Ir.basavrajbakali
Manager - Hr
Gopi4m1982
Hr-training And Development
+7 Others

PRIME SPONSOR - FACTOHR - Customised Payroll, GPS Enabled Attendance, Travel, Performance Management, HRMS. Explore Features
Hi All, I have made a PF calculation Sheet. I don't know much about excel, still I have done it. You can improve it for your benefit.

The sheet contains example calculation. You only have to change the Basic, rest of the calculation will be done by itself.

You may need to do some changes regarding the Rate of Interest and the Months for which you were working in the company.

In this example: I have treated that the employee joins the company on sept 2008 and leaves the company in the mid of Aug 2010. But the PF claim was done later and the PF settlement was done in Sept 2011. Hence the PF calculation ends on Aug 2011. I am not sure if the interest gets accumulated even after leaving the company. Please confirm it if anybody knows when the interest accumulation gets stopped.

Since in the 2010 the interest rate was 9.5 I have changed the corresponding column to 9.5 instead of 8.5 only after march 2010. As the financial year ends in March.

Also you may need to change the VPF percentage for different months. If there is any mistake in the PF calculation sheet, please add your comments.

If you people need any more clarification, please ask.

Attached Files
Membership is required for download. Create An Account First
File Type: xls PF INTEREST CALCULATION SHEET.xls (44.0 KB, 7398 views)

Cite.Co is a repository of information created by your industry peers and experienced seniors sharing their experience and insights.
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
Hi Mosikud,
Is this PF sheet for PPF or EPF ???
If for PPF -
nice calculation sheet. kindly know me. you have taken no. 541 in your formula. what indicate for this.
If for EPF -
you have taken basic sal. 15000/- but it will not higher then 6500/- (your basic sal. can be 15000/- but pf calculated on max. 6500/-)
@Mandeep
This is for EPF. I have no idea about PPF.
The Rule for Employer contribution is
1) 3.67% of Basic towards PF
2) 8.33% of Basic towards Pension scheme or 541 whichever is lesser. The excess of which will be added to PF.
If you have noticed the same amount of 541 is used under the pension calculation formula.
Basic salary can be of any amount. And PF is calculated based on the Basic Salary. There is no restriction on the max basic for PF. As far as I know.
sandeep
This is for EPF. I have no idea about EPF calculation
The Rule for Employer contribution is
1) 3.67% of Basic towards PF
2) 8.33% of Basic towards Pension scheme or 541 whichever is lesser. The excess of which will be added to PF.
If you have noticed the same amount of 541 is used under the pension calculation formula.
Basic salary can be of any amount. And PF is calculated based on the Basic Salary. There is no restriction on the max basic for PF. As far as I know.
Mosikud, You are right.
Sandeep, I dnt knw what you can calculate about PPF. Its as good as a recurring account. that is taken for tax benefits & savings.
If you want a clarifaction about difference between both, there are many sheets available on this cite.
There are 3 knids of pf's EPF, VPF & PPF.
Hi Moskud,
if any employee has resigned and didnt claim yet then PF Department calculated the interest for next 2 years maximum after that interest will not be added in your accounts.
Thanks & Regards,
Manish Kumar Gera
Hi
I have noticed the entried generating for VPF in the PF calculation sheet. IS VPF a mandatory one? I believe that VPF is a voluntary one and it needs to declared by employee to the employer. Please correct me if I am wrong.
Regards,
Gopinath
Hyderabad.
Hello
Dear all
My background is from a consultancy,so dont know any thng about HR areas,so i would appreciate u all if u ll help me to learn diff. fields of HR.Would like to start with salary calculating part.This PF calculation Sheet, m really not getting it actually.so pls hlp me up.
Thanks & Regards
Sanjoli
Hi I am working for a company from Sep 2008 until now i want to know what is the PF accumilated until now can you send me the excel sheet so that i can know how much amount i will get until now
Dear Friends, My name is Saraswathi iam working in a graments factory as a hr.executive since from 2000 to till date. i would like to do MSW/MBA in correspondence weather its good/ not .pls suggest.
PRIME SPONSOR - TALENTEDGE "Interactive Anywhere Learning". Executive courses from top reputed institutes like IIM, XLRI, MICA. View Courses

Add Reply Start A New Discussion






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2019 Cite.Co™