What happens if employer does not pay PF amount?

What happens if employer does not pay PF amount?

In case, your employer is not depositing contribution he is deducting from your wages, you can escalate it with the EPFO.

How is interest calculated on late payment of PF?

Late Payment Penalty in EPF

1. 5% interest per annum for a delay of upto 2 months.
2. 10% interest per annum for a delay of 2-4 months.
3. 15% interest per annum for a delay of 4-6 months.
4. 25% interest per annum for a delay of more than 6 months.

What is PF penal damage?

Delay in deposit of P.F. dues attracts penal damages. Damages are levied at the following FLAT RATES: For 0 — 2 months delay – @ 5 % p.a. For 2 — 4 months delay – @10 % p.a. For 4 — 6 months delay – @ 15 % p.a. For delay above 6 months – @ 25 % p.a. (subject to a. maximum of 100%)

What is the penalty for PF late payment?

Late Payment Penalty in EPF Interest for late payment: Under Section 7Q an interest of 12% per annum, is levied on the employer every day in case of failure to deposit the EPF contribution before the deadline.

How is PF damage calculated?

1. Delay in deposit of P.F. dues attracts penal damages….Damages are levied at the following FLAT RATES:

1. For 0 — 2 months delay – @ 5 % p.a.
2. For 2 — 4 months delay – @10 % p.a.
3. For 4 — 6 months delay – @ 15 % p.a.
4. For delay above 6 months – @ 25 % p.a. (subject to a maximum of 100%)

What is 7Q in PF?

1[7Q. Interest payable by the employer. —The employer shall be liable to pay simple interest at the rate of twelve per cent.

What is the current interest rate of PF?

8.5%

How is ESI penalty calculated?

Both the employers and the employees contribute towards the ESI Act 1948….Example

1. Suppose your total due amount is Rs 1 lakh and you have delayed it for 1 year.
2. In this case, your calculation for the first two months will be on 5% interest which is equal to 100000*(5/100)*(2/12).

Is ESI amount refundable?

Is ESI contribution refundable? According to the provisions of Employees State Insurance Act, 1948, contributions towards Employees State Insurance Scheme are not refundable under any circumstance. The insured and his/her dependant family members are only eligible for the benefits that it offers.

Is ESI calculated on gross salary?

ESI contributions (from the employee and employer) are calculated on the employee’s gross monthly salary.

How gross salary is calculated?

His gross salary per anum is Rs 6,20,000 while his net take-home is just Rs 5,93,000….How to calculate gross salary and net salary?

Basic salary	Rs 3,00,000
House rent allowance	Rs 1,20,000
Leave and travel allowance	Rs 60,000
Special allowance	Rs 1,40,000
Total (A)	Rs 6,20,000

Who is not eligible for ESIC?

The ESIC scheme currently does not cover workers or employees earning more than Rs. 21,000 per month and in the case of persons with a disability, the maximum wage is capped at Rs. 25,000 per month.

What is ESI in salary slip?

The Employee State Insurance (“ESI”) is a contributory fund that has contributions both from the employer and employee and enables Indian employees to take part in a self-financed, healthcare, insurance fund.