Dear All,
Can someone help me designing structre for an org where they want to minmize the number of employee falling under PF and making their salaries non taxable to the maximum.
Also from the organizational point of view should we go for PF or not?
From India, Calcutta
5Can someone help me designing structre for an org where they want to minmize the number of employee falling under PF and making their salaries non taxable to the maximum.
Also from the organizational point of view should we go for PF or not?
From India, Calcutta
hi Anueha,
How are you doing today? In regard to your query Anueha, it's neccessary even from the organization's point of view to pay p.f till the basic+d.a is to the max of 6500/-p.m. After that it's as per the company's policies. Further there can always be an introduction of various reimbursements to employees which are non -taxavle i.e only FBT is charged on them. i.e medical, telephone etc. (Again as per what the company decides)
I hope i was of some help to you .
From United States
How are you doing today? In regard to your query Anueha, it's neccessary even from the organization's point of view to pay p.f till the basic+d.a is to the max of 6500/-p.m. After that it's as per the company's policies. Further there can always be an introduction of various reimbursements to employees which are non -taxavle i.e only FBT is charged on them. i.e medical, telephone etc. (Again as per what the company decides)
I hope i was of some help to you .
From United States
Dear Aashima,
I am fine and hope the sme from you Thanks for that prompt reply .Actually my company is not willing to pay FBT and also we are trying to maintain the Basic plus DA slab above 6600 in most of the cases i mean whereever possible.But I need o know is it good to introduce PF for employees or not.I mean how can i educate people on the benefits and non benefits arrising from PF saving.
From India, Calcutta
I am fine and hope the sme from you Thanks for that prompt reply .Actually my company is not willing to pay FBT and also we are trying to maintain the Basic plus DA slab above 6600 in most of the cases i mean whereever possible.But I need o know is it good to introduce PF for employees or not.I mean how can i educate people on the benefits and non benefits arrising from PF saving.
From India, Calcutta
Dear Anueha,
You have raised a good point. When we come to PF its true that its optional for employees whn they cross 6k. However its always a benifit for employees when they have PF.
1. Tax exempted
2. A small amount of savings is been accumulated without notice for the employee which they can withdraw when they are either leaving the company or shifting to other places.
3. At a later stage they will also have an option to take loan on the PF.
Majorly people fro non-IT people prefer having PF. These days IT guys are also interested in it. Whenever you talk to the employees about PF, always take reference to the longterm benifit. If the employee's salary is high, then you can take reference for tax benifit.
Hope its useful for you. If you need anything else, just let me know..
Regards,
Vijaykanth
From India, Hyderabad
You have raised a good point. When we come to PF its true that its optional for employees whn they cross 6k. However its always a benifit for employees when they have PF.
1. Tax exempted
2. A small amount of savings is been accumulated without notice for the employee which they can withdraw when they are either leaving the company or shifting to other places.
3. At a later stage they will also have an option to take loan on the PF.
Majorly people fro non-IT people prefer having PF. These days IT guys are also interested in it. Whenever you talk to the employees about PF, always take reference to the longterm benifit. If the employee's salary is high, then you can take reference for tax benifit.
Hope its useful for you. If you need anything else, just let me know..
Regards,
Vijaykanth
From India, Hyderabad
Please visit http://www.epfindia.com for more details..
Regards
Sathyamoorthy Iyer
From India, Madras
Regards
Sathyamoorthy Iyer
From India, Madras
Dear Vijaykanth,
thakns for that info ....if in case an employee has been terminated or employee has left the org without infoming employer ..in that case how can an employee claim his PF ..as per my knowlege without HR's clearance the paper work for Pf withdrawl or transfer cannot proceed further and due to this people prefer not to invest in Pf when they are sureabout theri short tenure in the company.....
Anueha
From India, Calcutta
thakns for that info ....if in case an employee has been terminated or employee has left the org without infoming employer ..in that case how can an employee claim his PF ..as per my knowlege without HR's clearance the paper work for Pf withdrawl or transfer cannot proceed further and due to this people prefer not to invest in Pf when they are sureabout theri short tenure in the company.....
Anueha
From India, Calcutta
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