Respected All, My Query: Under EPF Scheme, if employee voluntarily wish to contribute more than 12% then up to what percentage he can contribute maximum. If possible please give law reference. Thanks
From India
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3From India
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Dear Friend, You may choose VPF option, where maximum contribution is up to 100% of his Basic Salary and Dearness Allowance. Interest is earned at the same rate as the EPF.
From India, Mumbai
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From India, Mumbai
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Dear All,
Thank you for your reply. Everyone has different answers. Is there any fixed percentage? What is the ceiling?
Secondly, if it's 100% or 80%, then if an employee's deductions reach 50% above their gross, will it be acceptable under the Minimum Wage Act? The act states that deductions should not exceed 50% of your gross.
Please clear my doubt.
From India
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Thank you for your reply. Everyone has different answers. Is there any fixed percentage? What is the ceiling?
Secondly, if it's 100% or 80%, then if an employee's deductions reach 50% above their gross, will it be acceptable under the Minimum Wage Act? The act states that deductions should not exceed 50% of your gross.
Please clear my doubt.
From India
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EPF Scheme Guidelines For Implementation Of PMGKY Credit Of Employers And Employee Contribution .pdf
EPF & Misc. Provision Act.1952 & the scheme.ppt