PRADEEP PANICKER 16 May 2016
Dear Sir,
It is understood that PF contribution is calculated as a percentage of BASIC Wages + V. DA / DA.
Also, it is regulated by a MINIMUM WAGES Act.
Question is -
1) Does each state in INDIA has its own definition of MINIMUM WAGES calculation ??
2) If MINIMUM WAGES calculation follows a standard pattern, please advise the calculation method.
3) Also, please define - What all factors include " BASIC Wages" ??
Kumar Doab (FIN) 16 May 2016
Minimum wages are declared by the Central Government for industries where the Central Government is the appropriate authority, and by each State for other industries.
If the site belongs to an industry where the Central Government is the appropriate government, then central minimum wages have to be paid.
Minimum Wages have to be paid as per the rate of the State in which the site is situated.
Centre and most states revise the minimum wages at least twice a year
'Wages' is defined in the Act.
Wages for PF is defined in the Act for PF.
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