Dear sir,
Greetings,
Currently, PF is being deducted on a basic salary of Rs. 15,000, whereas earlier it was deducted on a basic salary of Rs. 6,500. My question is, for those employees whose PF deduction was Rs. 6,500 based on the previous basic salary, now that the same employees have a basic salary of Rs. 15,000, can you please confirm if my management wishes to stop PF contributions for those whose salary exceeds Rs. 15,000?
Is this possible? Please suggest.
Regards,
Prashant
From India, New Delhi
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Greetings,
Currently, PF is being deducted on a basic salary of Rs. 15,000, whereas earlier it was deducted on a basic salary of Rs. 6,500. My question is, for those employees whose PF deduction was Rs. 6,500 based on the previous basic salary, now that the same employees have a basic salary of Rs. 15,000, can you please confirm if my management wishes to stop PF contributions for those whose salary exceeds Rs. 15,000?
Is this possible? Please suggest.
Regards,
Prashant
From India, New Delhi
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Dear Mr. Prashant, Those who have already registered with PF has to continue to contribute to PF, even if their salary is in excess of ceiling limit. Abbas.P.S
From India, Bangalore
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530From India, Bangalore
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Hi Prashant,
Now, the ceiling limit of PF has been changed from Rs. 6500/- to Rs. 15000/-. Hence, employees whose salaries are less than or equal to Rs. 15000/- will come under mandatory PF coverage. For those employees whose salary is above Rs. 15000/-, they will not come under PF coverage, but they can opt for it voluntarily if the company allows.
Thanks,
Terance
From India, Thiruvananthapuram
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Now, the ceiling limit of PF has been changed from Rs. 6500/- to Rs. 15000/-. Hence, employees whose salaries are less than or equal to Rs. 15000/- will come under mandatory PF coverage. For those employees whose salary is above Rs. 15000/-, they will not come under PF coverage, but they can opt for it voluntarily if the company allows.
Thanks,
Terance
From India, Thiruvananthapuram
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Hi Mr. Prasanth,
The issue is very clear. Every employee and employer have to contribute to the PF amount for employee social security. Now, if any employee has crossed over the ceiling of 15000, that amount is calculated for 15000 only, whereas before the ceiling was 6500.
For example, if an employee has a 50,000 basic salary, the employee's contribution is 12% of the basic salary, which amounts to 6000. Before the amendment, the ceiling was 6500, but now it is 15000.00. Any company or organization should follow this.
Thanks and regards,
MANOHAR
HR
From India
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The issue is very clear. Every employee and employer have to contribute to the PF amount for employee social security. Now, if any employee has crossed over the ceiling of 15000, that amount is calculated for 15000 only, whereas before the ceiling was 6500.
For example, if an employee has a 50,000 basic salary, the employee's contribution is 12% of the basic salary, which amounts to 6000. Before the amendment, the ceiling was 6500, but now it is 15000.00. Any company or organization should follow this.
Thanks and regards,
MANOHAR
HR
From India
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Dear Prashant,
It is voluntary to provide PF contribution for employees who have joined after September 2014 and have either never been members of the fund or have withdrawn their fund, hence discontinuing their membership. This applies to employees whose salary exceeds 15,000/month.
However, employees who were members employed with you and were covered earlier due to a ceiling of 6,500/month will continue to be members. Additionally, new members who have joined after September 2014 due to the increased ceiling of 15,000/month will also be part of the fund. Membership cannot be discontinued for existing members.
Regards,
Sagar Raut
80 800 30 509
sagar.sr.hr@gmail.com
From India, Kalyan
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It is voluntary to provide PF contribution for employees who have joined after September 2014 and have either never been members of the fund or have withdrawn their fund, hence discontinuing their membership. This applies to employees whose salary exceeds 15,000/month.
However, employees who were members employed with you and were covered earlier due to a ceiling of 6,500/month will continue to be members. Additionally, new members who have joined after September 2014 due to the increased ceiling of 15,000/month will also be part of the fund. Membership cannot be discontinued for existing members.
Regards,
Sagar Raut
80 800 30 509
sagar.sr.hr@gmail.com
From India, Kalyan
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