Dear Sir,
Our company is a start up company. we want to benefit our employees with PF and ES I, So can u please give me the details regarding it. Is there any criteria for a company to enter in to PF and so.
Thanks& Regards
From India, Hyderabad
1Our company is a start up company. we want to benefit our employees with PF and ES I, So can u please give me the details regarding it. Is there any criteria for a company to enter in to PF and so.
Thanks& Regards
From India, Hyderabad
i read some where that the company should be of min 3 yr. then only it has the eligibility to go for PF is it true
From India, Hyderabad
From India, Hyderabad
Dear team,
I am now associated with a business group. They have 3 manufacturing companies (one started in the year 2002 and other two in 2008), - all three are partnership companies (family partners), one trading company (proprietory firm), and one logistics company (partnership firm).But all these companies are not covered under labour statutes - viz. PF, ESI, Gratuity etc. Now we want to get all companies covered under these statutes and submit suitable proposal to the ownership management. But the questions before us are:-
1. Coverage of all statutes, by all means, shall be from prospective effect. If so, what about the case of old employees joined in the starting stage of the companies, upto the date of coverage.
2. Whether to apply main code for the Group and apply sub-codes to individual companies? OR should we apply indiividual codes to individual companies.
As per the accounting standards are concerned, all group companies are different profit/cost centres, and have individual balance sheets and
P&L accounts.
3. What are the other points we have to take care on this?
Experienced members working in this area, are invited to post their expert views in this regard.
Thanks. Regards
R K Nair
From India, Aizawl
I am now associated with a business group. They have 3 manufacturing companies (one started in the year 2002 and other two in 2008), - all three are partnership companies (family partners), one trading company (proprietory firm), and one logistics company (partnership firm).But all these companies are not covered under labour statutes - viz. PF, ESI, Gratuity etc. Now we want to get all companies covered under these statutes and submit suitable proposal to the ownership management. But the questions before us are:-
1. Coverage of all statutes, by all means, shall be from prospective effect. If so, what about the case of old employees joined in the starting stage of the companies, upto the date of coverage.
2. Whether to apply main code for the Group and apply sub-codes to individual companies? OR should we apply indiividual codes to individual companies.
As per the accounting standards are concerned, all group companies are different profit/cost centres, and have individual balance sheets and
P&L accounts.
3. What are the other points we have to take care on this?
Experienced members working in this area, are invited to post their expert views in this regard.
Thanks. Regards
R K Nair
From India, Aizawl
Greetings!
PF is a mandatory saving for all employees who have a basic salary of less that 6500/- per month.
Also PF is a mandate for any organization which has more than 25 employees on roll.
Similar is ESIC..
In any organization which has more than 25 employees on roll....an employee with a gross salary of 15000 per month or less is eligible for ESIC.
Both the things are deducted from employee's salary...
PF 12% of basic
ESIC: 1.96% of gross (not 100% sure)
Hope it helps...
Would request you to please ask the MD/owner to get completed details from is Chartered Accountant and ensure the same...
All the best!!
Regards
From India, Delhi
PF is a mandatory saving for all employees who have a basic salary of less that 6500/- per month.
Also PF is a mandate for any organization which has more than 25 employees on roll.
Similar is ESIC..
In any organization which has more than 25 employees on roll....an employee with a gross salary of 15000 per month or less is eligible for ESIC.
Both the things are deducted from employee's salary...
PF 12% of basic
ESIC: 1.96% of gross (not 100% sure)
Hope it helps...
Would request you to please ask the MD/owner to get completed details from is Chartered Accountant and ensure the same...
All the best!!
Regards
From India, Delhi
We are M/s 2AB Consultants Hyderabad based labour consultancy if anybody looking any statutory compliance services please contact Satyanarayana 9866911153
From India, Hyderabad
From India, Hyderabad
Sir(s),
For coverage of any factory or establishment under EPF & Misc. Provisions Act or ESI Act, 1948 there is no waiting period or qualifying period. The unit is covered right from that very day on which minimum number of persons as required under the Acts are employed.
One member in above remarks has remarks "ESIC: 1.96% of gross (not 100% sure)". This information is not correct and In my opinion, we should consult relevant Labour Law Acts and rules/regulations framed thereunder before expressing any opinion. The relevant Acts or rules/regulations framed thereunder are readily available on websites of said departments.
If we will express our opinion on the basis of provisions of relevant Acts and rules/regulations, the readers can be benefited properly otherwise wrong informations may lead to confusion only and some time may lead to such action or omissions not required in relevant law.
From India, Noida
For coverage of any factory or establishment under EPF & Misc. Provisions Act or ESI Act, 1948 there is no waiting period or qualifying period. The unit is covered right from that very day on which minimum number of persons as required under the Acts are employed.
One member in above remarks has remarks "ESIC: 1.96% of gross (not 100% sure)". This information is not correct and In my opinion, we should consult relevant Labour Law Acts and rules/regulations framed thereunder before expressing any opinion. The relevant Acts or rules/regulations framed thereunder are readily available on websites of said departments.
If we will express our opinion on the basis of provisions of relevant Acts and rules/regulations, the readers can be benefited properly otherwise wrong informations may lead to confusion only and some time may lead to such action or omissions not required in relevant law.
From India, Noida
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PF & ESI.zip
Presentation PF&ESI.ppt
Exp.and esi pf mis format.xls