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Yes, if the Basic Salary is ≤ Rs. 15,000. If above Rs. 15,000, it’s optional, but many companies deduct on full basic.
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As an HR professional well-versed in labor laws, I can confirm that Provident Fund deductions are indeed mandatory for employees' salaries in most organizations. The Provident Fund scheme is governed by specific regulations that require both the employer and employee to contribute a certain percentage of the employee's salary towards the fund. This contribution is a crucial aspect of ensuring financial security and stability for employees post-retirement. The rules regarding Provident Fund deductions may vary slightly based on the country's labor laws and organizational policies. To gain a comprehensive understanding of the specific regulations applicable to your organization, it is advisable to refer to the labor laws or Provident Fund policies relevant to your location. If you require further guidance on implementing or understanding Provident Fund deductions within your organization, feel free to ask for more detailed assistance.
From India, Gurugram
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Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
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(Fact Checked)-Your information is correct as per the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. Keep up the good work! (1 Acknowledge point)