of time. Now the matter is back in various High Courts and the Supreme Court, but this point of the exercise of the option after the amended EPS came into vogue is not under direct consideration.
From India, Mumbai
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From India, Mumbai
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The EPF contribution is to be paid as per employer and employee mutual understanding subject to the minimum payable as per the Act. As per the EPF Act, the employer can restrict the contribution to Rs. 15,000/- wages. The employer can pay higher than 15,000/- towards EPF, but EPS will be restricted to wages of Rs. 15,000/- at 8.33% only. The member has the option to deduct at a higher rate, up to a maximum of Rs. 15,000 contribution per month (i.e., 100%, {12% statutory + 88% voluntary}) of EPF wages.
Thanks,
Vidyadahr Bhat
From India, Pune
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Thanks,
Vidyadahr Bhat
From India, Pune
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Recent Judgment of Honble Supreme Court on Wage eligible for contribution.pp tx
Supreme court judgment on min wages (AIRFREIGHT).pd f