STI NEWS;"SPLITTING SALARIES FOR LOWER PF TO LAND CO IN TROUBLE"plus 1 more

SPLITTING SALARIES FOR LOWER PF TO LAND CO IN TROUBLE

Posted: 05 Jun 2011 09:44 AM PDT

Employers who split workers salaries into a number of heads to bring down provident fund contributions have been warned of legal action by the Employees Provident Fund Organisation, or EPFO. We have told our field offices that they should examine contracts and pay structures to decide whether the pay was being split into several heads as a subterfuge to avoid PF contribution, a government...

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8% INTEREST ON PPFS CLOSED BETWEEN MAY 05-DEC 10

Posted: 05 Jun 2011 09:38 AM PDT

The Government clarified that PPF accounts of Hindu Undivided Families (HUFs) which were closed down between May 2005 and December 7 last year would get 8 per cent interest on the deposits. The Finance Ministry has issued the clarification in view of the doubts raised with regard to payment of interest on Public Provident Fund (PPF) accounts held by the HUFs beyond the maturity...

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