Kindly, let us know how the reduction in rate of Administrative Charges (if any), and also kindly let us know how the rate will be charged against the pay. What will be included in “pay” while calculating the value of PF
As per the notification no. WSU/4(2)97/Administrative Charges, dated on 02.03.2015 the rate of Administrative Charges has been reduced to 0.85% from 1.10% of the pay w.e.f. 1st January,2015. Here pay means Basic Wages + DA + Cash Value Of Food Concession. But department has given a limit for A/C 2 (Admin Charges On PF) And A/C No 22 (Admin Charges On EDLI).
A/C No 2 : Admin Charges On PF : 1.10% Of Basic Wages + DA + Cash Value Of Food Concession
A/C No 22 : Admin Charges On EDLI : 0.01% Of Basic Wages + DA + Cash Value Of Food Concession
A/C No 2 : 0.85% Subject To Minimum Rs.500
A/C No 22: 0.01% Subject To Minimum Rs.200
Now, lets look at the final figure of Charges to be paid for PF: having pay of Rs. 15000 p.m.
Employer Contribution : 8.37% to PF, 3.67% to Pension Fund, 0.85% PF Admin Charges, 0.5% EDLI Contribution and 0.01% EDLI Admin Charges.
Employee Contribution: 12% of the pay.
Thanks, Very helpful