How to Calculate PF (Entire End to End Process Plzzzzzzzzzz)
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How to Calculate PF (Entire End to End Process Plzzzzzzzzzz)

Shreeram Joshi Started The Discussion:

Dear All

I am working in one of the IT industry , I was appointed as a Recruitment Admin, but now they are giving me an additional opportunity & that is PF Admin. but :( Problem is that i dont have knowledge of PF at all , I know the Basics but practically how to do end to end process i dont know , Can some body help me out is this matter Plzzzzzzzzzzzzzzzzzzzzzzzzzz

Regards

Shreeram

Deepu - Member Since: Dec 2005
Hi Shriram,

PF is calculated on the Basic Salary of the employees. At present the minimum rate of PF is 12% of the basic salary subject to a maximum of Rs.6500/- per month. This may change time to time subject to Governments PF Law. <means it is not nessary to give PF those basic is above 6500>

Employee’s contribution to PF = 12% of Basic Salary subject to a maximum of Rs.780/- per month.
Employer’s contribution to PF = 12% of Basic Salary subject to a maximum of Rs.780/- per month.

rgds

deepu

Z S DABAS - Member Since: Dec 2005
Hi Shreeram,


i would like to add. if any employee joins you with basic more than 6500 and he was the member of EPF with his/her previous employer. we have to keep continue his / her member of EPF.

To support your claim you need to get Form -11 under EPF from each employee.

Regards

Dabas

vikasdeepa_arora - Member Since: Nov 2005
Shriram,

I would also like to add on with regard tp PF

PF form 5 needs to be filled whenever there is new arrivals in your Company.

PF Form 10 of previous month for the leftover in your company.

Form 12 for monthly submission stating about the total employee contribution and total employer contribution. Here ou also needs to mention about the TEMP STAFF

Challan needs to be submitted in the State Bank of India and the last date for the same is 15 of each month ( with regard to delhi).

12 % Employer contribution is segregated in to 2 parts

8.33 % in Pension
3.67% in PF

But Employees contribution of 12 % each month goes to PF.

After Resignation Employee can finally have money after 3 months from the date of resignation and for the same PF form need to be submitted to PF Office only after 2 months from the date of resignation.

Employee can also transfer their PF Account to the new employer by getting Form 13 filled up.

The PF return neds to be submitted after every 6 months where in you have to shown till now how many contribution is made by you and your employee.

You can receive PF Slips for the contribution you have made and what is interest you have acrrued on the money which is lying with PF Office.


Deepa

Abhay Thale - Member Since: Jan 2005
Dear Shriram
I am attaching herewith some presentations on PF and family Pension Scheme. Hope this may help you. Also some of our professional collogue have given update on PF contribution calculation and return related aspects.
It has been observe that we as a principal employer are very keen in deduction and remittance of PF Contribution. But most of the time we forget to pay attentions to different forms and returns to be submitted to the office of PF Commissioner.
With my past employer i have prepared an exhaustive check list which i'll try to attach by end of Dec as right now I am on International assignment.

Best regards,
Abhay
:lol:


Attached FilesProvided by community member Abhay Thale. Join us to learn and grow with your peers.
File Type: xls pf_calculn_209.xls (21.5 KB, 11577 views)
File Type: ppt family_pension_scheme_-_1995_702.ppt (90.5 KB, 4203 views)
File Type: doc pf_scheme_111.doc (42.5 KB, 5121 views)
promila - Member Since: Nov 2005
Hi,
it was nice presentation on P.F.
As for the starter we should start with basic of P.F
1) P.F is deducted from basic salary.
2) Employeer contribution 12% and employee contributin 12%
3) For a new joining Form No Revised -2 is used.
4) New P.F nunmber is given by the company .for eg: if the last persons A/C No is HR/36c/180,next No.would be 181.182....so on.
5)P.F amount is depodited every month in the SBI bank.
6) for that u need FORM NO 5,10,Form No 12(A),Challans,with covering letter.
7) If an employee who joins ,but has P.F No,the same No.Can be transfered to new Org.
8) P.F returns are done annually(March-aprill)
9) To do the annual return u need from No.3(A) & 6.
10.Along with covering letter and copy of cahalans.
11) beside this its very important to maintain P.F legder,on monthly basis.
12)Try to fill P.F ledger,so that in the end its not a problem for u.
This is all about P.F.
Thanks N regards
Promila

Ekta Sharma - Member Since: Jul 2004
Hi Thank you so much for nice presentation. It is surely going to enhance the knowledge of even layman about the PF EKta

purnendu - Member Since: Nov 2005
dear sir, i could not find the presentation on PF, remaining knowledge is very helpful, could you send it to me at purnendumaity@gmail.com

sureshhr2004 - Member Since: Feb 2006
Hi Frns...

I'm suresh.k

and Its really plessure to meet all u people... hope you guys may in touch with me.. in also...

and i 'm really thank full to Mr.abhay for these attachments...

have a great day...
bye........ :-))
:D

arunmandyam - Member Since: Apr 2006
Hello Ram, Sent you the details of the PF calculation in detail. Hope it will suffice your needs. Regards Arun M V



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