I would like to know what are the basic wages in IT sector and would like to know what should be the basic ( is it still 6500) on which the PF of 12 % can be deducted. or has the same been updated.. What is the minimum basis wages for an employee and how his pf can be calculated. is the basic 6500 still ok or has it been revised.
From India, Delhi
From India, Delhi
Dear
your question is totally confusing as what you need from us.
PF limit has increased to 15000 from 6500 .now question comes what should be basic for PF purpose?there are certain category of workers are getting minimum wages,so for them you are required to deduct PF on at least minimum wages.Now question comes for higher salary person .their basic will be decided on the basis of their CTC ,generally 40 % of CTC is taken as basic.Suppose someone CTC is 60k than you can show basic 24k and in this case PF will be deducted on 15 k
From India, Delhi
167your question is totally confusing as what you need from us.
PF limit has increased to 15000 from 6500 .now question comes what should be basic for PF purpose?there are certain category of workers are getting minimum wages,so for them you are required to deduct PF on at least minimum wages.Now question comes for higher salary person .their basic will be decided on the basis of their CTC ,generally 40 % of CTC is taken as basic.Suppose someone CTC is 60k than you can show basic 24k and in this case PF will be deducted on 15 k
From India, Delhi
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PF Judgment Supreme Court Basic Wages (1).pdf