Compliance series-02
Prasanna K
Senior Executive - HR at SmartSoC Solutions Pvt Ltd | Employee Relations | HR Business Partner
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.,
- Employee Pension Scheme- employee or his/her dependent will get monthly pension post the retirement.
- Employee Provident Fund- employee or his/her dependent will get Lumpsum amount at the time of retirement
Rate of contribution:
- Employer : 12 % (8.33 % for EPS + 3.67 % for PF) from Basic Pay + Dearness Allowance
- Employee: 12 % of Basic pay + Dearness Allowance.
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