sureshjakhotiya said : Dear Mr.TKMadhu
I am a member of EPF since 2000 August. I was not entitled for Pension Fund so the contribution of Employer was added to that of mine.
I was contributing more than 12% (say 72%) of my basic. Employer as required was on 12%.
Year End March 2015, I calculate on my EPF pass book that the Interest as on date is only 8.25%.
My question is
1) What is the method PF adopts to calculate Interest
2) How can I get my figures checked & corrected in Department.
Madhu.T.K said : It depends on the notification issued by the State Govt. As per Act, only canteen for workers is to be provided and that also in case the number of workers exceed 250. Whether it should be subsidised and to what extend it should be subsidised will be as per Govt. notification
Madhu.T.K said : Mandays is number of persons employed on a day and therefore, if you want to take the mandays per year, you have to add up the number of persons employed on each day. By dividing it by the number of days worked, you will get the average mandays. It is to be calculated by day and not just by mutiplying the number of employees by working days because on each day there can be different number of persons employed.
Thanks for your feedback. However in Minimum wages returns Form III - the calculation for Mandays is shown as aggregate attendance for the year & for Average daily persons worked during the year is shown as Aggregate attendance for the year divided by No. of working days. I read another article on the net which shows mandays = no. of people worked X no. of working days (ie the reason I had calculated the mandays as No. of people in each month X no. of working days each month and added up this calculation for 12 months & divided the same by twelve to calculate the No. of mandays worked during the year.
Please correct me if I am wrong. According to the calculations shown by u, I am supposed to calculate the daily basic salary and add them up to get the annual mandays. Please help.
I have gone through many of your posts and find them extremely informative. Though I go through the bare acts of many statutory acts, I still have many doubts when it comes to application of these acts or filing up the various registers, returns etc. Can you provide advice?
I have a query reqarding new PF amendments which is as follows:
One of employee joined in our organisation whose basic salary is Rs. 30000, now we want to deduct the PF but as per the new amendments a fresh member who has already settled his pf account or joining first time, all contribution will go to account no. 1. No part of the contributions will go to A/c no. 10.
Is this true? But when I asked the PF authorities they are denying any such rule. Please clarify.