hi deepika
the present upper limit for pf is 6500 rs.so the 12 percent of 6500 is 780 . employee pays 780 and employer also puts in 780. out of the contribution payed by employer (out of 780) 541 goes to eps that is pensionscheme and 239 goes to the individuals pf a/c. now if your basic plus da is more than 6500 u cannot be forced to join epf .further u can increase your contribution that is u can contribute more than 12 percent of ur basic and da but employer need not match that.it is upto the employer. if the employer match the increased contribution that amount minus 541 comes into your pf a/c. whereas your company has opted for full 8.33 percent contribution to eps out of the contribution given by the employer full 8.33 percent will be credited to eps.for eg your basic plus da is 10000 your contribution is 1200 and employers 1200.out of the employers 1200 an amount of 833 will be credited to eps a/c and therest to your pf a/c.in this case while you retire your average salary of last 10 month will taken into a/c for calculating your pf pension.where as were the limit is 6500 your last salary is considered only 6500 even if your total salary while u retire is 100000.
From India, Kochi
the present upper limit for pf is 6500 rs.so the 12 percent of 6500 is 780 . employee pays 780 and employer also puts in 780. out of the contribution payed by employer (out of 780) 541 goes to eps that is pensionscheme and 239 goes to the individuals pf a/c. now if your basic plus da is more than 6500 u cannot be forced to join epf .further u can increase your contribution that is u can contribute more than 12 percent of ur basic and da but employer need not match that.it is upto the employer. if the employer match the increased contribution that amount minus 541 comes into your pf a/c. whereas your company has opted for full 8.33 percent contribution to eps out of the contribution given by the employer full 8.33 percent will be credited to eps.for eg your basic plus da is 10000 your contribution is 1200 and employers 1200.out of the employers 1200 an amount of 833 will be credited to eps a/c and therest to your pf a/c.in this case while you retire your average salary of last 10 month will taken into a/c for calculating your pf pension.where as were the limit is 6500 your last salary is considered only 6500 even if your total salary while u retire is 100000.
From India, Kochi
Plz tell me about the ESI & Pf Contribution & new amendments in limit & how many employee are compulsory for mandatory registration in ESI & PF
From India, Dehra Dun
From India, Dehra Dun
Hii
I have just got a news that in latest PF amendment (May 2012), PF decuction is from gross salary ( including HRA, medical allowance, Travel allowance, special allowance....) instead of basic salary + DA.
Our company is practicing same ( On Gross salary ). So could you tell the real scenario of PF issue ???
Regards,
Divyesh Patel
From India, Surat
I have just got a news that in latest PF amendment (May 2012), PF decuction is from gross salary ( including HRA, medical allowance, Travel allowance, special allowance....) instead of basic salary + DA.
Our company is practicing same ( On Gross salary ). So could you tell the real scenario of PF issue ???
Regards,
Divyesh Patel
From India, Surat
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