Warning: preg_replace(): Empty regular expression in [path]/showthread.php on line 2381

Warning: preg_replace(): Empty regular expression in [path]/showthread.php on line 2381

Warning: preg_replace(): Empty regular expression in [path]/showthread.php on line 2381
Epfo Circlular Dated 30-11-2012 - Jpg Download - CiteHR

No Tags Found!

SH

Shai89308

Executive Hr

AS

Ammu Shanvi

Human Resource

GS

G SHASHI KRISHNA

Senior Manager - Hr

AH

Aizant HR

Human Resources

MA

MARSHAL

Safety Officer

AK

Anish Katoch

Hr Executive

PR

PranjalR

Hr Recruiter

AP

Alka Pal

Hr Executive

Karthikeyan8195

Management Consultant

MK

Mohit Kumar Puri

Head Marketing

AU

Austex

Accounts Manager


Monika Arora
9

Dear All,
Today in newspaper we saw EPFO circular dated 30-11-2012, don t know if it is approved yet or not, but I would like to discuss about the same with professionals having better understanding on PF.
1. Any idea by when this may get in action, as they are mentioning that PF should not be calculated in Basic it should be Basic + all allowances. - This way the take home amount will reduce drastically, this may have serious repercussions for junior staff.
2. Do we have a possibility, that employees who are currently part of PF and got his salary increase to a basic of 6600/- can that person opt out of PF within the same organization, please check and respond.
Need help from all the professional as this may impact most of us.
Best Regards
Monika Marwah

From United States, Duluth
Monika Arora
9

Attached is the document for your reference. Thanks - Monika
From United States, Duluth
Attached Files (Download Requires Membership)
File Type: jpg PF News - 11-12-12.jpg (3.50 MB, 355 views)

jeevarathnam
604

Hi Monika No it doesn’t mean as employee shall be exempted from Contributions. For calculation of PF now we should calculate Basic+DA, Conveyance, HRA & other allowances too.
From India, Bangalore
Monika Arora
9

Dear Jeevarathnam,
I agree on the calculation, but leaving this news aside, tell me can we give this option to employees who are not interested to take less take home and get more statutory benefits, can we take them out from PF deduction if they have basic salary of Rs. 6600/-.
Please suggest! As I am facing an issue with my packers who are getting 6000 take home after all deduction, while we have PF deduction on Basic only, if we increase the calculation on whole salary, then the take home will hardly be around 4500/-, which will be really tough for me them to work with us or any similar level company, as this problem will be for all.
Need urgent help!
Thanks
Monika Marwah

From United States, Duluth
MahalakshmiShankaraNarayanan
9

Dear All,
I actually had an conversation with the PF Authority, they are saying except HRA all other allowance + Basic we should deduct 12% for PF having a ceiling limit of Rs.6500 or its employers wish to contribute more tahn Rs.6500........

From India, Chennai
jeevarathnam
604

Hi Ms. Monika
I do understand the situatuion. But we have no other option. Not only into particular industry. It will hit all the manufacturing & service industries except few IT/ITES Industries. Even for them there will be bit impression on the same.

From India, Bangalore
Monika Arora
9

Dear Mahalakshmi,
Thank you so much, really appreciate your response, means if an employee is having a basic salary of more than Rs. 6500/- employer can submit PF or not, its OK but what about employee, is it compulsory for him or its again discretionary.
My major worry is if someone is submitting regular PF every month eg. till Dec'12 and from Jan'13 we stop submitting the PF by saying that now we are not submitting the PF as his salary is already above 6500 basic, he is already exempted, will that create any issue.
Rest does any one have a written document by PF authority on it for further clarification.
Thanks
Monika

From United States, Duluth
jeevarathnam
604

Hi Mahalakshmi
Earlier there was exemption for HRA. But now even HRA is included. Shortly they might update the same.
The reason for telling so is earlier there was some declaration from Madras high court stating Except HRA all the components to be considered. But this circular is different form that

From India, Bangalore
atomz
19

OK
You can not stop deducting EPF even if his basic salary goes beyond 6500 so don't do it.
Now the written document about it read the EPF scheme Sec 26, this will clarify the point. there is Sec 27 about exemption of an employee from EPF but for that you have to prove to the EPFO that he getting better benefit from other Industrial Acts. So don't even get in to it.
Now about notification about inclusion of all allowances, it has no use till the act is amended if not then it will challenged in the court of law will be withdrawn as it happened before.
Stay Cool,
Atom.

From India, Phagwara
atomz
19

Copy of the circular (# 12 is about Wage and other allowances) Stay Cool, Atom
From India, Phagwara
Attached Files (Download Requires Membership)
File Type: pdf EPF Circular Dtd 30 Nov 2012.pdf (304.0 KB, 166 views)

Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.





About Us Advertise Contact Us Testimonials
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.