Hello All,
I have a few queries regarding PF??
I am working in a startup IT company where the total no. of employees is less than 20 and my basic salary is more than 6500 .
The company has included their PF contribution of 3349.20 in my CTC and is showing the deduction as follows:
Employee Contribution-3349.20
Employer Contribution 3349.20
Professional Tax.-200
TDS-3390.
Please note that in my previous company my basic was 12000 and I had opted out of PF.
Hence my query is the above deduction correct and can I opt out of the PF scheme-if so what do I have to do.
An early response will be highly appreciated.
Regards.
Saurav
From India, Kolkata
I have a few queries regarding PF??
I am working in a startup IT company where the total no. of employees is less than 20 and my basic salary is more than 6500 .
The company has included their PF contribution of 3349.20 in my CTC and is showing the deduction as follows:
Employee Contribution-3349.20
Employer Contribution 3349.20
Professional Tax.-200
TDS-3390.
Please note that in my previous company my basic was 12000 and I had opted out of PF.
Hence my query is the above deduction correct and can I opt out of the PF scheme-if so what do I have to do.
An early response will be highly appreciated.
Regards.
Saurav
From India, Kolkata
Dear Saurav,
The limit Rs. 6,500 has been changed to Rs. 15,000 very long back. So, you can't have option of opting out of PF with below Rs. 15,000 Basic.
Since you mentioned that the total number of employee is less than 20, the employer may not be registered in PF. But, since it is a start up, the company may have plan to increase its strength and can apply for the registration, soon. So, they would have designed the CTC, based on mere future possibility.
From India, Chennai
100The limit Rs. 6,500 has been changed to Rs. 15,000 very long back. So, you can't have option of opting out of PF with below Rs. 15,000 Basic.
Since you mentioned that the total number of employee is less than 20, the employer may not be registered in PF. But, since it is a start up, the company may have plan to increase its strength and can apply for the registration, soon. So, they would have designed the CTC, based on mere future possibility.
From India, Chennai
Dear saurav a company whoes employee strength is less then 20 employee can get registered under epf act by opting voluntary registration ...can you explain how much salary you get in your hand
From India, Mumbai
From India, Mumbai
Dear,
First of all, kind for your information now PF liability on the Basic 15000/- so the employer are liable to deduct the PF from your salary.
Second thing is that, according to my knowledge if any employee have basic salary more the 15000/- and he given the undertaking that you were not the member of the PF in the previous company then you will be out of PF Coverage.
Thanks
Sukh Dev Sing
From India
First of all, kind for your information now PF liability on the Basic 15000/- so the employer are liable to deduct the PF from your salary.
Second thing is that, according to my knowledge if any employee have basic salary more the 15000/- and he given the undertaking that you were not the member of the PF in the previous company then you will be out of PF Coverage.
Thanks
Sukh Dev Sing
From India
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