Ajay (a) (45 Points)
03 January 2011Dear All,
Can anyone let me know the latest salary slabs / limits for which employees' provident fund act 1952 becomes applicable. I know that as per law the salary slab on which employer has to mandatorily give employer contribution is Rs 6500 per month. Has this amount undergone amendment.
If anyone of you know please let me know...also please give me any link if you have
Thanks in advance.
Ajay
vitthal koratkar
(accountant)
(37 Points)
Replied 03 January 2011
YES UNFORTUNATELY MAX LIMIT IS 6500/- BASIC SALARY (IF I M NOT WRONG THIS HAS REMAINED UNCHANGED PAST 11 YEARS). ON 6500/- 8.33% I.E.(RS.541) GOES TO FAMILY PENSION FUND AND RS. 239/- I.E.3.67% GOES TO EMPLOYER CONTRIBN. TO EPF.
t.r. ganesan
(Lawyer)
(46 Points)
Replied 04 January 2011
So far as I know the Employer's contributions are equal as that of with the contributions of employees. i.e 8.33 goes to E.P.F account plus 3.67 in the account of Family Pension. But I beleive the percentage of 8.33 of the employers contributions are accounted for administrative charges of P.F. department ccounted in various accounts heads.
T.R. Ganesan
CAclubindia
