Dear All,
Please note I have joined a mid size company though it is 50 year old company before this date there was no professional hired.
Now management are hiring Professional and in expansion mode and hence I joined the board.
Now to my surprise I found that in the Payslip we are showing PF deduction of the Employee and under Employee we are also show the bifurcation of 8.33 under PS and balance under PF.
To by best knowledge it is legally not correct and as per the Act also it is not correct but before going to the Management and Pointing out the same I need your feed back on the issue.
Also do let me know if I am correct what could be the implication.
regards
Shakila
From India, Mumbai
3Please note I have joined a mid size company though it is 50 year old company before this date there was no professional hired.
Now management are hiring Professional and in expansion mode and hence I joined the board.
Now to my surprise I found that in the Payslip we are showing PF deduction of the Employee and under Employee we are also show the bifurcation of 8.33 under PS and balance under PF.
To by best knowledge it is legally not correct and as per the Act also it is not correct but before going to the Management and Pointing out the same I need your feed back on the issue.
Also do let me know if I am correct what could be the implication.
regards
Shakila
From India, Mumbai
Hi ,
Generally company showonly the total amount deducted under PF, which is 12% of Basic and D.A.
However, what you company is doing is giving additional information to the employees by showing the bifurcation of PF amount. As per PF rules, 8.33% of PF amound deducted goes towards pension scheme for the employees and balance is transferred to the Provident Fund.
Regards,
Naresh Taneja
From India, Mumbai
Generally company showonly the total amount deducted under PF, which is 12% of Basic and D.A.
However, what you company is doing is giving additional information to the employees by showing the bifurcation of PF amount. As per PF rules, 8.33% of PF amound deducted goes towards pension scheme for the employees and balance is transferred to the Provident Fund.
Regards,
Naresh Taneja
From India, Mumbai
Dear,
What I mean is we are showing only the Employees contribution in the payslip and from that contribution we are showing the bifurcation.
I think to show bifurcation them you need to show Employers contribution too. As far as my knowledge is from the employers contribution the fund Goes to PS & PF @ 8033 and 3.67.
Hope it is clear.
regards
Shakila
From India, Mumbai
What I mean is we are showing only the Employees contribution in the payslip and from that contribution we are showing the bifurcation.
I think to show bifurcation them you need to show Employers contribution too. As far as my knowledge is from the employers contribution the fund Goes to PS & PF @ 8033 and 3.67.
Hope it is clear.
regards
Shakila
From India, Mumbai
Dear all,
I mean we are showing only the PF Employees contribution in the payslip.
I think to show bifurcation PF statement and PF Summary employers contribution @ 8.33 and 3.67.
regards
Jitendra Raghav
From India, Delhi
I mean we are showing only the PF Employees contribution in the payslip.
I think to show bifurcation PF statement and PF Summary employers contribution @ 8.33 and 3.67.
regards
Jitendra Raghav
From India, Delhi
Hi, There is absolutely nothing wrong in what your company is doing. Law does not stipulate anything on this. If you are giving additional info to employees, there is no harm With regards daleep
Hai,
It is understood that your company is showing 8.33% of P.F contribution on the earnings of the employees in the pay slip. right?
To my knowledge employer has to deduct 12% of Basic +DA of employee earnings in the particular month. The question of bifurcation's of 12% into 8.33% + 3.67% of employee contribution does not arise.
The bifurcation of 12% into 8.33% + 3.67% will arose when employer matching contribution towards P.F to an employee. So it is clear from whose contribution your company showing bifurcation on the employee pay slip.
Regards,
Maheswara Rao.CH
From India, Hyderabad
It is understood that your company is showing 8.33% of P.F contribution on the earnings of the employees in the pay slip. right?
To my knowledge employer has to deduct 12% of Basic +DA of employee earnings in the particular month. The question of bifurcation's of 12% into 8.33% + 3.67% of employee contribution does not arise.
The bifurcation of 12% into 8.33% + 3.67% will arose when employer matching contribution towards P.F to an employee. So it is clear from whose contribution your company showing bifurcation on the employee pay slip.
Regards,
Maheswara Rao.CH
From India, Hyderabad
Dear Mr. Rao,
Excatly thats what I am meaning but we are doing the same. Because in the PSlip we are not showing Employers contribution and still showing employees contribution under PF and PS heads.
Are we doing wrong and if yes what corrective measure we can take now.
regards
Shakila
From India, Mumbai
Excatly thats what I am meaning but we are doing the same. Because in the PSlip we are not showing Employers contribution and still showing employees contribution under PF and PS heads.
Are we doing wrong and if yes what corrective measure we can take now.
regards
Shakila
From India, Mumbai
in the paybill,there must be the deduction of employees' contribution only.
the employer's contribution bifurcated as you said 8.33% and rest of that will diverted to a/c no 1. such calculation are done in our workout sheet of abstract for remittance and whatever may be done in every estt.
the calculation must be the same in all over india. am i correct
From India, Coimbatore
the employer's contribution bifurcated as you said 8.33% and rest of that will diverted to a/c no 1. such calculation are done in our workout sheet of abstract for remittance and whatever may be done in every estt.
the calculation must be the same in all over india. am i correct
From India, Coimbatore
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