Hi All,
Myself Phani Kumar, Recently joined in a organisation which has no proper salary structure.
Eg: If a employee has 16500 Gross Salary , they fixed 15000 basic from gross rest of the amount has been splitted into Conv (1000) and other allowances(500).
Fixed the above structure for mandatory Contribution of Employee PF 1800.
would like change salary structure as per PF Norms like Basic is 60% from Gross, HRA 40% from Basic, Conveyance is 1600 and rest of the amount is other allowances.
if i change to new structure Employee PF contribution will be reduced, Do i need to get any permission from PF local office??
Kindly suggest
From India, Hyderabad
Myself Phani Kumar, Recently joined in a organisation which has no proper salary structure.
Eg: If a employee has 16500 Gross Salary , they fixed 15000 basic from gross rest of the amount has been splitted into Conv (1000) and other allowances(500).
Fixed the above structure for mandatory Contribution of Employee PF 1800.
would like change salary structure as per PF Norms like Basic is 60% from Gross, HRA 40% from Basic, Conveyance is 1600 and rest of the amount is other allowances.
if i change to new structure Employee PF contribution will be reduced, Do i need to get any permission from PF local office??
Kindly suggest
From India, Hyderabad
Your exercise is restructuring of wages. One you implement it, you may inform the ESI and PF authorities, " as a result of company’s policy of restructuring of wage structure for employees"
From India, Madras
294From India, Madras
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.
PF Contribution on Leave Encashment - Clarification by EPFO.pdf