Providend Fund

Bhupesh Pradhan (Querist) 07 July 2011 This query is : Resolved
The Salary components of our Company are given below.

1. Basic
2. HRA
3. Transport Allowance
4. Supplementary Allowance

Our Company gives PF on Basic @ 12%. My question is whether our Company is correct.

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PALNITKAR V.V. (Expert) 07 July 2011
Yes. There does not seem anything wrong.

Ajay Bansal (Expert) 08 July 2011
What do you mean by 12%.

Bhupesh Pradhan (Querist) 08 July 2011
PF is contributed 12% on Basic

Kamal Prasoon Sinha (Expert) 08 July 2011
Dear Bhupesh,

PF should be contributed 12% of basic salary from employer and employee both side and basic salary should not be less then the minimum wages as declared by the respective state govt.

regards,
Kamal

PALNITKAR V.V. (Expert) 08 July 2011
12% is the minimum prescribed under the EPF scheme.

K.S.Srinivas (Expert) 08 July 2011
12% contribution each by the employee and by the employer on the emoluments (i.e., Basic Pay + DA) as per the EPF Act 1952.

K.S.Srinivas (Expert) 09 July 2011
Landmark judgement delivered by the Division Bench of Hon'ble High Court of Madhya Pradesh on the issue of considerable component of basic wages is attached. This was communicated by the EPO on 21-6-2011. Please go through this.

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