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vishal k | . my salary is 9000 pm.the company deducts from me 24% provident fund. is it lega? |
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 |
 
Ash
|
Based on my understanding of the issue:
1) Your salary of 9000 pm is including CTC. i.e. your salary in the offer letter is Rs 1,08,000.
2) This includes 12% contribution to PF from your employer
3) Your contribution to the PF is again 12% of your basic + DA.
Thereby the combined contribution comes out to be 24%.
4) Your employer is supposed to give you a PF statement atleast once a year. If the employer is not providing it already, you can demand the same.
ps: Investing in PF may be a very good idea for the long term benefit since based on power of compounding you can easily retire rich on PF money. Good luck! |
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JaishankarVM
 |
Hi,
It is very important to see what your offer letter say??
Some companies gives offer / appointment letter which is based on CTC which also includes the PF contribution from the company. If you are thinking that your CTC /12 is your salary and the company is deducting 24%, then you are wrong. First remove the PF portion from CTC and then divide it by 12 which is your salary. Then from this, you see if it is 12% or 24, you will get there.
Thanks,
Jai |
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Jss
 |
Employee and employer contribute 12% of base salary. 3.67% will be deposited by your employer to your EPF A/C & 8.33% to your FPF A/C ( FAMILY PENSION FUND).
For salary breakup to get maximum deductions, read:Income From Salary http://mytaxes.in/index.php?topic=17.0 |
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Hossain
 |
no it is not legal, PF rate is 12 % on Basic Salary. |
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deep
 |
NO,company can deduct 5% pm from your salary,not more then it,but if sign agreement about it, then it is legal.
you can increase your deduction,company can deduct more then 5% with your accept . |
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jarantar
|
Read what the EPF rules say:
12% of the basic pay DA , Cash value of food concession and retaining allowance , if any, subject to a maximum of Rs.6500/- per month. Voluntary higher contributions are also acceptable at the joint request of the member and the employer.
However, certain establishments are allowed to contribute 10% instead of 12%.
I think the above is clear and 24% deduction from your salary is illegal. |
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tulsi gupta
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if your salary is CTC then it is ok if it is not ctc then its wrong.
Mr. Tulsi Gupta |
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Hunk
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stupid company why its deducting 24 % ?
it happens only in india,the inflation seems to be increasing day by day but the salaries remain same since 2 decades
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