Provident Fund Requirement in the Real Estate Sector
I am an HR professional in a real estate company, and I need to know whether the Provident Fund is necessary to calculate or optional in the real estate sector. If it is necessary, what is the percentage? Is that percentage specific?
Thank you.
From India, Delhi
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I am an HR professional in a real estate company, and I need to know whether the Provident Fund is necessary to calculate or optional in the real estate sector. If it is necessary, what is the percentage? Is that percentage specific?
Thank you.
From India, Delhi
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If your real estate company is engaging in building and construction activity, the P.F. Act is applicable. If so, the P.F. contribution is payable at 12% of Basic + DA + retaining allowance, if any.
Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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57Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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Is the contribution to PF based on the salary/wages of Rs. 6500 or more? If an employee has a basic salary exceeding Rs. 6500, are they also eligible for PF?
Regards,
Sakshi Saxena
From India, Delhi
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Regards,
Sakshi Saxena
From India, Delhi
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The P.F. contribution shall be on the pay (salary) not exceeding Rs. 6,500/- per month. An employee who is drawing more than Rs. 6,500/- at the time of joining will be considered an excluded employee under Para. 2(f) of the P.F. Scheme 1952 and is not eligible for being a member of the scheme. If an employee is already a member of the scheme and is contributing to P.F. but subsequently draws wages exceeding Rs. 6,500 per month, he can continue to contribute to P.F.
Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
Acknowledge(0)Amend(0)
Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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Provident Fund Act.ppt
EMPLOYEES' PROVIDENT FUND & MISC PROVISIONS ACT '1952 [Compatibility Mode].pdf