Stay informed about the updates applied to PeopleSoft applications to keep your organization compliant
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Human Capital Management
September 4, 2014
Legislative Update for PeopleSoft HCM Global Payroll India
Amendments to Employee Provident Fund Contributions
The Central government of India has announced changes to the Employees Provident Fund & Miscellaneous Act, 1952 & Employee Pension Scheme, 1995 by notification in the official Gazette. Amendments have been made to the statutory wage ceiling for PF & Pension contribution by the employee & employer effective 1st September 2014.
EPFO (Employee Provident Fund Organization) has also introduced UAN (Universal Account Number) to reduce/ or eliminate the dependency on the employer and improve the quality of services to the members. UAN will be allotted to all active contributing members. UAN will act as an umbrella for multiple member id’s allotted to the same individual. Our revised position statement includes these legislative updates and the respective delivery timelines. We advise customers to review the position statement to keep up-to-date. Our Position Statement can be found on My Oracle Support, Document ID 1904351.1.
The Central government of India has announced changes to the Employees Provident Fund & Miscellaneous Act, 1952 & Employee Pension Scheme, 1995 by notification in the official Gazette. Amendments have been made to the statutory wage ceiling for PF & Pension contribution by the employee & employer effective 1st September 2014.
EPFO (Employee Provident Fund Organization) has also introduced UAN (Universal Account Number) to reduce/ or eliminate the dependency on the employer and improve the quality of services to the members. UAN will be allotted to all active contributing members. UAN will act as an umbrella for multiple member id’s allotted to the same individual. Our revised position statement includes these legislative updates and the respective delivery timelines. We advise customers to review the position statement to keep up-to-date. Our Position Statement can be found on My Oracle Support, Document ID 1904351.1.
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