prasadu551@gmail.com Started The Discussion:
Hi all, Please someone help out me, How are calculate the PF, Gratuity and ESI? In this process of calculations, which basis they calculate contribution? Someone help me on these calculations
Posted 17th September 2011 From India, Gurgaon
Dear Prasad, Huge Discussions are there regarding this topic. You can use research tab. Even then if you can’t clarify your query, then we can have a discuss.
Posted 17th September 2011 From India, Madras
Bharathi mam, i want procedure caluculation of salary of individual person..............take some amount explain me ,,,,,,,i want to know procedure. pleaseeeeeeeeeeee
Posted 17th September 2011 From India, Gurgaon
Salary breck up is :

Basic : 1000
DA : 500
HRA : 400
Others : 1000
..............,............
Gross Salary : 2900
..........................

For PF :
******************

(Basic + DA) * 12% Means : (1000+500) /100* 12 (same from company) and other admn. charges 1.61%

Max upto 6500/-

For ESI :
******************

Gross salary * 1.75%

from emp. salary deduction Means : 2900/100*1.75

from Employer 2900/100*4.25


Max upto 15000/-


for more details see the............



Regards
Posted 18th September 2011 From India, Vijayawada
Dear Prasad Subject - How calculate PF, Gratuity and ESI........... Please see the formula of sheet attachment for some .... more you need to discuss. Regards Vinod Chauhan Consultant New Delhi
Posted 18th September 2011 From India, Delhi
Attached Files
Shared By Cite.Community Member "vinod_chauhan_2004@yahoo.com" For Public Download
File Type: xls EPF,ESIC & GRATUITY .xls (44.0 KB, 8582 views)
Hi sir,
What are the contribution period ? what are the benefit period?in ESI act...IN Provident-fund ,how we calculate PF ,pension fund and DIL.......?
If any have material of ESI ,PF,Grtuity and superannuation act's................
Posted 19th September 2011 From India, Gurgaon
Hi all, what is the difference between gratuity fund and superannuation fund?pls someone give information............
Posted 19th September 2011 From India, Gurgaon
Dear Prasad,

Difference between Gratuity and Superannuation fund:

Superannuation is 15% of basic and gratuity is 4.81% of the basic.

Superannuation can be optional (you can opt in you on hand salary as a special allowance which will be taxable) while gratuity is not.

Superannuation can be claimed whenever you leave the company while Gratuity can only be claimed if you have completed 5 yrs.


Both terms have different meaning and used diferently and therefore should not be confused with each other .

In India , Superannuation is a perquisite extended to employees in various companies as a part of employment conditions generally to the management staff more for retention purpose . It had more significance some years ago as it entailed retiral benefit on attaining age of superannuation - say 58 years as companies in private sectors do not have pension schemes unlike Govenment Sector companies .

The superannuation started getting significance as many multinational companies offered this perquisite which even allows deduction up to 15 % of basic and in combination with PF should not go beyond 27 % as per existing rules under the Income Tax provisions .

The superannuation can be prescribed through LIC or many other private insurance cos. and no. of options may be chosen from the scheme by employees who are members at the time of leaving the company .

Whereas Gratuity is compulsary under the provisions of The payment of Gratuity Act after an employee completes 5 years service with the company . Gratuity becomes payable only on completion of 5 years only .


1. Superannuation is a defined contribution plan
2. Gratuity is a defined benefit plan

1. Superannuation is employee's contribution
2. Gratuity is employer's contribution

1. Employee can withdraw 1/3 or Superannuation Fund as tax free income and with rest pf 2/3 he has to buy an annuity plan (pension plan).
2. 100% of the Gratuity amount is Income Tax Free and can be received in one go.

1. Superannuation is not a statute
2. Gratuity is statute

1. Superannuation can be withdrawn any time ( leaving the company or retiring)
2. Gratuity can be received only when you complete 5 years of continious service.
Posted 19th September 2011 From India, Madras
Hi all, someone give information , what are the contribution period and Benefit period in the ESI act?
Posted 19th September 2011 From India, Gurgaon
Dear Mr.Prasadu

The ESI CONTRIBUTION PERIODS ARE -

1. 1st April to 30th Sept

2. 1st October to 31st March

If any employee falls in the ESI Limit (i.e Rs.15000/- gross) during the contribution period, ESI will be deducted till the end of the contribution period, even if his/her salary is increased to above Rs.15000/-

The benefit period is the next contribution period.

Regards

VGKVKM
Posted 19th September 2011 From India, Bangalore
thanks VGKVKM, U gave good information,Please give little more explanation on this topic ,i.e contribution period and benefit period in ESI act
Posted 19th September 2011 From India, Gurgaon
Dear Prasadu
1. Contribution periods under ESI are ;
1st APRIL TO 30 th SEPTEMBER and Benefit period for this contribution
started on 1st JANUARY TO 30 th JUNE.
2. Contribution period
1 st OCTOBER TO 31 st MARCH and Benefit period for this contribution
started on 1st JULY TO 31 st DECEMBER
REGARDS
KIRAN KALE.
Posted 23rd September 2011 From India, Kolhapur
Dear I am send sum calculation i hope u useful ESI & PF CALCULATION.
Posted 26th September 2011 From India, Delhi
Attached Files
Shared By Cite.Community Member "lata dhyani" For Public Download
File Type: xls ESI & PF CALCULATION.xls (19.5 KB, 535 views)
Dear Mr.Prasadu

I am sorry , Mr.Kiran is correct as to the benefit period. When I replied fast i made the mistake.

2. Gratuity is payable in case an employee completes 5 years of continuous service. Continuous service includes his eligible leaves also. For each year of service he will get 15 days BASIC+DA. The payment is calculated on the basis of 26 working days. ie., (BASIC+DA)/26*15

2. PF is calculated on the basis of BASIC + DA . It is deducted from the employees monthly salary (Basic+Da) at a minimum of 10%(some pvt PF FUNDS give more than 10%)
This will be deducted from the employee salary and he will get net of PF only as salary. A same percentage of contribution will be given by the EMPLOYER towards his contribution for the PF. Once the employee retires he will get both employee and employer contribution with interest till date. (Even early withdrawal possible)

for more details go through PF ACT.

Out of employer contribution 8.33% will go to the EPF pension.
Posted 26th September 2011 From India, Bangalore
Dear VGKNAIR,
I WISH TO EXPLAIN FEW WORDS HERE IN RESPECT OF EMPLOYEE'S PROVIDENT FUND THAT THE COVERAGE OF EPF HAS BEEN TAKEN PLACE STATUTORILY WHEN THE FIRM IS HAVING 20 EMPLOYEE ON ROLL AND RECEIVING SALARY/WAGES. THEN THE PERCENTAGE OF CONTRIBUTION IS 12% OF THE S/W. AND NOT 10%.
THE UNITS HAVING LESS THAN 20 EMPLOYEE ON ROLL AND WISH TO COVER THE UNIT VOLUNTARILY U/S.1(4) OF THE EPF&MP ACT THEN ONLY THE PERCENTAGE OF CONTRIBUTION COMES DOWN TO 10%.
NOW, REGARDING WITHDRAWAL THOSE WHO HAVE LEFT THE SERVICES BEFORE 10 YRS. OF PF SERVICE CAN WITHDRAW FULL AMOUNT STANDING THEIR CREDIT IN A/C.1 AND A/C.10 AND THEY CAN RECEIVE INTEREST ONLY ON PF ACCUMULATION (15.67%).
THE EMPLOYEE WHO HAS COMPLETED 10 YRS. IN PF/EPS SEVICE THEN HE
CAN WITHDRAW THE AMOUNT OF EPF AND HE WILL BE ENTITLED FOR PENSION AFTER ATTAINING AGE OF 58 OR REDUCE PENSION ATTAINING AGE OF 50 SUBJECT TO REDUCTION IN PENSION PER YEAR BY 4%.
I HOPE THIS MAY BE INFORMATIVE TO U AND ALL THOSE WHO REQUIRED TO KNOW.
REGARDS,
KIRAN KALE
Posted 27th September 2011 From India, Kolhapur
Dear Prasad,

For ESIC, it is applicable till your gross salary does not cross 15000/- and monthly deduction would be 1.75% (employee contribution) and 4.75% (employer contribution).

