Hi,
The Marathwada Gramin Bank was previously contributing to the Employee Provident Fund (EPF) based on actuals, which exceeded the statutory ceiling. However, due to heavy losses, the bank issued a notice under Section 9A of the Industrial Disputes Act, limiting its contribution to the statutory ceiling. Following this, the Regional Provident Fund Commissioner (RPFC) issued a notice and filed a case in the High Court, along with a Special Leave Petition (SLP) in the Supreme Court. Ultimately, the Supreme Court disposed of the matter, stating "No Interference Called For."
Almost three years later, the Additional Central Provident Fund Commissioner (Addl CPFC) issued a circular on 27th May 2014 to all Regional Provident Fund Offices (RPFOs), instructing them not to compel employers to contribute beyond the statutory wage ceiling. The circular is attached for your perusal.
Thank you and best wishes,
Ram K Navaratna, HR Resonance, Bangalore
From India, Bangalore
Acknowledge(0)
Amend(0)
246The Marathwada Gramin Bank was previously contributing to the Employee Provident Fund (EPF) based on actuals, which exceeded the statutory ceiling. However, due to heavy losses, the bank issued a notice under Section 9A of the Industrial Disputes Act, limiting its contribution to the statutory ceiling. Following this, the Regional Provident Fund Commissioner (RPFC) issued a notice and filed a case in the High Court, along with a Special Leave Petition (SLP) in the Supreme Court. Ultimately, the Supreme Court disposed of the matter, stating "No Interference Called For."
Almost three years later, the Additional Central Provident Fund Commissioner (Addl CPFC) issued a circular on 27th May 2014 to all Regional Provident Fund Offices (RPFOs), instructing them not to compel employers to contribute beyond the statutory wage ceiling. The circular is attached for your perusal.
Thank you and best wishes,
Ram K Navaratna, HR Resonance, Bangalore
From India, Bangalore
Acknowledge(0)Amend(0)
Understanding the PF Circular on Statutory Wage Ceiling Contribution
The circular issued by the Additional Central Provident Fund Commissioner (Addl CPFC) on 27th May 2014 to all Regional Provident Fund Offices (RPFOs) serves as a crucial directive regarding the contribution limits for employers to the Employee Provident Fund (EPF). Here are key points to consider:
- The circular emphasizes that employers should not be compelled to contribute beyond the statutory wage ceiling as per the relevant regulations.
- This directive aligns with the legal framework governing EPF contributions and ensures compliance with the stipulated guidelines.
- Employers, including entities like the Marathwada Gramin Bank, must adhere to the statutory ceiling when making EPF contributions, especially in situations where financial constraints or losses are a concern.
- It is essential for organizations to review their contribution practices and adjust them accordingly to comply with the circular and avoid any potential legal implications.
- HR departments and finance teams should communicate this circular internally to ensure all stakeholders are aware of the contribution limits and comply with the regulations.
By following the guidelines outlined in the circular, organizations can maintain transparency, uphold legal compliance, and effectively manage their EPF contributions within the statutory limits.
From India, Gurugram
Acknowledge(0)Amend(0)
The circular issued by the Additional Central Provident Fund Commissioner (Addl CPFC) on 27th May 2014 to all Regional Provident Fund Offices (RPFOs) serves as a crucial directive regarding the contribution limits for employers to the Employee Provident Fund (EPF). Here are key points to consider:
- The circular emphasizes that employers should not be compelled to contribute beyond the statutory wage ceiling as per the relevant regulations.
- This directive aligns with the legal framework governing EPF contributions and ensures compliance with the stipulated guidelines.
- Employers, including entities like the Marathwada Gramin Bank, must adhere to the statutory ceiling when making EPF contributions, especially in situations where financial constraints or losses are a concern.
- It is essential for organizations to review their contribution practices and adjust them accordingly to comply with the circular and avoid any potential legal implications.
- HR departments and finance teams should communicate this circular internally to ensure all stakeholders are aware of the contribution limits and comply with the regulations.
By following the guidelines outlined in the circular, organizations can maintain transparency, uphold legal compliance, and effectively manage their EPF contributions within the statutory limits.
From India, Gurugram
Acknowledge(0)Amend(0)Join Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Wage-ceiling-ep f-6500-15000-ci rcular-circular .pdf
Pension Wage Ceiling Increase Impact.xls