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Q. > Please Help: Provident fund
Q1)Is Basic slary covers leave encashment?
Q2) If basic is Rs. 40,000 and 12% of Rs. 40,000 employee's contribution is deducted then 12%(40,000- 6,500) is a voluntary contribution?
answered Oct 06, 2011 by Ashish Karundia , New Delhi
Dear Ashish,
Please clarify your 1st Question. Further, in respect of your 2nd question, it may be noted that that the total amount of PF contributed will be treated as voluntary contribution (i.e. 12% of 40,000) because PF contribution is mandatory only for people having basic salary upto Rs. 6,500.
Hope the above suffice.
answered Oct 11, 2011 by PRIYANKA , GREATER NOIDA
Basic salary does not include leave encashment paid. PF needs to be deducted only on employees salary drawing basic salary of Rs 6500/- per month. PF can be deducted from employees salary drawing basic salary of more than 6500/- but than its voluntary, as it is not required as per the act.Even If salary is more than Rs 6500/- PF needs to be deducted Only on 6500/- of basic salary. But in present case the whole amount comes under voluntary contribution, as It was not required as per the act.
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