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Contribution is payable out of the employer’s share of PF and no contribution is payable by employee. Pension contribution not to be paid: When an employee crosses 58 years of age and is in service (EPS membership ceases on completion of 58 years). When an EPS pensioner is drawing Reduced Pension and re-joins as an employee.
Oct 1, 2024 · Rules for ESI and PF Deduction to Calculate Employee & Employer Contribution. Payroll. This blog describes rules for ESI and PF Deduction, where ESI is Employee State Insurance (ESI) and PF is Provident Fund (PF). These are two social security schemes available to employees working in India.
14 - When an employer becomes insolvent or when a company is wound up, whether the contributions will be paid in priority over other debts? 15 - When wages are not collected by the member whether the PF can be deducted or not? 16 - Can a member pay contribution in excess of the statutory rate of 12%?
Reduction in statutory rate of EPF contribution from 12% to 10% Q.1: What is revised rate of EPF contribution announced by the Central Govt. under Atmanirbhar Bharat package? Ans.Under this package the statutory rate of EPF contribution of both employer and employee has been reduced to 10 percent of basic wages and dearness allowances
Jun 16, 2022 · As per the Income Tax Act, 1961, deduction in respect of both Employer’s contribution and Employee’s contribution to PF are allowed to the Employer from his income under PGBP Provided the Employer had deposited the same within due date.
Nov 12, 2021 · In general, the employer’s contribution is 12% of basic salary, dearness allowance and retaining allowance. Accordingly, an equal contribution (i.e., 12%) is paid by the employee. However, the EPF contribution rate will be 10% for both employee and employer for the following organizations-.
EPF accounts are mandatory for employees earning up to Rs 15,000 in a month in companies with over 20 workers, with 12% of the basic salary deducted as employee’s contribution and another remitted by the employers. This step will impact the high-income earners and HNIs (High Net-worth Individuals).
