File Name: provident fund july 2019 contribution of employee and firm .zip
- Superannuation in Australia
- The Local Government Pension Scheme fund
- Govt notifies cut in EPF contribution to 10% for May, June, July
- Agenda and minutes
Union finance minister Nirmala Sitharaman on Where employees and employers contribution to be paid by Government. Sir I request to you please send me PF contribution notice under covid This article is very informative, and updated What a useful information provided by this blog! Thanks for sharing!
Superannuation in Australia
Employee Provident Fund EPF refers to the scheme which provides monetary benefits to the salaried class people upon retirement. It is applicable to every establishment which employs 20 or more employees and to such other establishments which the Central Government may notify.
Under EPF scheme, an employee has to contribute a certain amount towards the scheme and an equal amount is paid by the employer. Reduction in statutory rate contribution was announced on The details of the same are as follows:. Are exempted establishments eligible for reduced rate of contribution? What will be rate of contribution for administrative charges and insurance?
There is no change in the EPF administrative charges 0. How is benefit availed? One has to pay at full rate and claim reimbursement later or direct payment at reduced rate can be made. The employer, employee or both can contribute at higher rate also. If an establishment is not be able to remit dues timely during the scheme period, Is it still eligible for reduced rate of contribution? Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation.
Though utmost efforts has made to provide authentic information, it is suggested that to have better understanding kindly cross-check the relevant sections and rules. The observations of the author are personal view and the author do not take responsibility of the same. Currently it is 8.
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The Local Government Pension Scheme fund
All Members who believe they have a Disclosable Pecuniary Interest in any matter to be considered at the meeting must declare that interest and, having regard to Part 3 Paragraph 1. Furthermore all Members with a Personal Interest in a matter being considered at the meeting should consider, having regard to Part 5, Paragraph 4 of the Code, whether such interest should be declared, and having regard to Part 5, Paragraph 5 of the Code, consider whether it is appropriate to leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with the Code. Members were mindful that where they believed they had a Disclosable Pecuniary Interest in any matter considered at the meeting they must declare that interest at the time of the relevant debate and, having regard to the circumstances described in Part 3, Paragraph 1. Furthermore Members were mindful that where they believed they had a Non-Pecuniary interest in a matter being considered at the meeting they considered whether such interest should be declared, and having regard to Part 5, Paragraph 2 of the Code, considered whether it was appropriate to leave the meeting whilst the matter was discussed, save for exercising any right to speak in accordance with the Code. To receive any announcements the Chairman may wish to make.
A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Called retirement plans in the United States , they are commonly known as pension schemes in the United Kingdom and Ireland and superannuation plans or super  in Australia and New Zealand. Retirement pensions are typically in the form of a guaranteed life annuity , thus insuring against the risk of longevity. A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions , the government, or other organizations may also fund pensions. Occupational pensions are a form of deferred compensation , usually advantageous to employee and employer for tax reasons.
August - Regional offices were required to inspect establishments where PF contribution has been deducted on 50% or less of total wages. Issues. The.
Govt notifies cut in EPF contribution to 10% for May, June, July
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Agenda and minutes
Finance Minister Nirmala Sitharaman in her press conference today informed about the measures to be taken for the benefit of the members of Employees Provident Fund EPF. Those earning a basic salary of more than Rs 15, a month will now contribute 10 per cent instead of the mandatory 12 per cent contribution towards the PF for the next 3 months till August Also, the contribution of the employer will be reduced to 10 per cent from 12 per cent. However, for the Central government employees, the rate of contribution by the employer remains the same. Currently, the mandatory monthly contribution by the employee stands at 12 per cent of the monthly pay which includes monthly basic pay, dearness allowance and retaining allowance, if any. As an employee, one is allowed to enhance the contribution to up to per cent of the basic pay. Such contributions above the mandatory 12 percent is considered as a voluntary provident fund VPF.
Most of the salaried people contribute around 12 per cent of their monthly wages to the employees provident fund EPF and a matching contribution is made by the employer. But it is possible that soon you may be contributing more towards your EPF. Last week, Supreme court in a ruling said that employer will have to include all the fixed allowances such as special allowances, conveyance allowance, medical allowance, etc. Right now, only basic wages plus dearness allowances are considered for calculating EPF contribution. As most of the private sector employees don't get dearness allowance, only basic wage is considered. As more and more allowances will be included in the calculation of basic wages, the PF contribution will go up but will automatically lead to reduction in take-home salary. The Supreme court has basically reiterated that any allowance which is paid universally to the employees and has not been earned with respect to overtime or increased productivity should be included in the calculation of EPF.
In Australia, superannuation , or just "super", is compulsory for all people who have worked and reside in Australia. The balance of a person's superannuation account, or for many people, accounts, is then used to provide an income stream when retiring. Federal law dictates minimum amounts that employers must contribute to the super accounts of their employees, on top of standard wages or salaries. The Australian Government outlines a set percentage of employees income that should be paid into a super account.
Employee Provident Fund EPF refers to the scheme which provides monetary benefits to the salaried class people upon retirement. It is applicable to every establishment which employs 20 or more employees and to such other establishments which the Central Government may notify. Under EPF scheme, an employee has to contribute a certain amount towards the scheme and an equal amount is paid by the employer. Reduction in statutory rate contribution was announced on The details of the same are as follows:.