PF ATTRACT HEAD
This query is : Resolved
09 May 2010
Hi All
I am working as an accountant in a mobile import and trading co. we are deducting PF @ 12 % on basic pay can any body tell me the component of salary on pf attract like on spl. allowance etc
Plz tell me head on pf is mandatory to deduct coz as per my knowledge pf is deduct on basic +da
I am working as an accountant in a mobile import and trading co. we are deducting PF @ 12 % on basic pay can any body tell me the component of salary on pf attract like on spl. allowance etc
Plz tell me head on pf is mandatory to deduct coz as per my knowledge pf is deduct on basic +da
09 May 2010
“Basic wages" means all emoluments which are earned by an employee while on duty or on leave or on holidays with wages in either case in accordance with the terms of the contract of employment and which are paid or payable in cash to him but does not include:
(i) the cash value of any food concession;
(ii) any dearness allowance, house-rent allowance, overtime allowance, bonus, commission or any other similar allowance.
(iii) any presents made by the employer;
For the purposes of this section dearness allowance shall be deemed to include also the cash value of any food concession allowed to the employee.
Retaining allowance means an allowance payable for the time being to an employee of any factory or other establishment during any period in which the establishment is not working for retaining his services.
(i) the cash value of any food concession;
(ii) any dearness allowance, house-rent allowance, overtime allowance, bonus, commission or any other similar allowance.
(iii) any presents made by the employer;
For the purposes of this section dearness allowance shall be deemed to include also the cash value of any food concession allowed to the employee.
Retaining allowance means an allowance payable for the time being to an employee of any factory or other establishment during any period in which the establishment is not working for retaining his services.
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