Dear All, Comming up new notification from Provident Fund; please see the attached article published in 'The Economic Times'.-The take home salary may further reduce. Regards, PBS KUMAR
From India, Kakinada
590From India, Kakinada
hi, I need salary deductions statement(Annexure-I) for my employees. could u please help me on this.
From India, Hyderabad
From India, Hyderabad
- Issue is not as big as it appears to be, especially for those who are already drawing salaries much above the PF limit of Rs. 6500/- pm.
- Last paragraph of article reiterates the fact that, as long as salary ceiling of Rs. 6500/- pm remains in place, there will not be a big impact of this judgment.
From India, Pune
Agreed with VKO Kamthankar
but as we take the reference of EPFO Circular on PF on wages No Coord. 4(6)2003 Clarification Vol. II Dated 21.06.2011 it implies that where the overall wages are less than Rs. 6500/- pm, the PF shall be deducted on overall wages irrespective of the salary bifurcations.
Does it further, implies that the basic wages of PF is Rs. 6500/- pm. Or the actual overall wages paid whichever is lower are the basic for pf?
From India, Jaipur
but as we take the reference of EPFO Circular on PF on wages No Coord. 4(6)2003 Clarification Vol. II Dated 21.06.2011 it implies that where the overall wages are less than Rs. 6500/- pm, the PF shall be deducted on overall wages irrespective of the salary bifurcations.
Does it further, implies that the basic wages of PF is Rs. 6500/- pm. Or the actual overall wages paid whichever is lower are the basic for pf?
From India, Jaipur
Thanks, PBS Kumar.
However, any new employee recruited and getting a Gross of above Rs 6500 (as of now, including all the allowances) and having a Basic / DA of, say, Rs 3500 will not be enrolled for EPF! This is an injustice to the lowly paid employees since the is no savings. Before, a similar employee before was getting Basic+DA of Rs 3500 and his gross was 6500 - 780 = 5720 and his savings (own + Co Contribution) was 1560 (PF + Pension). Obviously, he is a loser!
Hope that the minimum wages revised to Rs 10000 from Rs 6500!
Rajusiachen
From India, Coimbatore
However, any new employee recruited and getting a Gross of above Rs 6500 (as of now, including all the allowances) and having a Basic / DA of, say, Rs 3500 will not be enrolled for EPF! This is an injustice to the lowly paid employees since the is no savings. Before, a similar employee before was getting Basic+DA of Rs 3500 and his gross was 6500 - 780 = 5720 and his savings (own + Co Contribution) was 1560 (PF + Pension). Obviously, he is a loser!
Hope that the minimum wages revised to Rs 10000 from Rs 6500!
Rajusiachen
From India, Coimbatore
Dear Team,
Kindly clarify can we reduce the employee salary by 18(1) wage settlement .
Employee Experience : Year 5
Salary Rs 25000/-per Month before settlement.
After Rs 23000/- Per month after settlement
Reason some education proof not produces .
Is it possible to reduce salary .
Rajesh
From India, Chennai
Kindly clarify can we reduce the employee salary by 18(1) wage settlement .
Employee Experience : Year 5
Salary Rs 25000/-per Month before settlement.
After Rs 23000/- Per month after settlement
Reason some education proof not produces .
Is it possible to reduce salary .
Rajesh
From India, Chennai
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Proposed PF rule may cut your take-home salary.pdf
Salary-Note.doc
SALARY SHEET CALCULATION.xls