Hello Sir, This is Srinivas, I have some doubt about PF, Sir We are paying PF as per current basics, but now mgt want to decrease the basics max limit is 15,000/-, please see the below example
E1- Basic Current Basic Salary is 24,000/- and PF is 2,880/-
Now we want to decrease Basic from 24,000/- to 15,000/- and PF 2,880/- to 1,800/-
Please advise if can we change it or not.
From India, Hyderabad
1E1- Basic Current Basic Salary is 24,000/- and PF is 2,880/-
Now we want to decrease Basic from 24,000/- to 15,000/- and PF 2,880/- to 1,800/-
Please advise if can we change it or not.
From India, Hyderabad
Management is absolutely right. As per EPFO Act and rule maximum contribution will be on 15,000/-. Management voluntarily depositing more. Irrespective of PF Gross ( Basic ,DA, Other allowances regularly paid other than HRA etc. ) - management can restrict the contribution up to 15,000/- per month i.e 18,00/- per month contribution.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
Rs.15000/- is the statutory ceiling for PF deduction. Hence you can go ahead with restructuring salary.
From India, Aizawl
From India, Aizawl
Rs.15000/- is the statutory ceiling for PF deduction. Hence you can go ahead with restructuring salary.
At the same time, Section-12 of the PF Act says Employer should not reduce the wages, for the purpose of decreasing employer contribution towards PF. Hence, it is advisable, before going ahead with restructuring the salaries/wages, please check with PF office of your area
From India, Aizawl
At the same time, Section-12 of the PF Act says Employer should not reduce the wages, for the purpose of decreasing employer contribution towards PF. Hence, it is advisable, before going ahead with restructuring the salaries/wages, please check with PF office of your area
From India, Aizawl
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