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Dear Prasadu
1. Contribution periods under ESI are ;
1st APRIL TO 30 th SEPTEMBER and Benefit period for this contribution
started on 1st JANUARY TO 30 th JUNE.
2. Contribution period
1 st OCTOBER TO 31 st MARCH and Benefit period for this contribution
started on 1st JULY TO 31 st DECEMBER
REGARDS
KIRAN KALE.

From India, Kolhapur
Dear I am send sum calculation i hope u useful ESI & PF CALCULATION.
From India, Delhi

Attached Files
File Type: xls ESI & PF CALCULATION.xls (19.5 KB, 1120 views)

Dear Mr.Prasadu
I am sorry , Mr.Kiran is correct as to the benefit period. When I replied fast i made the mistake.
2. Gratuity is payable in case an employee completes 5 years of continuous service. Continuous service includes his eligible leaves also. For each year of service he will get 15 days BASIC+DA. The payment is calculated on the basis of 26 working days. ie., (BASIC+DA)/26*15
2. PF is calculated on the basis of BASIC + DA . It is deducted from the employees monthly salary (Basic+Da) at a minimum of 10%(some pvt PF FUNDS give more than 10%)
This will be deducted from the employee salary and he will get net of PF only as salary. A same percentage of contribution will be given by the EMPLOYER towards his contribution for the PF. Once the employee retires he will get both employee and employer contribution with interest till date. (Even early withdrawal possible)
for more details go through PF ACT.
Out of employer contribution 8.33% will go to the EPF pension.

From India, Bangalore
Dear VGKNAIR,

I WISH TO EXPLAIN FEW WORDS HERE IN RESPECT OF EMPLOYEE'S PROVIDENT FUND THAT THE COVERAGE OF EPF HAS BEEN TAKEN PLACE STATUTORILY WHEN THE FIRM IS HAVING 20 EMPLOYEE ON ROLL AND RECEIVING SALARY/WAGES. THEN THE PERCENTAGE OF CONTRIBUTION IS 12% OF THE S/W. AND NOT 10%.

THE UNITS HAVING LESS THAN 20 EMPLOYEE ON ROLL AND WISH TO COVER THE UNIT VOLUNTARILY U/S.1(4) OF THE EPF&MP ACT THEN ONLY THE PERCENTAGE OF CONTRIBUTION COMES DOWN TO 10%.

NOW, REGARDING WITHDRAWAL THOSE WHO HAVE LEFT THE SERVICES BEFORE 10 YRS. OF PF SERVICE CAN WITHDRAW FULL AMOUNT STANDING THEIR CREDIT IN A/C.1 AND A/C.10 AND THEY CAN RECEIVE INTEREST ONLY ON PF ACCUMULATION (15.67%).

THE EMPLOYEE WHO HAS COMPLETED 10 YRS. IN PF/EPS SEVICE THEN HE

CAN WITHDRAW THE AMOUNT OF EPF AND HE WILL BE ENTITLED FOR PENSION AFTER ATTAINING AGE OF 58 OR REDUCE PENSION ATTAINING AGE OF 50 SUBJECT TO REDUCTION IN PENSION PER YEAR BY 4%.

I HOPE THIS MAY BE INFORMATIVE TO U AND ALL THOSE WHO REQUIRED TO KNOW.

REGARDS,

KIRAN KALE

From India, Kolhapur
Dear Prasad,
For ESIC, it is applicable till your gross salary does not cross 15000/- and monthly deduction would be 1.75% (employee contribution) and 4.75% (employer contribution).
For Eg: If my salary is Rs.15000/- gross i am entitled for ESIC.
Even if you get a salary hike in the month of May, your ESIC deduction would be done till September. Because ESIC returns are done half yearly.

From India, Mumbai
Dear Mr.Kiran

Thanks for more details in regard to PF. But there is a clarification. The EPF has been increased from 8.33 to 10 and those who were contributing 10% was raised to 12%. This i mentioned in my reply, but in short.

On seeing your reply , I just looked in to the EPF site and there they are clearly giving the details as as below (ref epfindia.nic.in IN POINT NO 24 :
----------------------------------------------------------
24) What is the voluntary rate of Provident Fund contribution by the member?
As per the Act, the member has to contribute at the rate of 10% or 12% of his basic pay, D.A. & retaining allowance if any. In case the member wants to contribute more than this, voluntarily he can do so at any rate he desires. i.e. upto 100% of basic and D.A. But the employer is not bound to contribute at the enhanced rate.
----------------------------------------------------------------
Regards

VGKVKM

From India, Bangalore
Dear VGKVKM
Yes, it is true as those having coverage u/s.1(4) there rate of contribution is 10% and hence it is stated in aforesaid point no.24. Also i have given information in my previous thread to this extend.
Regards,
KIRAN KALE.

From India, Kolhapur
If any candidate already working in any organization as a daily rated employee thru service provider, and after sometime he is observed by the same organization as a permanent employee,
What about his balance leave with service provider during that period for which he get salary thru service provider.
Plz help me.
Regds
Kan Singh Ranawat
Project Accountant

From India, Shimla
sir if one person completes 58,but still working means ,how to calculate for challan payment...how to make basic in difference.please give some idea.
From India, Madras
Dear Rajesh Kanna,
After completion of 58 of age the contribution @8.33% towards the pension scheme has been stopped and the same contribution has to be diverted to the contribution of employer. means contribution of employer @ 12% should be shown at employer's contribution where 3.67% has shown.
Regards,
KIRAN KALE

From India, Kolhapur

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