Dear All
Please find PF Gazette notification on enhancement of statutory wage limit to Rs 15,000 PM , with minimum pension of Rs 1,000/- PM this would be with effect from 01 September 2014.
Best Regards
Vaibhava Mahamunkar
Head - Human Resources.
Secure Parking Solutions Pvt. Ltd.
From India, Mumbai
12Please find PF Gazette notification on enhancement of statutory wage limit to Rs 15,000 PM , with minimum pension of Rs 1,000/- PM this would be with effect from 01 September 2014.
Best Regards
Vaibhava Mahamunkar
Head - Human Resources.
Secure Parking Solutions Pvt. Ltd.
From India, Mumbai
Sir, The issue was pending since long. Now, the appropriate Govt. has issued the notifications, thus ending uncertainty in the matter.
From India, Noida
From India, Noida
Hi,
There are few practical questions while implementing this policy.
1) If basic salary of an Employee "A" is less than Rs.15000/-, How do we need to contribute for EPS ? is it 8.33% of the basic pay or Minimum of Rs.1000/- ?
2) If an Employee "B"s total gross salary is Rs.40,000/- and Basic is only Rs.10,000/- (25% of gross is basic) rest of the amount adjusted towards Special Allowance (excluding HRA,Conveyance, PF), how do we need to calculate the pensionable wage ? Do we need to change the calculations from the existing basic of Rs.10,000 to Rs.15000 ?
3) Is there any rule regarding what percentage of total salary should be basic ?
Experts kindly advice
Regards,
Jyothi
From India, Bangalore
There are few practical questions while implementing this policy.
1) If basic salary of an Employee "A" is less than Rs.15000/-, How do we need to contribute for EPS ? is it 8.33% of the basic pay or Minimum of Rs.1000/- ?
2) If an Employee "B"s total gross salary is Rs.40,000/- and Basic is only Rs.10,000/- (25% of gross is basic) rest of the amount adjusted towards Special Allowance (excluding HRA,Conveyance, PF), how do we need to calculate the pensionable wage ? Do we need to change the calculations from the existing basic of Rs.10,000 to Rs.15000 ?
3) Is there any rule regarding what percentage of total salary should be basic ?
Experts kindly advice
Regards,
Jyothi
From India, Bangalore
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