Hr & Admin
Ir & Admin
Assistant Engineer, Indian Telephone Industries,
Payroll, Statutory Compliance, Hr, Ir &
please refer this link:
Employees’ Provident Fund rate will not change in financial year 2009-2010 | Tax Guru
18th May 2010 From India, Hyderabad
EPF interest rate remains unchanged at 8.5%-Savings News-Savings Centre-Personal Finance-The Economic Times
18th May 2010 From India, Mumbai
The PF contribution is 12% of Basic salary from both employee and employer. For the calculation the maximum limit of Basic is Rs 6500/-. It means even if the employee's basic salary is above Rs 6500/- the employer is liable to contribute only on Rs 6500/-, that is Rs 780.
However if an employee so desires he may voluntarily contribute more than 12%. Apart from it an employer also has to pay some administration charges. I explain you the various accounts of PF challan.
A/c No 1: PF contribution Account
A/c No 2: PF Admin account
A/c No 10: EPS account
A/c No 21: EDLIS account
A/c No 22: EDLIS admin account
PF admin charge = Employer has to pay 1.1 % of basic
EDLIS: Employer has to pay 0.5% of basic
EDLIS admin charge:Employer has to pay 0.01% of basic
Total additional percentage employer has to pay: 1.61% of basic
So employer has actually to pay 13.61 % of Basic and employee has to pay only 12% of basic.
Employees complete 12% goes to PF account to with draw, while employer contributions' 8.33% goes to Pension fund and 3.67% goes to PF fund.
Hope that helps!
19th May 2010 From India, Bangalore
The 12 % employer contribution break up is
8.33 towards pension fund and
3.67 towards provident fund.
I believe the admin charges are not included in this 12 % charge, that is why employer contribution turns out to be 13.11% i.e. 8.33 + 3.67 + 1.10 + 0.01
11th June 2010 From India, Pune
However I shall insert an Excel Sheet in this regard. You extend the rows (as per your requirement) and enter the the salary applicable for PF.
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21st August 2010 From India, Bangalore