Table of Contents
- 1 Can employer pay more than 12 for PF?
- 2 Can EPF contribution be increased?
- 3 What is the difference between EPF 1952 and 1995?
- 4 Is employer contribution to PF included in CTC?
- 5 Who contributes to Epfo?
- 6 Does EPF provide pension?
- 7 Is it possible to increase EPF contribution by means of VPF?
- 8 What is the EPF contribution month for 2018?
Can employer pay more than 12 for PF?
FAQs on EPF Limit 15,000 monthly salary. Can we contribute more than 12\% in EPF? Yes, one can pay at a higher rate; however, the employer is under no obligation to contribute more than 12\% towards Employees’ Provident Fund.
Can EPF contribution be increased?
While the employer contribution is restricted at 12\% maximum, an employee can increase his or her contribution through VPF. The interest rate on EPF is declared after the completion of the financial year.
Can I ask my employer to deduct more PF?
The first thing to do is to ask your employer to restructure your salary and switch back to giving the extra PF deduction amount as part of it. You’ll have to pay tax on it, there’s no way of avoiding that. The rest of it, you should just start an SIP in a good balanced or equity mutual fund.
What is the maximum employer contribution to PF?
However, as per the norms, your employer can only contribute a maximum of 8.33\% of the threshold amount of Rs. 15,000 towards your EPS. This means that your employer can only contribute a maximum of Rs. 1,249.50.
What is the difference between EPF 1952 and 1995?
EPF (Employees’ Provident Fund Scheme 1952) and EPS (Employees’ Pension Scheme 1995) are the two different retirement saving schemes under Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, meant for salaried employees. 6,501per month have an option to get PF deducted from their salary.
Is employer contribution to PF included in CTC?
Employer PF is part of CTC not shown on Salary Slip. It is NOT counted as part of your earnings and hence not taxed.
Can I increase or decrease PPF contribution?
An individual cannot deposit more than Rs. 1.5 lakh to a given PPF account, in a year. The increase is provided to make the scheme more lucrative to people.
Is employer contribution to PF part of CTC?
Who contributes to Epfo?
The employee and the employer contribute to the EPF scheme on monthly basis in equal proportions of 12\% of the basic salary and dearness allowance. Out of the employer’s contribution, 8.33\% is directed towards the Employee Pension Scheme.
Does EPF provide pension?
The scheme is provided by the Employees’ Provident Fund Organisation (EPFO) and ensures that employees receive a pension once they attain the age of 58 years old. The employee and employer each contribute 12\% of the employee’s basic salary and Dearness Allowance (DA) towards EPF.
Is your EPF contribution not part of the CTC?
Here is how. If EPF contribution by the employer is not part of the CTC, then employee has two options. The government has reduced both employer’s and employee’s contribution to the Employees’ Provident Fund (EPF) account from 12 per cent of employee’s pay to 10 per cent for the next three months.
How do I increase an employee’s EPF contribution rate?
Go to Employees>Select Employee>Statutory Requirements and set the Additional Rate for employee and/or employer. So for example if the employee’s current contribution rate is 11\% and you want to increase it to 13\% you should select 2\% as Additional Rate on the Employee EPF Rate line.
Is it possible to increase EPF contribution by means of VPF?
Yes, you can increase the EPF contribution by means of VPF only. You can place a request to your employer for VPF. However I don’t recommend for VPF at any cost. Read the below answer to know why? Mani Kumar’s answer to Is Voluntary Provident Fund (VPF) a good investment option?
What is the EPF contribution month for 2018?
Employer must make monthly payment on or before 15th of the month. Therefore, the Contribution Month is February 2018 and it has to be paid either before or on 15 February 2018. The employer needs to pay both the employees’ and the employer’s share to the EPF.