Hi, If basic 15001, does it come under pf coverage? Also, can employer PF contribution be reduced voluntarily if it is contributing above 1800?
From India, Mumbai
5From India, Mumbai
If the basic salary of a employee is more than 15000 per month, he will be called exempted employee and his contribution may be restricted to 1800 per month. In case his basic salary came down below 15000 you need to remit EPF contribution @ 12%.
In some of the big corporate companies, EPF Contribution will not be restricted to 15K but they contribute on actual basic salary which is more than 15K till their service with them. The management also share equal amount of contribution which not only boost morale of the company but also bear a good name in the Industry.
From India, New Delhi
In some of the big corporate companies, EPF Contribution will not be restricted to 15K but they contribute on actual basic salary which is more than 15K till their service with them. The management also share equal amount of contribution which not only boost morale of the company but also bear a good name in the Industry.
From India, New Delhi
It is always a bad practice to give partial information as it may result in you getting a wrong answer.
An employee can be exempt from PF only if he does not have an existing PF Account (current or from previous employer) and his starting salary when he joins the organisation is above ₹ 15,000
both conditions must be fulfilled simultaneously.
Therefore, if you join an organisation with a lower salary but it increases to 15,000 later, you will need to continue with PF. Similary, if the new join has an existing PF account, then PF continues.
In case of voluntary contribution, either party can reduce their contribution at any time. It is not necessary that other party should also stop or reduce simultaneously
From India, Mumbai
An employee can be exempt from PF only if he does not have an existing PF Account (current or from previous employer) and his starting salary when he joins the organisation is above ₹ 15,000
both conditions must be fulfilled simultaneously.
Therefore, if you join an organisation with a lower salary but it increases to 15,000 later, you will need to continue with PF. Similary, if the new join has an existing PF account, then PF continues.
In case of voluntary contribution, either party can reduce their contribution at any time. It is not necessary that other party should also stop or reduce simultaneously
From India, Mumbai
If an employee is a fresher he can obt out of the EPF if his EPF salary is more than 15000/-. It is not compulsory to be enrolled under the EPF Scheme if he is a fresher and having more than. 15000/- as EPF salary.
If he is already member of the EPF scheme he has to be compulsory enrolled in the new company as well even if his EPF salary is more than 15,000/- You can limit your EPF salary to Rs.15000/- as well even if you are earning more than that.
From India, Chennai
If he is already member of the EPF scheme he has to be compulsory enrolled in the new company as well even if his EPF salary is more than 15,000/- You can limit your EPF salary to Rs.15000/- as well even if you are earning more than that.
From India, Chennai
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