Why is an amount of ₹500 computed for Provident Fund administration charges when calculating Provident Fund arrears?

Created by Product Content Team, Modified on Thu, 3 Jul at 3:05 PM by Product Content Team


A Provident Fund (PF) is a government-managed, mandatory retirement savings scheme used to provide employees with financial security for their retirement.


In compliance with statutory obligations, the minimum Provident Fund administration charges are set at either ₹500 or 0.5% of the basic Provident Fund amount, whichever is greater.

Please refer to the attached statutory requirement for Provident Fund administration charges. This obligation is applicable even when PF arrears are processed.


Looking for More Support?

Find answers and insights across our resources. Refer to our detailed Knowledge Base for in-depth articles, explore our practical video guides, and stay informed with our latest product updates.

 

Want to explore more features on greytHR? Talk to Us!  



Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select at least one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article