What is arrears EPF?
What is arrears EPF?
Arrears is the money that is owned by an individual that should have been paid earlier by the person. This can be due to various reasons. But when it comes to EPF, arrears are considered to be emoluments under the guidelines of the Provident fund’s scheme.
Is PF applicable on arrears?
If you give arrears of salary this month, deduct PF/ ESI at the prescribed rates (12%/1.75%) from the arrears and pay it. The additional PF/ESI so deducted shall be deposited along with regular contributions.
What EPF means?
Provident Fund Employees’ Provident Fund
Employees’ Provident Fund is a statutory benefit payable to employees working in India. The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (“Act”) is applicable pan-India.
What is meant by EPF wages and EPS wages?
EPS is another pension scheme that the Government of India offers. It springs from the EPF, i.e., not all of an employer’s contribution goes towards an Employee Provident Fund. 8.33% of this amount goes to the Employee Pension Scheme or EPS. The rest becomes the actual EPF contribution.
Is arrear of salary taxable?
Yes, Arrears of Salary is always taxable. When an employee receives arrears of salary for the previous years, which was not taxed earlier on the due basis, then the salary received is taxed on a receipt basis.
How can I claim my PF amount?
You must visit the EPFO website and enter your UAN (Universal Account Number), password and captcha. You then click on the ‘Online Services Tab’ and choose the option “Claim (Form 31, Form 19, Form 10C and Form 10D)”. Enter your bank account number linked with your PF account and click on ‘Verify’.
How can I get PF amount?
Select ‘PF Advance (Form 31)’ to withdraw your fund. Then provide the purpose of such advance, the amount required and the employee’s address. Now, click on the certificate and submit your application. You may be asked to submit scanned documents for the purpose you have filled the form.
What is EPF wages in EPF passbook?
Under the EPF scheme, both the employer and employee contribute to the EPF Account. The contribution is done at 12% of the salary including dearness allowance. Along with the EPF scheme, the EPS scheme is also offered to employees.
How are arrears calculated?
Start with the employees’ regular monthly salary. Calculate the amount from the end of the previous month up to the appropriate arrears date. Subtract the amount that you have already paid until the arrears effective date. The remaining amount gives you the arrears component.