HR Indya

1.      Withdrawal age has been increased from 54 years to 57 years under para 68NN – Withdrawal within one year before retirement.
2.      New Para 68-NNNN has been introduced “Option for withdrawal  on cessation of Employment” (i.e. before attaining retirement age or 58 yrs). Employee can withdraw only his own share of total contribution including the interest thereon [...]

Effective 01-01-2015 the PF admin charges (under Account No.2) has been reduced from 1.1o% to .85% and therefore the final Employer PF contribution comes down to 13.36%. The PF admin charges will be a minimum of Rs. 500 and minimum EDLI charges of Rs. 200 even if the number of employees drop to one and [...]

1st September 2014 will see an increased PF contribution due to enhancement of the PF statutory wage limit by 130% from Rs. 6,500 to Rs.15,000. This social security measure will now match the ESI contribution limit.
Click for the Notification: PF Notification
Let’s look at the impact of the amendment in the gazette notification dt. 22-08-2014 –

The company [...]

Aggrieved by an order of the Assessing PF Authority, the appellant-The Supreme Industries filed an appeal (ATA No.383(8) 2009) before the Employees’ Provident Fund Appellate Tribunal. The PF Appellate Authority in its order dated 11-10-2012 has considered the provisions of section 6 of the Act regarding allowances to be or not to be as component of [...]

Most of the companies have been calculating PF only on the Basic and DA wage components. HRA was already an exempted wage element. The wage elements for PF contribution are mentioned in Section 6: The contribution which shall be paid by the employer to the Fund shall be ten/ twelve per cent of the basic wages, [...]

PF Commissioner RC Mishra took the following decisions on 30-11-2-12, his last day at Office –

PF Authorities cannot take action against Employers for having failed to deposit the workers dues unless the PF Authorities are able name the workers against whose names the remittances are due.
No assessment shall be made unless the individual, into whose [...]

This article on the Economic Times should put PF saving on the top in the list of methods of savings. Never realized that PF deductions on a modest salary of even 25k would render a balance of Rs. 1,65,00000.00 as retrial benefit (don’t trouble yourself counting the zeros; that figure is Rs. 1.65 crores!!)
Here are [...]

This is one of the most disturbing question of employees leaving Organizations – ‘How do i get back my PF amount?’
Now that is more simple than it is usually conceived to be. The first question one needs to ask oneself is that ‘Do you really want to withdraw the PF saving or [...]

Interestingly, it was an audit that revealed a hidden interest accrued due to a suspense account. This surplus amount accounted to Rs. 1730 crores and that was just enough to raise the that bar of  the PF interest rate by 1% from 8.5% to the declared 9.5%.
This is the first time in the last 5 [...]

Earlier this April, the Trade Unions were mounting pressure on the EPFO to hike its PF interest rates from the present 8.5% to as much as 9.5% – 10%. EPFO is sitting on corpus fund of over 5 lakh crore rupees ( how many zeros is that?!?!) from a subscriber base of 4.7 crores. During [...]