Need your comments as per the statutory norms for the below mentioned:
For employees with monthly basic wage above 6.5K the PF contribution is 780: In case of absenteeism if the monthly basic falls down upto 6.5K the PF contribution is calculated on pro-rata basis in which case the PF contribution is less than 780.
For employees with monthly gross above 15K: In case of absenteeism even if the monthly gross reduces below 15K they will not be covered under ESIC.
Whether the variable incentive will be a part of ESIC eligibility and calculation.
Please clarify!
Best
George
From India, Bangalore
For employees with monthly basic wage above 6.5K the PF contribution is 780: In case of absenteeism if the monthly basic falls down upto 6.5K the PF contribution is calculated on pro-rata basis in which case the PF contribution is less than 780.
For employees with monthly gross above 15K: In case of absenteeism even if the monthly gross reduces below 15K they will not be covered under ESIC.
Whether the variable incentive will be a part of ESIC eligibility and calculation.
Please clarify!
Best
George
From India, Bangalore
Dear George,
Pf amount is deducted from Basic wage after the calculation of basic salary if attendance will fall subsequently PF amount will reduce. there is no other condition except attendance of employee.
In ESIC if any amount or incentive paid in the salary sheet every month as a fixed component then it will attract ESI also. Kindly give some light on the word Variable incentive so that we can give better reply.
Regards
Ratikanta Rath
From India, Durgapur
14Pf amount is deducted from Basic wage after the calculation of basic salary if attendance will fall subsequently PF amount will reduce. there is no other condition except attendance of employee.
In ESIC if any amount or incentive paid in the salary sheet every month as a fixed component then it will attract ESI also. Kindly give some light on the word Variable incentive so that we can give better reply.
Regards
Ratikanta Rath
From India, Durgapur
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PF query.doc
PF & ESI.zip
Presentation PF&ESI.ppt