The contributions are payable on a maximum wage ceiling of Rs.6, 500 by both employee and employer.
Employee can pay a higher rate but employer is not under any obligation to pay such higher rates.
In order to pay contribution on higher wages, you are required to submit a joint request from employer and employee. Employer will have to pay administrative charges in higher wages.
If the employee is an international worker, wage ceiling of Rs.6,500 is not applicable.
Provident fund return must be filed by all entities having PF registration every month. PF return is due on the 25th of each month. Further, a final PF return is due on the 25th of April for the year ended on 31st March.
The Employee contributes 12% of his /her Basic Salary & the same amount is contributed by the Employer.
Employers contribution of 12% of basic salary is totally deposited in provident fund account Whereas out of Employees contribution of 12% , 3.67% is contributed to Provident fund and 8.33% is deposited in Pension scheme.
Nomination Form No 2 has to be filled to become a member of the Provident fund, form is available with HR department.
You just have to fill form no 13 to transfer your P.F amount.
Each member has to make a nomination to receive the amount standing to his credit in the fund in the event of his death. If he has a family, he has to nominate one or more person belonging to his family and none other. If he has no family he can nominate any person or persons of his choice but if he subsequently acquires family, such nomination becomes invalid and he will have to make a fresh nomination of one or more persons belonging to his family. You cannot make your brother your nominee as per the Acts.
For an employee to become eligible for Pension fund, he has to complete membership of the Fund for 10 Years.
When we say continuous service of 10 years in Employee Pension Fund, we mean to say that during services, for e.g., an employee who has worked with X company for say 3 years, then he resigned from that organisation and joined Y company, wherein he worked for 2 years, then resigned from there to join establishment for 5 years but during these 10 years of service he has not withdrawn but transferred his Employee pension fund, then we say continuous service of ten years.
An employer can apply for FORM 01 within 15 days after the act becomes applicable to an establishment or a unit.
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Corporate Office: Shaheen Bagh, Kalindikunj Road, New Delhi-110025 (DELHI)
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