Ceiling of Rs.5.00 lakhs on subscription to General Provident Fund in a financial year
Contents News/Article Date: 11th October 2022
Relating to which Act: General Provident Fund (Central Service) Rules 1960
Type: Government of India, Ministry of Personnel, PG & Pensions, Department of Pensions & Pensioners Welfare, Office Memorandum issued by Under Secretary to Government of India
Pertains to: Ministries & Government Departments
Relevance of this news: As we all know that under the Provident Fund and Employee State Insurance Corporation Act, it is mandatory to provide some contributory and health care benefits to employees for which there is some percentage contribution on the part of the employer towards each and every employee who is eligible for this purpose in the immediate and long-run while in tenure of service. These are also known as social security benefits that are governed and managed by Government bodies as per rules and regulations laid down and understood by all employers applicable by these Acts.
Karma Global does a lot of work on PF & ESI and especially under the PF act, there are a lot of chapters and sections and sub-sections against which obligations are required to be fulfilled by employers and employees. Karma Management Global Consulting Solutions Pvt Ltd takes care of all the obligations for the establishments as well as members of the Fund.
In this instance, it is relating to General Provident Fund (Central Service) Rules 1960 pertaining to Ministries & Government Departments where it mentions that subscribers amount of subscription shall not be less than 6% of the emoluments and not more than total emoluments of the subscriber.
Subject: Ceiling of Rs.5.00 lakhs on subscription to General Provident Fund in a financial year
For greater details, attached is the notification
Ceiling of Rs.5.00 lakhs on subscription to General Provident Fund in a financial year