For Eg: If my salary is Rs.15000/- gross i am entitled for ESIC.

Even if you get a salary hike in the month of May, your ESIC deduction would be done till September. Because ESIC returns are done half yearly.
Posted 27th September 2011 From India, Mumbai
Dear Mr.Kiran

Thanks for more details in regard to PF. But there is a clarification. The EPF has been increased from 8.33 to 10 and those who were contributing 10% was raised to 12%. This i mentioned in my reply, but in short.

On seeing your reply , I just looked in to the EPF site and there they are clearly giving the details as as below (ref epfindia.nic.in IN POINT NO 24 :
----------------------------------------------------------
24) What is the voluntary rate of Provident Fund contribution by the member?
As per the Act, the member has to contribute at the rate of 10% or 12% of his basic pay, D.A. & retaining allowance if any. In case the member wants to contribute more than this, voluntarily he can do so at any rate he desires. i.e. upto 100% of basic and D.A. But the employer is not bound to contribute at the enhanced rate.
----------------------------------------------------------------
Regards

VGKVKM

Posted 28th September 2011 From India, Bangalore
Dear VGKVKM
Yes, it is true as those having coverage u/s.1(4) there rate of contribution is 10% and hence it is stated in aforesaid point no.24. Also i have given information in my previous thread to this extend.
Regards,
KIRAN KALE.
Posted 29th September 2011 From India, Kolhapur
Thanks alot Bharathi, for sharing info. regarding gratuity & superannuation............ :)
Posted 30th September 2011 From India, New Delhi
If any candidate already working in any organization as a daily rated employee thru service provider, and after sometime he is observed by the same organization as a permanent employee,

What about his balance leave with service provider during that period for which he get salary thru service provider.

Plz help me.

Regds

Kan Singh Ranawat
Project Accountant
Posted 1st October 2011 From India, Shimla
sir if one person completes 58,but still working means ,how to calculate for challan payment...how to make basic in difference.please give some idea.
Posted 10th November 2011 From India, Madras
Dear Rajesh Kanna,
After completion of 58 of age the contribution @8.33% towards the pension scheme has been stopped and the same contribution has to be diverted to the contribution of employer. means contribution of employer @ 12% should be shown at employer's contribution where 3.67% has shown.
Regards,
KIRAN KALE
Posted 13th November 2011 From India, Kolhapur
Hey friends, For all your queries regarding, Income tax, PF, ESI, Sales tax and other legal compliances just mail at ehelptax@gmail.com Regards !
Posted 30th September 2015 From India,
Hi Sir,

I am a fresher with no experience in pf & esi. I have joined as an HR executive in a private firm more than 20 employees are working here. My Manager is asking me to work on pf and esi there is no previous records for this pf esi and all as we are going to start detecting pf for our employees for the upcoming year. I dont know how and where to start working with this.

Regards,
Rameela
Posted 11th December 2015 From India, Chennai



 
 
 
 







Found This Useful? +Vote Up This Via Google.  

Why Vote? User validation is extremely important for good content to prosper.
Disclaimer: This network and the advice provided in good faith by our members only facilitates as a direction towards the actions necessary. The advice should be validated by proper consultation with a certified professional. The network or the members providing advice cannot be held liable for any consequences, under any circumstances.

About Us - Advertise - Contact Us - RSS   On Google+  
Copyright 2016 Cite.Communities (CiteHR.Com) User contributions are owned by the contributor.
Privacy Policy | Disclaimer | Terms Of Service
Facebook Page | Follow Us On Twitter | Linkedin Network