Admin. charges on pf
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 December 2012
is there any rule of payaing just admin charges and neither of the contributions?
03 December 2012
PROVIDENT FUND ACT 1952:
Objective
The Employee's provident funds and miscellaneous provisions act, 1952 is enacted to provide a kind of social security to the industrial workers. The Act mainly provides retirement or old age benefits, such as Provident Fund, Superannuation Pension, Invalidation Pension, Family Pension and Deposit Linked Insurance.
Applicability of the Act
To every factory employing 20 or more persons.
An employee whose pay at the time he is otherwise entitled to become a member of the fund exceeds Rs.6500/- per month
An Employee who having been a member of the fund, has withdrawn the fullamount of his contribution in the fund
(a) on retirement from service after attaining the age of 55 years or
(b) before migration from India for permanent settlement abroad; or for taking employement abroad.
RATES OF CONTRIBUTION
(Provident Fund is Calculated from Basic Salary + DA)
Scheme Employer
(EPF) 3.67%
(EPS) 8.33%
Admin Charges 1.10%
EDLI) 0.50%
EDLI Admin Charges 0.01%
Total 13.61%
Objective
The Employee's provident funds and miscellaneous provisions act, 1952 is enacted to provide a kind of social security to the industrial workers. The Act mainly provides retirement or old age benefits, such as Provident Fund, Superannuation Pension, Invalidation Pension, Family Pension and Deposit Linked Insurance.
Applicability of the Act
To every factory employing 20 or more persons.
An employee whose pay at the time he is otherwise entitled to become a member of the fund exceeds Rs.6500/- per month
An Employee who having been a member of the fund, has withdrawn the fullamount of his contribution in the fund
(a) on retirement from service after attaining the age of 55 years or
(b) before migration from India for permanent settlement abroad; or for taking employement abroad.
RATES OF CONTRIBUTION
(Provident Fund is Calculated from Basic Salary + DA)
Scheme Employer
(EPF) 3.67%
(EPS) 8.33%
Admin Charges 1.10%
EDLI) 0.50%
EDLI Admin Charges 0.01%
Total 13.61%
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