Providend Fund contribution
This query is : Resolved
22 July 2010
A company pays the overtime charges to its employees for extra work.
Will the said overtime charges be included in salary for computation of contribution of employer and employee to providend fund?
Will the said overtime charges be included in salary for computation of contribution of employer and employee to providend fund?
22 July 2010
No.
Basic Wages:
"Basic Wages" means all emoluments which are earned by employee while on duty or on leave or holiday with wages in either case in accordance with the terms of the contract of employment and witch are paid or payable in cash, but dose not include
1. The cash value of any food concession;
2. Any dearness allowance (that is to say, all cash payment by whatever name called paid to an employee on account of a rise in the cost of living), house rent allowance, overtime allowance, bonus, commission or any other allowance payable to the employee in respect of employment or of work done in such employment.
3. Any present made by the employer.
Basic Wages:
"Basic Wages" means all emoluments which are earned by employee while on duty or on leave or holiday with wages in either case in accordance with the terms of the contract of employment and witch are paid or payable in cash, but dose not include
1. The cash value of any food concession;
2. Any dearness allowance (that is to say, all cash payment by whatever name called paid to an employee on account of a rise in the cost of living), house rent allowance, overtime allowance, bonus, commission or any other allowance payable to the employee in respect of employment or of work done in such employment.
3. Any present made by the employer.
22 July 2010
AGREE WITH SANJAY JI
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