Hi,
If the Govt. really wants the employees of private sector reap benefit of the Employees Pension Scheme 1995, then it should increase the maximum limit from Rs. 6500.00 to at least Rs. 15000.00 at per with ESI limit. The rate has not been revised for more than 15 years. Normally employers deduct P. F. contribution on Rs. 6500.00 irespective of actual salary which is generally much more. On the basis of pensionable salary of Rs. 6500.00, an employee gets a paltry amount as monthly pension after completion of 20 or more years of service. This amount is not adequate for social security for an old man considering the present high inflation.
From India, Delhi
2If the Govt. really wants the employees of private sector reap benefit of the Employees Pension Scheme 1995, then it should increase the maximum limit from Rs. 6500.00 to at least Rs. 15000.00 at per with ESI limit. The rate has not been revised for more than 15 years. Normally employers deduct P. F. contribution on Rs. 6500.00 irespective of actual salary which is generally much more. On the basis of pensionable salary of Rs. 6500.00, an employee gets a paltry amount as monthly pension after completion of 20 or more years of service. This amount is not adequate for social security for an old man considering the present high inflation.
From India, Delhi
It depends what basic salary the companies are considerimg for deducting PF . sometimes we consider basic as just half of the tortal CTC
From India, Calcutta
From India, Calcutta
Dear Schakraborty,
There was a proposal by the expert committee to increase from 6500 to 10000 in 2009. but not implemented.
If this is implemented many will be benefited.
hope we will pray for this to implemented first and look for 15000 ceiling later.
From India, Mumbai
There was a proposal by the expert committee to increase from 6500 to 10000 in 2009. but not implemented.
If this is implemented many will be benefited.
hope we will pray for this to implemented first and look for 15000 ceiling later.
From India, Mumbai
I agree with you all,
6500 cap for PF is very small which must be revised. But I think there is provision in PF act, that PF contribution on employees part is voluntary, employee can increase their part of PF contribution upon more than 6500.
From India, Delhi
6500 cap for PF is very small which must be revised. But I think there is provision in PF act, that PF contribution on employees part is voluntary, employee can increase their part of PF contribution upon more than 6500.
From India, Delhi
Yes employee can voluntarily contribute even upto 100% but employer are restricting to 780/-(6500 wage ceiling) which may atleast increased to 10000 or 15000 as wage ceiling so that employer will contribute Rs.1200 or Rs.1800 respectively.
This amount is a good savings for the employee whose basic is more than 10000 or 15000 where he will get between 400 to 1000 as increase in contribution.
When the ESI increased the wage ceiling from 10000 to 15000 the PF wage ceiling should have been also increased so that many lakh employees would have been benefited.
From India, Mumbai
This amount is a good savings for the employee whose basic is more than 10000 or 15000 where he will get between 400 to 1000 as increase in contribution.
When the ESI increased the wage ceiling from 10000 to 15000 the PF wage ceiling should have been also increased so that many lakh employees would have been benefited.
From India, Mumbai
Thank you all. It ish high time that the Govt. should increase the PF slab from Rs. 6500.00 immediately if they really want benefit of employees of Private sector.
From India, Delhi
From India, Delhi
If Pf ceiling increased employees are not going to be benefited because both the part employees as well as employer share to be deducted from the salary of the employee because every thing is added in your CTC as far as PF contribution one can deduct on his actual full Basic+ DA the ceiling is for Pension fund so i don't thing that by increasing the ceiling for PF is much beneficial.
From United States, Chicago
From United States, Chicago
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