Dear All,
In our company the management is planning to remove PF deduction for the employees whose Basic is more than 6500 pm. Please suggest me whether can we remove the PF account for the employees whose PF account already exist. or Is their any alternative way to stop PF deduction.
Regards,
Mahalakshmi
From India, Bangalore
In our company the management is planning to remove PF deduction for the employees whose Basic is more than 6500 pm. Please suggest me whether can we remove the PF account for the employees whose PF account already exist. or Is their any alternative way to stop PF deduction.
Regards,
Mahalakshmi
From India, Bangalore
It will be difficult if you have already started this practice Literally you will be reducing the Compensation. It requires acceptance by employees It will generate dissatisfaction. I have not examined the legality of this so far.
From India, Chennai
368From India, Chennai
Dear Mahalakshmi,
PF contribution CANNOT be stopped once started even when the Basic exceeds Rs. 6500/- You can offer new incumbent an option to opt in or opt out of PF if the Basic is more then Rs. 6500/-.
From India, Ahmedabad
PF contribution CANNOT be stopped once started even when the Basic exceeds Rs. 6500/- You can offer new incumbent an option to opt in or opt out of PF if the Basic is more then Rs. 6500/-.
From India, Ahmedabad
Thanks for your Support. Can you please help me out if the empolyee is not opting for PF then what would be the procedure. Whether Form 11 supports for the same. Regards, Mahalakshmi
From India, Bangalore
From India, Bangalore
Dear Mahalakshmi, Yes! Form 11 is mandatory for the company to keep for their records for all those employees opting out of PF.
From India, Ahmedabad
From India, Ahmedabad
Dear Mahalakshmi, There is no provision in the EPF Act to stop coverage of employees irrespective of their basic salaries once their contribution is started in the organization. Regards, Suresh
From India, Bangalore
From India, Bangalore
No such provision for stop recovery and deposit of PF Contribution to PF Authorities. Once Company has started, no provision for the Employer and Employee for stop payment of EPF Contribution. Only for the new joinees the exercise is optional provided there Basic + DA is more than Rs.6500/- p.m. for such cases, the employees has to submit in the prescribed FORM-II giving all the details.
Moorti
From India, Delhi
Moorti
From India, Delhi
Dear Mahalakshmi,
PF is mandate and its monitered by Central Govt. Act called Employees Provident Fund Act, 1952. As per Act the Management must pay PF for the Basic Salary of Employee. If employee exceeds Rs.6,500/- the management no need to exceeding amount of employees salary.
There is another proposal is pending at Govt. level that Management has to pay PF for their Salary for entire amount, even exceeding Rs.6,500/-.
From India, Kurnool
PF is mandate and its monitered by Central Govt. Act called Employees Provident Fund Act, 1952. As per Act the Management must pay PF for the Basic Salary of Employee. If employee exceeds Rs.6,500/- the management no need to exceeding amount of employees salary.
There is another proposal is pending at Govt. level that Management has to pay PF for their Salary for entire amount, even exceeding Rs.6,500/-.
From India, Kurnool
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls