EPF Limit increased to Rs. 15000 from Rs. 6500 wef 01.09.2014
Vide notification dated 22.08.2014 Ministry of Labour and Employment has increased Employee Provident Fund (EPF) Limit to Rs. 15000 from existing Rs. 6500 wef 01.09.2014.
MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 22nd August, 2014
G.S.R. 608 (E).—In exercise of the powers conferred by section 5 read with Sub-section(1) of Section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby-makes the following Scheme, further to amend the Employees’ Provident Funds Scheme. 1952, namely:-
I (1) This Scheme may be called the Employees’ Provident Funds (Amendment) Scheme, 2014.
(2) It shall come into force on and from the Ist day of September, 2014.
2. In the Employees’ Provident Funds Scheme, 1952,-
(a) in paragraph 2, in clause (1), in sub-clause (ii), for the words “six thousand and five hundred rupees”, the words ” fifteen thousand rupees” shall be substituted;
(b) in paragraph 26. in sub- paragraph (6), for the words “six thousand and five hundred rupees’`. the words “fifteen thousand rupees” shall be substituted;
(c) in paragraph 26A, in sub-paragraph (2), in the proviso, for the words “six thousand and five hundred rupees”, wherever they occur, the words “fifteen thousand rupees” shall be substituted.
[F. No. S-35012/112012-SS.11]
ARUN KUMAR SINHA. Addl. Secy,
———————————–
NOTIFICATION
New Delhi, the 22nd August, 2014
609(E),— In exercise of powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme, 1995. namely:—
I, (1) This Scheme may be called the Employees’ Pension (Amendment) Scheme, 2014.
(2) It shall come into force on and from the 1stday of September, 2014.
2, In the Employees’ Pension Scheme, 1995, (hereinafter referred to as the principal Scheme). in paragraph 3, in sub-paragraph 2, in the proviso, for the words “rupees six thousand and five hundred”, wherever they occur, !he words “fifteen thousand rupees” shall be substituted.
3. In the principal Scheme, in paragraph 6, in clause (a), after the words. figures and letter “or 27A of the
Employees’ Provident Funds Scheme, L952″, the words “and whose pay on such dare is less than or equal to fifteen thousand rupees”, shall be inserted.
4. In the principal Scheme, in paragraph It,-
(a) for sub-paragraph (1) and the proviso thereto, the following shall be substituted, namely:-
11) The pensionable salary shall be the average monthly pay drawn in any manner including on piece rale basis during contributory period of service in the span of sixty months preceding the date of exit from the membership of the Pension Fund and the pensionable salary shall be determined on pro-rata basis for the pensionable service up to the V’ day of September, 2014, subject to a maximum of six thousand and five hundred rupees per month and for the period thereafter at the maximum of fifteen thousand rupees per month:
Provided that if a member was not in receipt of fun pay during the period of sixty months preceding the day he ceased to be the member of the Pension Fund, the average of previous sixty months full pay drawn by him during the period for which contribution to the pension fund was recovered, shall be taken into account as pensionable salary, for calculating pension;
(b) in sub-paragraph (2), for the figures and word “12 months”, wherever they occur, the words -sixty months” shall be substituted;
(c) in sub-paragraph (3),-
(i) for the words, letters and figures “rupees six thousand and five hundred/Rs, 6500”, the words “fifteen thousand rupees” shall be substituted;
(ii) the proviso shall be omitted.
(d) after sub-paragraph (3), the following sub-paragraph shall be inserted, namely:-
“(4) The existing members as on the 11′ day of September, 2014, who at the option of the employer and employee, had been contributing on salary exceeding six thousand and five hundred rupees per month, may on a fresh option to be exercised jointly by the employer and employee continue to contribute on salary exceeding fifteen thousand rupees per month:
Provided that the aforesaid members have to contribute at the rate of 1.16 per cent on salary exceeding fifteen thousand rupees as art additional contribution from and out of the contributions payable by the employees for each month under the provisions of the Act or the rules made thereunder:
Provided further that the fresh option shall be exercised by the member within a period of six months from the I g day of September, 2014:
Provided also that the period specified in the second proviso may, on sufficient cause being shown by the member, be extended by the Regional Provident Fund Commissioner for a further period not exceeding six months:
Provided also that if no option is exercised by the member within such period (including the extended period), it shall be deemed that the member has not opted for contribution over wage ceiling and the contributions to the Pension Fund made over the wage ceiling in respect of the member shall be diverted to the Provident Fund account of the member along with interest as declared under the Employees’ Provident Fund Scheme from time to time,
5. In the principal Scheme in paragraph 12, in sub-paragraph (2), the following proviso shall be inserted. namely:-
“Provided that the members’ monthly pension shall be determined on a pro-rata basis for the pensionable service up to the day of September, 2014 at the maximum pensionable salary of six thousand and live hundred rupees per month and for the period thereafter at the maximum pensionable salary of fifteen thousand rupees per month”.
6, in the principal Scheme, for paragraph 14 the following paragraph shall be substituted, namely.-
“14. Benefits on leaving service before being eligible for monthly member’s pension.- if a member has not rendered the eligible service specified in sub-paragraph t I) of paragraph 12 on the date of exit, or on mining the 58 years of age, whichever is earlier, such member shall be entitled to a withdrawal benefit as laid down in Table ‘V or may opt to receive the Scheme certificate provided on the date he has not attained 58 years of age:
Provided that for calculating such withdrawal benefit, the wages at exit shall be the weighted average of his wages at the end of every wage ceiling period:
Provided further that an existing member shall receive additional return of contributions for his past service under the Employees’ Family Pension Scheme, 1971, computed as withdrawal-cum-retirement benefits as per Table ‘A’ multiplied by the factor given in Table ‘8’ “.
[F.No. S-35012/1/2012-SS-111]
ARUN KUMAR SINHA, Addl. Secy.
Note: The principal Scheme was published in the Gazette of India. Extraordinary, Part II, Section 3, Sub-section (i), vide notification number G.S.R. 748 (E), dated the 16th November, 1995 and last amended vide notification number G.S.R. 80(E) dated the 14th February, 2013.
————————————-
NOTIFICATION
New Delhi, the 22nd August, 2014
G.S.R. 610 (E). —In exercise of the powers conferred by nation 6C read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following scheme further to amend the Employees’ Deposit-Linked Insurance Scheme,1976, namely:-
1. (l) This Scheme may be called the Employees’ Deposit-Linked Insurance (Amendment) Scheme, 2014.
(2) It shall come into force on and from the l’ day of September, 2014.
2. In the Employees’ Deposit-Linked Insurance Scheme, 1976 (hereinafter referred to as the principal S&me), in paragraph 7, in sub-paragraph (1), for the words “six thousand five hundred rupees”, the words “fifteen thousand rupees” shall be substituted.
3. In the principal Scheme, in paragraph 22, in sub-paragraph (3),-
(a) in clause (i), for the words “six thousand five hundred rupees”, the words. -fifteen thousand rupees” shall be substituted;
(b) in the Explanation, for the words “rupees six thousand five hundred”, the words “fifteen thousand rupees” shall be substituted.
4. In the principal Scheme, in paragraph 22, after sub-paragraph (3), the following sub-paragraph shall be inserted, namely:-
14) The benefit under this Scheme shall be further increased by twenty percent in addition to the benefits admissible under sub-paragraph (1), (2) or (3) of paragraph 22, as the case may be.”.
[F. No. S-35012/112012-SS.111]
ARUN KUMAR SINHA, Addl. Secy.
———————-
MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 19th August, 2014,
GSA. 593 (E).— In exercise of the powers conferred by section 6A, read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme,1995, namely:-
1. (1) This Scheme may be called the Employees’ Pension (Second Amendment) Scheme, 2014,
(2) It shall come into force on the 1st day of September, 2014.
In the Employees’ Pension Scheme, 1995 (hereinafter referred to as the principal Scheme), in paragraph 12, after sub-paragraph (7), the following sub-paragraph shall be inserted, namely:-
17A) The monthly member’s pension including any relief payable to any existing or future member under this paragraph shall not be less than one thousand rupees for the financial year 2014-15.”.
3. In the principal Scheme, in paragraph 15, for the words, brackets and figures “sub-paragraphs (2) to (5) of paragraph 12, as the case may be,”, the word and figures ” paragraph i 2″ shall be substituted.
4. In the principal Scheme, in paragraph 1b,-
(a) in sub-paragraph (2), in clause (a), after sub-clause (iv), the following sub-clause shall be inserted. namely:-
“(v) in all the cases, where the monthly widow pension including relief, if any, is less than one thousand rupees per month, the amount of monthly widow pension in such cases shall be enhanced to one thousand rupees per month for the financial year 2014-2015.”;
(b) in sub-paragraph (3), for clause (b), the following clause shall be substituted, namely:-
“(b) Monthly children pension for each child shall be equal to 25 per cent of the amount admissible to the widow of the deceased member as monthly widow pension payable under clause (a) of sub-paragraph (2):
Provided that the minimum monthly children pension including relief, it’ any, for each child of the deceased member shall not be less than two hundred and fifty rupees per month for the financial year 2014-2015.”;
(c) in sub-paragraph (4), for clause (a), the following clause shall be substituted, namely:-
“(a) if the deceased member is not survived by any widow, but is survived by children falling within the definition of family or if the widow pension is not payable, the children shall be entitled to a monthly orphan pension equal to 75 per cent of the amount of the monthly widow pension as payable under clause (a) of sub-paragraph (2):
Provided that the minimum monthly orphan pension including relief, if any, for each orphan shall not be less than seven hundred and fifty rupees per month for the financial year 2014-15.”,
[F. No. 11-15025/312007.SS-11/PUII
Foot Note.- The Employees’ Pension Scheme, 1995 was published in the Gazette of India vide notification number G.S.R. 748(E), dated the 16th November, 1995 and was lastly amended vide notification number G.S.R. 80(E), dated the 11th February, 2013.
Sir,
Please clear my doubt that new or fresh joining (first job)whose PF salary is Rupees 22500/- will get pension scheme benefit or whole management contribution (12%) will go to his provident fund account.
Deven Prachchhak
my basic salary is 16430. what will be my epf contribution and what will be my employer contribution now as per new changed limitation up to 15000/-
what will be the ratio of administration charges paid by employer on total salary of the staff.
Hi Joshi
On basic of Rs.9250/- PF of 12% is to be calculated.
If you had excluded employees who were taking basic more than Rs.6500/- are to be included now into PF
But one PF officer told that PF is to be calculated on 50% of Gross salary. But the notification was not shared. Hence there is still a confusion on this.
Thanks
Mahesh
PL CLEAR MY CONFUSION.
IF THE SALARY SLAB IS FOLLWING :-
CTC RS.20000/-
BASIC -9250/-, HRA 3000/-, CONVE.-2000/-, EDUCATION ALL 1500/-, SPL. ALLOW-
3000/-, MEDI. 1250/-.
PF APPLICABEL OR NOT APPLICABLE.
WITH REGARDS,
JAYENDRA JOSHI
9575115536
Now i getting salary+DA is Rs 11000/- n company pay PF Rs 780/- on 6500 After New Notification Can Compny change the salary Structure as Basic + DA 6500 ( as per Minimum wage ) & 4500 As other allowances & They Pay Pf on same as 780 on 6500 ? – See more at: https://taxguru.in/corporate-law/impact-employees-enhancement-wage-ceiling-rs-6500-rs-15000.html#comment-1203601
Kindly let me know the calculation / formula of PF pension for the increased limit of Rs.15000/-. Whether the same formulae of 6500/- i.e. number of years of services x 6500 (now 15000) divided by 70 will be applicable or different.
Request an early reply
P K Narayanan
9833951822
nairpkn@kecrpg.com
Attn : Mr.Abhishek Kr. Tripathi, Manager – HR & ADmin, mob:9792001522
Really ur reply dt: 01.09.2014 helped me lot.
In, this regard pf officers can’t explain so deeply.
thanks a lot
regards
mukunda
manager (admin & a/c.)
mob : 09742354919
I am retired from public sector undertaking in the year 2012.My epf pension is Rs.1986. will I be benefitted by the schemes announced by Govt. to enhance the limit from Rs.6500 to 15000. Please clarify – See more at: https://taxguru.in/corporate-law/employee-provident-fund-epf-limit-increased-rs-15000-rs-6500-wef-01092014.html#sthash.xyYuZAN4.dpuf
I am retired from public sector undertaking in the year 2013.My epf pension is Rs.1800. will I be benefitted by the schemes announced by Govt. to enhance the limit from Rs.6500 to 15000. Please clarify
What is the minimum basic after revising PF amount to 15000/-
can we maintain minimum basic as Rs. 3200/-
please advice me on priority.
Regards,
Babu Reddy
Earlier there used to be one rule, if one’s basic salary per month is more than Rs 6,500, he has an option to opt out of EPF and not be part of it.
So is this limit increased or any other.. so now if one’s basic salary per month is more than Rs 15,000, he has an option to opt out of EPF?? Is it true
Sir
I am working in an institution where we are making epf contribution for all employees for a ceiling amount of Rs.6500/-. Now, since the ceiling is revised to 15000, my management has decided not to take the increased burden. Hence it is decided to make epf contribution only to those staff who are below 15000. Is there any provision/rule to delete those staff for whom we have been remitting epf contribution with a ceiling of 6500 w.e.f. 1.9.2014 or is it mandatory to pay the increased epf contribution for them, since they are still continuing in service.
Please clarify.
Regards
– See more at: https://taxguru.in/corporate-law/employee-provident-fund-epf-limit-increased-rs-15000-rs-6500-wef-01092014.html#sthash.k2eR5MW5.dpuf
The Govt Knows how to sqeeze money from employees. A very bad Scheme.
Regards
Uva
sir,
I AM RETIRED IN THE YEAR OF 30.04.2011. I AM GETTING EPF RS.1777/-. DUE TO CHANGE OF CEILING SHALL I GET MORE. KLY INFORM
TKS
VU NATHAN
Sir
I am working in an institution where we are making epf contribution for all employees for a ceiling amount of Rs.6500/-. Now, since the ceiling is revised to 15000, my management has decided not to take the increased burden. Hence it is decided to make epf contribution only to those staff who are below 15000. Is there any provision/rule to delete those staff for whom we have been remitting epf contribution with a ceiling of 6500 w.e.f. 1.9.2014 or is it mandatory to pay the increased epf contribution for them, since they are still continuing in service.
Please clarify.
Regards
R/Sir,
Please clear the point EPF calculation on basic salary ya Gross salary
Regards,
Sanjay Kumar
i am retired. I am drawing pension as per calculation based on Rs.6500/-.The day I retired I was drawing basic Rs. 35000/-. What will be our fate? Should we get higher pension? If so is there any condition?
Tkseth
Hi all,
If a employee drawing his basic as 15,000/- what was his PF Contribution, calculated from 15,000 *12% or basic remains same as previous contribution? that is 6500/- , If PF Slab raises, do the salary of employee get increase???? Please advice
required pension calculation formula
Hi
Requesting enlightened ones to reply for my doubts/ understandings:
1.Existing contributors whose Basic is more than Rs.15000/- then 1.16% on what amount to be paid to Central Govt. ( Central Govt.Contribution )Is this limited ie 1.16% on 15000/- or the entire amount? Since the Maximum Pension is calculated on Rs.15000/- Then where is the quuestion of 1.16% on Salary over and above Rs.15000/-
2. Please Clarify: In an employee’s basic pay is Rs.20000/- as on 1.8.2014 and he is a member of EPF scheme since 1996. Till 31.08.2014 his contribution towards EPF goes Rs.2400/- p m and employer contribution Rs.1859/- goes to EPF account and Rs.541/- goes to Pension Account per month. In this case he is not contributing 1.16% towards Central Govt contribution. What will be the effect from 1.9.2014 . Rs.2400/- will go to his EPF account . and 8.33% on Rs.15000/- ie 1250/-go to Pension contribution and rest Rs.1150/- go to EPF again. In this case on what amount he has to pay @ 1.16% to Govt. is it on Rs.15000/- or on 20000/-.
If on Rs.20000/- what is the additional benifit he is going to get while getting pension ? Since the pension is restricted on max amount of Rs, 15000/- please clarify.
Thanks
GAUTAM MISTRY
Still not clear about the calculation of pension.Pl. provide formula for calculation of pension.
Appriciate it,
but my query is, what is the maximum limit of employee contribution in epf account which is 20% at earlier. Is it also amended in the new amendment or it is still remains the same.
Can an employee opt to contribute more than 12% of his share and what is the maximum limit which he can opt to contribute in epf account. What is the procedure to do that.
waiting for your reply plz.
Hi
if Basic from 6500 to 15000 is increased will salary of all employees having less than 15000 basic increase ??? pl send me new calculator for Payroll
Hi,
As per EPFO new amendment, the following has to be complied.
1.PF deduction from Rs.15000/- pm wef 01/09/2014 instead of Rs.6500/-as existed.
2.EPS and EDLI also be calculated from the revised wage.
3.If your establishment have EDLI policy with any provate insurance agency, you need to pay the better benefit considering the revised benefit amount of Rs.360000/- in case of death of a member.
4.Now the minimum pension payable to the pensioners under the EPS scheme is fixed Rs.1000/- pm.
5.As per wage definition under the EPF Act is all the emoluments payable to the employees while on duty,leave and holiday with wages excludes HRA,OT,bonus, incentive, commission and any other similar allowances. As per the said definition, we need to consider all emoluments excluding the above said components for calculating the PF wage restricted to Rs.15000/-pm.
KINDLY TAKE A NOTE THAT CIRCULAR NO. 609(E) IS WRONGLY WRITTEN AS 509(E).
Hi
Requesting enlightened ones to reply for my doubts/ understandings:
1. New joiners whose Basic is more than Rs.15K no EPS, but the residual to be added to EPF. For the existing employees EPS at 8.33% to be calculated even if basic is more than 15 K
2. If basic is more than 15 K 1.16% on that is to be paid to Central Govt. HOW TO PAY? is their any option in E-Seva portal?
3. If basic is less than or equal to 15 K, 1.16% is not required to be paid.
4.Is there any restriction on EPS ( previously it was Rs.541/- when Rs.6500/- limit was fixed) is it Rs1000/- If so employees whose basic is less than 8300, EPF amount goes negative.
Kindly reply at the earliest.
Thanks
Mahesh
Hi
The employee is taking Salary of 15000/- & basic is 6000 He do not want to deduct the PF from his Salary is there any provission
Sir
I am working in an institution where we are making epf contribution for all employees for a ceiling amount of Rs.6500/-. Now, since the ceiling is revised to 15000, my management has decided not to take the increased burden. Hence it is decided to make epf contribution only to those staff who are below 15000. Is there any provision/rule to delete those staff for whom we have been remitting epf contribution with a ceiling of 6500 w.e.f. 1.9.2014 or is it mandatory to pay the increased epf contribution for them, since they are still continuing in service.
Please clarify.
Regards
S. Ramamoorthy
Please guide for PF calculation for challan after revised celling (6500 to 15000)
Sir,
Kindly let me confirm that PF contribution deduction is to be made over Basic Wages 7000/- or Gross salary 14000/-and what would be employer share towards pension fund of employee. Previously Rs.541/-was deposited under pension fund and balance in account of employee share. Secondly any new appointment with Basic + HRA+Conveyance = 15050.PF contribution is to required or not.
Third point is that whether can we can contribute 780/-for both the shares.
Thanks
Warm Regards
V.K.JOSHI
what is increase in the pension as per revised rates, I was drawing 18000/- when I retired in 2014 may
Please help me about point regarding PF wage ceiling Rs.15000/-
1.How can minimum basic percentage of CTC or Gross salary(Maximum 60% is OK)
2.PF can deduct on minimum basic Rs.3000 to 4000 If gross salary above 15000
3.PF wage ceiling applicable from Sept.14 salary paid in Oct-14 is it ok?
4.Pension amount on 15000 X 8.33& =1250 or limit Rs.1000
5.Is any law regarding minimum & maximum % Basic and other allowances
what is the meaning of minimum pension of Rs.1000/-? 8.33% on Rs.15000/- is Rs.1250/-. If an employees basic itself is Rs.5000/- then we should set aside Rs.1000/- towards pension fund and rest to employer PF. In that case employer PF becomes negative – Rs. -400/-
Request to reply on this
Thanks
Mahesh
Dear PRAMOD GUPTA,
The FP calculation will be on basic salary i.e Rs. 7700/-.
Dear sanjay,
It depends on your salary bifurcation..
Dear Pramod Merwani,
The FP calculation will be on basic salary i.e Rs. 12000/- not on Rs. 15000/-.
Dear ASHOK SAHU,
The FP calculation will be on basic salary i.e Rs. 15000/-.
