Monthly Provident Fund filing

About Provident Fund

Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs pension funds, which have elements of both lump sum as well as monthly pension payments.PF is applicable on Maximum Wages i.e. (Basic Salary + Dearness Allowance)

PF Rates

UNDER EPF

  • The contributions are payable on maximum wage ceiling of Rs. 15000/-
  • The employee can pay at a higher rate and in such case employer is not under any obligation to pay at such higher rate.
  • To pay contribution on higher wages, a joint request from Employee and employer is required [Para 26(6) of EPF Scheme].
  • In such case employer has to pay administrative charges on the higher wages (wages above 15000/-).
  • For an International Worker, wage ceiling of 15000/- is not applicable.

UNDER EPS

  • Contribution is payable out of the employer’s share of PF and no contribution is payable by employee.
  • Pension contribution not to be paid:
    1. When an employee crosses 58 years of age and is in service (EPS membership ceases on completion of 58 years).
    2. When an EPS pensioner is drawing Reduced Pension, and re-joins as an employee.

In both the cases the Pension Contribution @8.33% is to be added to the Employer Share of PF. (Pension contribution is not to be diverted and total employer share goes to the PF). In case an employee, who is not existing EPF/EP member joins on or after 01-09-2014 with wages above Rs 15000/- In these cases the pension contribution part will be added to employee share, EPF.

  • In all other cases Pension Contribution is payable. A member joining after 50 years age, if not a pensioner does not have choice of not getting the Pension Contribution on grounds that he will not complete 10 years of eligible service. The social security cover is applicable till he/she is a member.
  • For International Worker, higher wage ceiling of 15000/- is not applicable from 11-09- 2010.

UNDER EDLI:

  • Contribution to be paid on up to maximum wage ceiling of 15000/- even if PF is paid on higher wages.
  • Each contribution is to be rounded to nearest rupee. (Example for each employee getting wages above 15000, amount will be 75/-)
  • EDLI contribution to be paid even if member has crossed 58 years age and pension contribution is not payable. This is to be paid as long as the member is in service and PF is being paid.

Summary

BY CONTRIBUTION ACCOUNTS ADMINISTRATION ACCOUNTS
  EPF EPS EDLI EPF@@ EDLI@@
EMPLOYEE 12%/10%## 0 0 0 0
EMPLOYER Difference of EE share and Pension contribution 8.33%## 0.5%##

0.50% !!

[w.e.f. 01-06-2018]

0

[w.e.f. 01-04-2017]

10% rate is applicable for

  • Any establishment in which less than 20 employees are employed.
  • Any sick industrial company 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 in following industries:- (a) Jute (b) Beedi (c) Brick (d) Coir and (e) Guar gum Factories.

## Contribution is rounded to the nearest rupee for each employee, for the employee share, pension contribution and EDLI contribution. The Employer Share is difference of the EE Share (payable as per statute) and Pension Contribution.

!! Monthly payable amount under EPF Administrative charges is rounded to the nearest rupee and a minimum of Rs 500/- is payable. Note:- If the establishment has no contributory member in the month, the minimum administrative charge will be Rs 75/-

@@ In case Establishment is exempted under PF Scheme, Inspection charges at 0.18%, minimum Rs 5/- is payable in place of Admin charges. In case the Establishment is exempted under EDLI Scheme, Inspection charges at 0.005%, minimum Re 1/- is payable in place of Admin charges.

Our Services

Our services includes:

  1. Computation & Monthly Filing of PF Returns with the PFO.
  2. Assistance in the PF audit by the PFO.

Why us?

  • Experienced and qualified professionals handling your assignment – QUALITY GUARANTEED
  • We understand your business & will meet & beat your due dates – STEP WISE UPDATE & FOLLOW-UP
  • We use latest technology platforms to deliver the services in prompt & accurate manner – TECH SAVVY
  • Our efficiency will help you to get the services in your budget – ALL INCLUSIVE

Pricing

Particulars Fees
Services as defined above INR 2500/- only

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