HR Zone » Conflict & Labour Management » IR Provident fund details
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3 Replies
2396 Views
3 Replies
IR Provident fund details
Type: HR, Report if not a HR topic
Posted 01-12-2011Reply
Dear sir/mam,
Here i attach provident fund act ppt according to my knowledge if useful take it and help me to modify with relisitc example .....
if you have deduction in the salary for pf, and pension mention it how now days the company follows .....
madam,
Provident fund consists of contributions made by an employee during the time he has worked along with an equal contribution from the employer. It is deducted as a certain percentage of basic salary. This calculator will help you in estimating the balance in your PF or EPF (Employee Provident Fund) amount that shall be accumulated by you at the time of retirement and help you answer the following questions:
* How much money do you need at the time of retirement to meet your monthly expenses?
* How much money do you need at the time of retirement to meet your lump sum expenses?
* How much money will your PF account have when you retire?
* What percentage of your total retirement needs is met by PF?
Provident fund consists of contributions made by an employee during the time he has worked along with an equal contribution from the employer. It is deducted as a certain percentage of basic salary. This calculator will help you in estimating the balance in your PF or EPF (Employee Provident Fund) amount that shall be accumulated by you at the time of retirement and help you answer the following questions:
* How much money do you need at the time of retirement to meet your monthly expenses?
* How much money do you need at the time of retirement to meet your lump sum expenses?
* How much money will your PF account have when you retire?
* What percentage of your total retirement needs is met by PF?
madam.
How the Employees' Provident Fund Scheme works:
As per amendment-dated 22.9.1997 in the Act, both the employees and employer contribute to the fund at the rate of 12% of the basic wages, dearness allowance and retaining allowance, if any, payable to employees per month. The rate of contribution is 10% in the case of following establishments:
*
Any covered establishment with less then 20 employees, for establishments cover prior to 22.9.97.
*
Any sick industrial company as defined in clause (O) of Sub-Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 and which has been declared as such by the Board for Industrial and Financial Reconstruction,
*
Any establishment which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth and
*
Any establishment engaged in manufacturing of (a) jute (b) Breed (d) coir and (e) Guar gum Industries/ Factories. The contribution under the Employees' Provident Fund Scheme by the employee and employer
How the Employees' Provident Fund Scheme works:
As per amendment-dated 22.9.1997 in the Act, both the employees and employer contribute to the fund at the rate of 12% of the basic wages, dearness allowance and retaining allowance, if any, payable to employees per month. The rate of contribution is 10% in the case of following establishments:
*
Any covered establishment with less then 20 employees, for establishments cover prior to 22.9.97.
*
Any sick industrial company as defined in clause (O) of Sub-Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 and which has been declared as such by the Board for Industrial and Financial Reconstruction,
*
Any establishment which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth and
*
Any establishment engaged in manufacturing of (a) jute (b) Breed (d) coir and (e) Guar gum Industries/ Factories. The contribution under the Employees' Provident Fund Scheme by the employee and employer