Thanks
Abhishek
Dear All,
As per CTC the salary contribution and detail are as below:-
Lets we take two examples
Example-1
CTC Salary – Rs. 25000/-
Basic (60% of CTC) – Rs. 15000/-
Medical (Max.)- Rs. 1250/-
HRA (40% of Basic) – Rs. 6000/-
Conveyance (Max.)- Rs. 800/-
Sp. Allowance – Rs. 1950/-
Deduction:-
PF:- (Emp. Cont.)= Rs. 15000*12%= Rs. 1800
PF:- (Empr. Cont.)= Rs. 15000*13.61%= Rs.2041.50
Example- 2
CTC Salary – Rs. 25002/-
Basic (60% of CTC) – Rs. 15001.2/-
Medical (Max.)- Rs. 1250/-
HRA (40% of Basic) – Rs. 6000.48/-
Conveyance (Max.)- Rs. 800/-
Sp. Allowance – Rs. 1950.32/-
Deduction:-
PF:- (Emp. Cont.)= Rs. 0*12%= Rs. 0
PF:- (Empr. Cont.)= Rs. 0*13.61%= Rs.0
Burden Calculation on Employee and Employer:-
Example-1 (Base Rs. 6500/-)
CTC Salary – Rs. 25000/-
Basic (60% of CTC) – Rs. 15000/-
Medical (Max.)- Rs. 1250/-
HRA (40% of Basic) – Rs. 6000/-
Conveyance (Max.)- Rs. 800/-
Sp. Allowance – Rs. 1950/-
Deduction:-
PF:- (Emp. Cont.)= Rs. 6500*12%= Rs. 780
PF:- (Empr. Cont.)= Rs. 6500*13.61%= Rs.884.65
Example-2 (Base Rs. 15000/-)
CTC Salary – Rs. 25000/-
Basic (60% of CTC) – Rs. 15000/-
Medical (Max.)- Rs. 1250/-
HRA (40% of Basic) – Rs. 6000/-
Conveyance (Max.)- Rs. 800/-
Sp. Allowance – Rs. 1950/-
Deduction:-
PF:- (Emp. Cont.)= Rs. 15000*12%= Rs. 1800
PF:- (Empr. Cont.)= Rs. 15000*13.61%= Rs.2041.50
Burden
Employee Contribution Increased by Rs. 1020/- Max.
Employer Contribution Increased by Rs. 1156.85/- Max.
Thanks & Regards
Abhishek Kr. Tripathi
Manager- HR & Admin.
9792001522
Please clear my confusion how to deduction PF on my salary (Basic-7700+ HRA 2750 + CONVEYANCE 800 + SPL. ALLOW.2100 TOTAL=13350)ON BASIC(7700)OR 13350/-
please clear my confusion
Thanks
pramod gupta
I am working in privet sector,my pf alreddy deducted after new notification
how much amt ded and new salary stucter ? my current salary 12000/-
regards,
sanjay s.
kindly mail me latest HR updates on email id.
It is very clear every one has problem regarding this revised slab and only the concern EPF office only has to clarify the companies, unless until if don’t have proper information’s it is very difficult for every one to understand the process. The only solution is appropriate dept has to clarify the information very clearly without which it has various irrelevant doubts on each persons mind.
Need immediate attention from the concern dept.
Regards,
K N BABU
more clarification is required for the salary structure for PF computation with present concept of CTC where so many components as allowances & variable pay is included in salary cost.
Regds
Satheesh
If someone earing 12000 as basic wht wuld be the deduction of PF 12% of 12k or 15k (1440/1800)?
Please help..
this is clearly understood that the maximum limit for deduction of EPF (Employee Share) has been increased from Rs.6500/- (Rs.780/-) to Rs.15000/- (Rs.1800/-), but, the maximum limit of Employers’ contribution towards EPF / FPF is not defined anywhere (Rs.239/Rs.541)
will anybody please clear this matter, to enable all the employers to take note of the same so that they must not make any mistake in this regard.
Still not clear about the calculation of pension.Pl. provide formula for calculation of pension.
hello sir
my question regarding this new pf limit is whether we have to set all employees salary rs.15000 as per labour law…is there any amendment of limit as per labour law?
It is good that the limit has been increased. But the private sector employee is more concerned about his pension. So it is not clear what pension formula has been adopted for the pension.
Regards,
Ajay Sharma
PLESE TAG THIS NOTIFICATION FROM EPFO SITE.
Does it mean that now FPF deduction would be Rs 1249 instead of Rs 542?
now Maximum Limit for contribution of employer is 15000/- or 6500/-.
kindly clarify
What is the source of Information…
On egazette.nic.in/ copy of gazette is not available……
I appreciating to increase limit of pensionable fund from 6500/- to 15000/- by the govt. but the point is still not cleared whats increase would be in retirement pension of private sector employee, which at present fixed by the E PF approx. Rs. up to 2500/ PM as per prorate base.
Kindly provide a data base calculation to get how much benefit or increase in monthly pension after retirement for a employee.
Regards,
A.K.RASTOGI