What if company is not paying PF?
What is the remedy? Ans : The Employees’ PF Organization will invoke penal provisions of the Act to recover the dues from the employer. Complaint can be lodged with Police under section-406/409 of IPC by the EPFO for action against such employers.
Is PF applicable to all employees?
All the employees will be eligible for a PF from the commencement of their employment and the responsibility of deduction & payment of PF lies with the employer. The PF contribution of 12\% should be divided equally between the employer and employee. The employer’s contribution is 12\% of the basic salary.
Is it mandatory for companies to provide PF?
According to the EPF scheme rules, it is mandatory for an employee to join the EPF scheme if his pay is less than or equal to Rs 15,000 a month.
Is it mandatory to deduct PF from salary?
EPF deduction is mandatory for employees who draw a salary less than Rs 15,000, but others can opt-out of this scheme through a declaration made in Form 11 of EPFO.
When should a company pay PF?
EPF is deducted from every employee’s salary, and the payment due date is by 15th of the following month. For instance, if you want to deposit the EPF contribution for May, then as an employer you should clear all the payments before the 15th of June.
Can we deduct PF after 60 years?
Prableen Bajpai,Founder FinFix® Research & Analytics replies: According to EPFO guidelines, an employee shall cease to be the member of Pension Fund from the date of attaining 58 years of age or from the date of vesting admissible benefits under the scheme, whichever is earlier.
Can I contribute to EPF after 60 years?
Employees who are 60 years old and above do not need to contribute to the employee’s share to SOCSO.
What is new PF rules?
The Central Board of Direct Taxes (CBDT) has notified new rules that specify how the interest on the provident fund contribution of an employee over a certain threshold will be taxed. As per the notification, issued on August 31, contributions above ₹2.5 lakh in the Employee Provident Fund (EPF) per year will be taxed.
Is PF mandatory for salary above 21000?
Meaning, the minimum criteria or salary for which deduction under EPF is being done should be increased to Rs 21,000. It is to be noted that wage limit of these mandatory EPF has not been changed since September 2014 – where Rs 15,000 ceiling was decided from previous Rs 6,500 by the government.
Can I withdraw my PF after 8 years?
When can you withdraw PF balance? Under EPF Act 1952, you can withdraw the full PF amount if you retire from your service after having attained the age of 58 years and you can also claim the EPS amount (Employees’ Pension Scheme amount) at the same time.
Can I withdraw my PF after 7 years?
Money from your EPF can be withdrawn for an occasion like marriage in case you have already completed seven years of your service life. You can use up to 50 \% of the amount that is there in your EPF account and you can enjoy this advantage for a maximum of three times.