What is the maximum salary limit for PF?
The government has raised the threshold limit of tax-exempt contributions to the Provident Fund (PF) to Rs 5 lakh (from Rs 2.5 lakh announced in Budget 2021), subject to certain conditions. This increased tax-exempt limit is applicable to only those PF contributions where there is no employer contribution.
Who is eligible for EPS scheme?
Availing the Pension from EPS The first category is for those who joined EPS before 15th November 1995 and the other is for those who have joined EPS after this date. In case the individual has completed 10 years of service then he/she is eligible to claim pension once they obtain the age of 50 or 58.
Has there any good news for EPFO pensioners?
Provident Fund News: The Employees’ Provident Fund Organization (EPFO) has announced huge relief for its millions of pensioners. Now retired employees will not have to visit the PF office for information related to their pension. EPFO has provided many facilities for pensioners on its portal.
Is 12 percent pf mandatory?
Currently, the mandatory monthly contribution by the employee stands at 12 per cent of the monthly pay which includes monthly basic pay, dearness allowance and retaining allowance, if any. As an employee, one is allowed to enhance the contribution to up to 100 per cent of the basic pay.
What is the PF limit on salary?
Rs 15,000
You then fill the basic monthly salary and the dearness allowance up to a maximum limit of Rs 15,000. The minimum percentage of contribution to your EPF is 12%. You can increase the percentage if you are making any contribution to the Voluntary Provident Fund.
Who is not eligible for EPS scheme?
An individual who has worked for less than 6 months can apply for a scheme certificate but will not be able to withdraw EPS as per the EPFO rules. Depending upon the number of years an individual has worked, only a percentage of the EPS amount can be withdrawn.
What is minimum pension of EPF?
Currently, the minimum monthly pension that an individual will receive after his/her retirement through the EPS scheme is Rs. 1,000. However, the Union is demanding the government to increase this limit to Rs. 5,000 per month since a long time.
Is there any hike in EPF pension?
The pension under the EPS-95 is not index or inflation linked and it remains stagnant throughout. The EPS-95 scheme is run by the Employees’ Provident Fund Organisation (EPFO).
What are the three schemes under the Provident Fund Act?
• Insurance cover to the members of the provident fund. Therefore, we can say that there are three schemes framed under this act. Initially this Act was known as The Provident Fund Act, 1952. This Act is implemented by Employees Provident Fund Organisation of India. This organization have a mission to provide security in terms of old age income.
Is the Employee’s Provident Fund and Miscellaneous Provisions Act 1952 applicable?
Employees’ Provident Funds (EPF) And Miscellaneous Provisions Act, 1952 does not apply to any factory or any establishment which is registered under Co-operative Societies Act, 1912 or any other statutory law relating to Cooperative Societies engaging less than 50 persons and working without the aid of power.
What is the statutory rate of contribution to the Provident Fund?
Statutory rate of contribution to the provident fund by the employees and employers is 10% of the pay of the employees. The wages include basic wage,DA, including cash value of food concession and retaining allowance if there is any.
Who are the members of the Employees Provident Fund?
The Act is applicable to every establishment which is a factory engaged in any industry specified in Schedule I and in which ——– twenty persons are employed The chairman and members of Central Board constituted under Employees Provident Fund are appointed by