Compliance series-02

Compliance series-02

Prasanna K Prasanna K

Prasanna K

Senior Executive - HR at SmartSoC Solutions Pvt Ltd | Employee Relations | HR Business Partner

发布日期: 2022年2月17日
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Have you ever noticed what are all the clauses , eligibility criteria and legal reason behind your monthly PF contribution.

As per Employee Provident Fund Miscellaneous provisions act, 1952 stated compulsory contributory fund for the post-retirement life of employee or their dependents incase of early death.

In this Provident Fund, there are two components viz.,

  1. Employee Pension Scheme- employee or his/her dependent will get monthly pension post the retirement.
  2. Employee Provident Fund- employee or his/her dependent will get Lumpsum amount at the time of retirement

Rate of contribution:

  1. Employer : 12 % (8.33 % for EPS + 3.67 % for PF) from Basic Pay + Dearness Allowance
  2. Employee: 12 % of Basic pay + Dearness Allowance.

Shikha Singh

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3 年

Very good

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