Month: March 2017

Ppovident fund

Dear All,

Can any body guide me that how to implement provident fund policy in an organisation who earlier did not have provident fund facility, i have in my mind following queries which need clarification?
1) How should be the basic salary figure should be set so that larger contribution might not demotivate employer to pay for the contribution.
2) How can a trustee can be gathered, what should be the quantity of them.
3) How should be the tax recognition process should be managed.
4) What rate of provident fund should be deducted from employee salary and the rate of employer can be vary or it will be fixed as deducted from the employee same will be deposit by the employer or it might be vary.
5) Which financial institution best managed and give good return for short\long term loans, like EXTLoans.
6) What are the usage of provident fund, can it will be pay in the employment tenure as loan request of the employee and any other good usage of it.
7) In accounting IAS 19, should be applied, whether it will be a defined benefit plan or defined contribution plan.
And any other point which any body can added on the above queries will be highly appreciated.