Basic salary Limit for Provident Fund & Bonus
This query is : Resolved
31 March 2008
Hi Sir / Madam
I have some cofusion regarding the limit of basic salary (+DA) while deducting the PF from employee's salary And at the time of bonus payment.
Somebody told me that if employee's salary + DA is less than Rs 10000/- then deduction of PF & payment of bonus (bonus at least 8.33% of basic salary) is mandatory or if basic salary is more than Rs 10000/- then it is totally depends upon co.
I want to know that, the limit of basic salary is changed by Rs 6500/- to Rs 10000/- or not?
And this limit is also applicable for bonus or not?
Please reply Me.
Regards
Anil
I have some cofusion regarding the limit of basic salary (+DA) while deducting the PF from employee's salary And at the time of bonus payment.
Somebody told me that if employee's salary + DA is less than Rs 10000/- then deduction of PF & payment of bonus (bonus at least 8.33% of basic salary) is mandatory or if basic salary is more than Rs 10000/- then it is totally depends upon co.
I want to know that, the limit of basic salary is changed by Rs 6500/- to Rs 10000/- or not?
And this limit is also applicable for bonus or not?
Please reply Me.
Regards
Anil
02 April 2008
Please Reply Me
03 October 2008
PF limit remains at Rs6500.
If Basic Plus DA is more than Rs 10000, bonus is not compulsory as per Payment of Bonus Act.
If Basic Plus DA is more than Rs 10000, bonus is not compulsory as per Payment of Bonus Act.
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