What is the minimum number of employees for PF?
20 employees
Who are excluded employee under provident fund?
Thus, to be covered under the expression “excluded employee”, the employee must be such who was a member of the Fund established under the Scheme of 1952 and who had withdrawn full amount of his accumulations in the said Fund on retirement from service after attaining the age of 55 years.
Who is covered under PF act?
The scheme is managed under the aegis of Employees’ Provident Fund Organisation (EPFO). It covers every establishment in which 20 or more people are employed and certain organisations are covered, subject to certain conditions and exemptions even if they employ less than 20 persons each.
What is minimum percentage of employees contribution from the basic salary as per EPF Act 1962?
Answer: In the case of establishments which employ less than 20 employees or meet certain other conditions, as per the EPFO rules, the contribution rate for both employee and the employer is limited to 10 percent. For most employees of the private sector, it’s the basic salary on which the contribution is calculated.
Is PF mandatory above 15000?
EPF eligibility criteria If you are drawing a salary higher than Rs. 15,000 per month, you are termed a non-eligible employee and it is not mandatory for you to become a member of the EPF, although you can still register with the consent of your employer and approval from the Assistant PF Commissioner.
Where is DA in salary slip?
The formulae for calculating dearness allowance are as under: For central government employees: DA% = ((Average of AICPI (Base Year 2001=100) for the past 12 months -115.76)/115.76)100 For central public sector employees: DA% = ((Average of AICPI (Base Year 2001=100) for the past 3 months -126.33)/126.33)100 Here.
What is the current DA rate?
Prior to this latest revision in DA under the provisions of the 7th pay commission, central government employees were entitled to get a DA of 17 per cent that has been in effect since July 2019. The government introduced a revision of 4 per cent in January 2020 which has now taken the DA to 21 per cent.
Is Da part of basic salary?
DA or dearness allowance is calculated as a specific percentage of the basic salary which is then added to the basic salary along with other components like HRA (House Rent Allowance) to make up the total salary of an employee of the government sector.
What is the DA of basic salary?
Central government employees currently get a dearness allowance at the rate of 17 per cent. However, employees will now get a DA at 28 per cent of their basic pay.
What is DA in salary for private employees?
How basic and DA is calculated?
According to Clear Tax, dearness allowance is calculated as per the following formula: For the central government employees of % of DA = {(Average of the All-India Consumer Price Index (Base year -2001 =100) for the last 12 months -115.76)/115.76} x 100For Central Public Sector Employees % of DA = {(Average of the All- …
What is the DA rate from July 2019?
17%
How VDA is calculated?
VDA is dependent on three constituents: 1. Base Index: It is the most recent consumer price index (CPI), published for the first month of the first lease year i.e. index in effect on the commencement date. It changes every month, causing an increase or decrease in VDA. 3.