Please provide legal reference to confirm provident fund contribution maximum of IN 780 (i.e.12% on Basic ceiling of INR6500). Provident Fund official website link where this point is clarified.
From India
2From India
Dear Rajpal..
According to PF Act, every month employees as well as employer have to deposit 12% of basic salary to the provident fund..
The maximum ceiling to become the member of PF fund is 6500/- rupees basic per month.. even those who crossed the limit of 6500/- may remain the member of that fund but the contribution would remain constant at ceiling i.e 6500/- rupees per month.. and 12% of this 6500/- comes to 780/- rupees..
Thats why it is been said that Provident Fund contribution maximum of IN 780/- rupees..
Hope it must help you to clear your query..
Regards,
Amit Seth.
From India, Ahmadabad
According to PF Act, every month employees as well as employer have to deposit 12% of basic salary to the provident fund..
The maximum ceiling to become the member of PF fund is 6500/- rupees basic per month.. even those who crossed the limit of 6500/- may remain the member of that fund but the contribution would remain constant at ceiling i.e 6500/- rupees per month.. and 12% of this 6500/- comes to 780/- rupees..
Thats why it is been said that Provident Fund contribution maximum of IN 780/- rupees..
Hope it must help you to clear your query..
Regards,
Amit Seth.
From India, Ahmadabad
Employees’ Provident Funds Scheme, 1952
sec 2 sub section (f) “excluded employee” means—
[(i) an employee who, having been a member of the Fund, withdrew the full amount of his accumulations in the Fund under clause (a) or (c) of sub-paragraph (1) of paragraph 69;]
[(ii) an employee whose pay at the time he is otherwise entitled to become a member of the Fund, exceeds six thousand and five hundred rupees per month;]
ALSO READ
sec 26A. (1) A member of the Fund shall continue to be member until he withdraws under paragraph 69 the amount standing to his credit in the Fund or is covered by a notification of exemption under section 17 of the Act or an order of exemption under paragraph 27 or paragraph 27A.
Explanation: In the case of claim for refund by a member under sub-paragraph (2) of paragraph 69, the membership of the Fund shall be deemed to have been terminated from the date the payment is authorised to him by the authority specified in this behalf by Commissioner irrespective of the date of claim.
(2) Every member employed as an employee other than an excluded employee, in a factory or other establishment to which this Scheme applies shall contribute to the Fund, and the contribution shall be payable to the Fund in respect of him by the employer. Such contribution shall be in accordance with the rate specified in paragraph 29:
Provided that subject to the provisions contained in sub-paragraph (6) of paragraph 26 and in sub-paragraph (1) of paragraph 27, or sub-paragraph (1) of paragraph 27A, where the monthly pay of such a member exceeds 20[six thousand and five hundred rupees] the contribution payable by him, and in respect of him by the employer, shall be limited to the amounts payable on a monthly pay of 20[six thousand and five hundred rupees] including 21[dearness allowance, retaining allowance (if any) and cash value of food concession.]]
thanks and regards
bhavik h chheda
Chheda Consultancy Services main
From India, Pune
sec 2 sub section (f) “excluded employee” means—
[(i) an employee who, having been a member of the Fund, withdrew the full amount of his accumulations in the Fund under clause (a) or (c) of sub-paragraph (1) of paragraph 69;]
[(ii) an employee whose pay at the time he is otherwise entitled to become a member of the Fund, exceeds six thousand and five hundred rupees per month;]
ALSO READ
sec 26A. (1) A member of the Fund shall continue to be member until he withdraws under paragraph 69 the amount standing to his credit in the Fund or is covered by a notification of exemption under section 17 of the Act or an order of exemption under paragraph 27 or paragraph 27A.
Explanation: In the case of claim for refund by a member under sub-paragraph (2) of paragraph 69, the membership of the Fund shall be deemed to have been terminated from the date the payment is authorised to him by the authority specified in this behalf by Commissioner irrespective of the date of claim.
(2) Every member employed as an employee other than an excluded employee, in a factory or other establishment to which this Scheme applies shall contribute to the Fund, and the contribution shall be payable to the Fund in respect of him by the employer. Such contribution shall be in accordance with the rate specified in paragraph 29:
Provided that subject to the provisions contained in sub-paragraph (6) of paragraph 26 and in sub-paragraph (1) of paragraph 27, or sub-paragraph (1) of paragraph 27A, where the monthly pay of such a member exceeds 20[six thousand and five hundred rupees] the contribution payable by him, and in respect of him by the employer, shall be limited to the amounts payable on a monthly pay of 20[six thousand and five hundred rupees] including 21[dearness allowance, retaining allowance (if any) and cash value of food concession.]]
thanks and regards
bhavik h chheda
Chheda Consultancy Services main
From India, Pune
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Provident fund.zip
PROVIDENT FUND.rar
PROVIDENT FUND.doc