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What journal entry for provident fund?
To record employee contributions to the provident fund: Debit Provident Fund Expense and Credit Employee Contribution Payable. To record employer contributions: Debit Provident Fund Expense and Credit Employer Contribution Payable.
What is contribution refer to provident fund?
Contribution refers to the amount of money that gets deposited into the pf account
Can any employer discontinue paying his contribution to the provident fund?
No. It is a crime and he can be arrested for it
What is the percentage of employer's contribution to provident fund on employee's basic?
It is 12% of your Basic Salary
What is the percentages of employee provident fund?
Contribution is 12% of the basic salary and the current interest rate is 8.6%
When was Central Provident Fund created?
Central Provident Fund was created in 1955.
What is the interest rate on unrecognized provident fund?
There is no such thing as an Unrecognized provident fund. The rate of interest on provident fund in India is 8.6% per year
Can you remit provident fund contribution of casual employees employing less than 10 days?
It is not possible as well as not required
Which one is better between voluntary provident fund and public provident fund?
VPF
Maximum and minimum limit of pf with example?
The maximum and minimum limits of Provident Fund (PF) contributions can vary by country and specific regulations. For example, in India, the Employee Provident Fund (EPF) mandates a minimum contribution of 12% of the basic salary from both the employee and employer, while there is no specified maximum limit for contributions; however, the interest on contributions is capped at a certain salary threshold (currently ₹15,000 per month for mandatory EPF). Thus, if an employee earns ₹20,000, their contribution would still be calculated on ₹15,000 for the purpose of EPF, even though they may contribute a higher percentage voluntarily.
How many FDI in provident fund?
None. The Indian government does not allow FID in provident fund
Is PF to be paid by the company into the employees account is deducted from employees salary?
No, the Provident Fund (PF) contribution is not directly deducted from the employee's salary. Instead, it is a statutory benefit where both the employer and employee contribute a percentage of the employee's basic salary to the Provident Fund account. The employer's contribution is a separate contribution made by the company, while the employee's portion is typically deducted from their salary before it is disbursed.
