Dear Experts,
Hello and am here yet with some other question and i am sure the Experts will help me this time too!
The Director of my company say A is also the director of some other company say B. (BIG MAN!!!!!!)
He holds a PF account in company B and is drawing some salary.
My Director is a generous man and did not take a single penny from Company A. Now he wants salary.
My question is Is he eligible for PF in second company? can one have multiple PF Account( different company) and if not what should be his salary component.
Waiting for the earliest reply!
Thanks & Regards.
From India, Mumbai
6Hello and am here yet with some other question and i am sure the Experts will help me this time too!
The Director of my company say A is also the director of some other company say B. (BIG MAN!!!!!!)
He holds a PF account in company B and is drawing some salary.
My Director is a generous man and did not take a single penny from Company A. Now he wants salary.
My question is Is he eligible for PF in second company? can one have multiple PF Account( different company) and if not what should be his salary component.
Waiting for the earliest reply!
Thanks & Regards.
From India, Mumbai
PF is not mandatory from salary where the starting salary is more than 6500 per month. From that angle, I guess he can be an exempt employee.
However, the form clearly states that he must not have any other existing PF account, so probably he needs to be given PF.
I do not think there is any rule against holding multiple PF accounts if you are working g for 2 different companies.
From India, Mumbai
However, the form clearly states that he must not have any other existing PF account, so probably he needs to be given PF.
I do not think there is any rule against holding multiple PF accounts if you are working g for 2 different companies.
From India, Mumbai
Dear Expert(Saswata Banerjee),
Thanks for the reply.
You mean My Director can have two PF Account, One of Company A and the other of Company B? And max PF decuction from his salary will be 12% of basic but from company's contribution it will be Rs 780max?
From India, Mumbai
Thanks for the reply.
You mean My Director can have two PF Account, One of Company A and the other of Company B? And max PF decuction from his salary will be 12% of basic but from company's contribution it will be Rs 780max?
From India, Mumbai
Dear Tatkare
I do not classify myself as an expert. :)
There are others in the forum that are far ahead of he.
Yes, your director can have 2 PF accounts.
PF can be limited to 780 from both sides. If he wants, he can have PF deduction at 12% of full salary. If the company wants, it can also give its contribution at 12% of full salary (choice is mutual)
From India, Mumbai
I do not classify myself as an expert. :)
There are others in the forum that are far ahead of he.
Yes, your director can have 2 PF accounts.
PF can be limited to 780 from both sides. If he wants, he can have PF deduction at 12% of full salary. If the company wants, it can also give its contribution at 12% of full salary (choice is mutual)
From India, Mumbai
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