No Tags Found!

Gvpcollege
4

Hi Seniors,
My salary is 19,838. For this amount my company deducting 996 as PF. How it possible. My Hr Said that we are calculating on CTC. Can any one please clarify my doubt please.
Thanks & Regards
Girish

From India, Visakhapatnam
bshekara
Hello girish, PF Cal on Basic salary. What is your basic ? Basic 12% is your PF Deduation. If you basic is 8300 X 12% = 996 Regards, somashekara
From India, Ujjain
murali12
9

Dear girish,
The PF limit is Rs.6500/-. if you are getting 50,000/- then also the deduction should be on 6500/-( Basic+DA). the calculation method is =6500*12%=780 . if they included admin charges (1.6%)it could be 884/- (total 13.6%).as per my knowladge it's wrong . please check with the your HR and their policy.

From India, Bangalore
Anonymous
dear girish,
iam totally aggry with mr. Murali.
PF always deduct on basic salary & if u have basic salary more than 6500 then it will be calculated on 6500@ 13.61% maximum 887 rs if they deduct more then this then u should talk to ur hr dept.

From India, Delhi
SK SINGH
2

Dear Murli,
You are right but it is not in all cases, if an employee's basic is more than 6500/-, he has has the option to chose.
Either he can contribute 12% on 6500/- i.e Rs 780/-
or 12% on actual basic .i.e 8300 X 12% = 996/- (if basic = 8300/-)
Moreover Admin charges is applicable to Employer not to employee, employers are supposed to contribute 13.61% on basic to PF dept.
Correct me if I am wrong.

From India, Visakhapatnam
Manasi Shah
Dear Girish,
PF is calculated @ 12% on Basic Salary.
If your basic is more than Rs.6500/- then the contribution can be limited to Rs780/- or calculated on full basic salary.
In your case it seems the PF is calculated on full basic salary which is Rs. 8300/-. (as Rs.996/- is deducted as mentioned by you)
Pls check your payslip or CTC for your basic salary and confirm.
Hope this solves the query.
Regards,
Manasi Shah
Consultant
Advent Corporate Services

From India, Mumbai
Lalitk709@gmail.com
plz sir tell me how i get establishment code and name to know my pf claim status.my pf no, is pn-2820/10825 and how much time taken by them to credit my money in the bank.
From India
shom25
1

Hi Seniors,
Adding to the query, from the starting of this month my company(a financial data service provider) circulated an email asking all the employees to put their signatures on a consent form which says that now onwards the PF will be deducted on actual basic and there will be no capping of 6500/. So what I want to know is there any rule through which this cap can be disregarded and now onwards will the employer and employee both will contribute towards the PF at same rate? i.e. 12% on actual basic?
Thanks for your valuable opinions!
Shom

From India, Gurgaon
RUPESH123
13

We refer the News of ESIC amendment in slab which was raised to a maximum slab of Rs. 15000 instead of earlier Rs. 10000 from 01.05.2010.

In this context I would like to have a suggestion to you to increase the PF slab also as the current PF slab is Rs. 6500 since long. Now due to the global financial situation it is very necessary to amend this slab because at the time of retirement at the age of 58 employee working in a private sector will get very nominal amount. It will be very hard for a person to run his family with PF amount and pension amount what he will get as per the current slab

As you are aware inflation rates are in upward trend and rates of all the necessary items has increased steeply. How can an average middle class Indian can fulfill his basic requirements from above PF amount when he retires.

I think government should change the policy and take some more effective actions keeping in mind long time inflation rate. You can understand the critical position of a person retiring at the age of 58 especially private sector employees.

Government should think about middle class family. “Poor are becoming poor day by day”

Expecting some amendments in PF slab in the new Fiscal Year.

From India, Vadodara
pais.jyothi
i think you have misunderstood what HR is said. If he said the it is included in your CTC then its OK... but if he has said that it is calculated on your CTC then it is wrong... Therefore clarify the same from the HR department...
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.






Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.