I am new in HR Field. I want to understand the pf and basic salary calculation method.
If someone Cost to Company (CTC) is 15000/- or less then only he/she is liable for pf deduction? Or 15000/- is the limit of basic salary?
You all are experienced and respected for me. Your guidance is very important. Please guide.
From India, Jaipur
If someone Cost to Company (CTC) is 15000/- or less then only he/she is liable for pf deduction? Or 15000/- is the limit of basic salary?
You all are experienced and respected for me. Your guidance is very important. Please guide.
From India, Jaipur
Dear
Please go through Sec 2(b) which defines basic wages and Sec 6 which deals with calculation of contribution ( Employees provident fund & Miscellaneous Act).
1) PF deduction is mandatory in respect of employees who's wages/salary is less than or equal to Rs.15000/-.
2) Where basic salary is more than Rs.15000/-, for the purpose of pf contribution we can restrict the basic wages to Rs.15000/-.
From India, Mysore
1Please go through Sec 2(b) which defines basic wages and Sec 6 which deals with calculation of contribution ( Employees provident fund & Miscellaneous Act).
1) PF deduction is mandatory in respect of employees who's wages/salary is less than or equal to Rs.15000/-.
2) Where basic salary is more than Rs.15000/-, for the purpose of pf contribution we can restrict the basic wages to Rs.15000/-.
From India, Mysore
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls