Dear Professionals,
How 780 is calculated & paid for PF?
What is the purpose of giving allowances?
If an employee's monthly salary is 5000 (basic includes DA), whether he or she is eligible or not for PF?
Whether that amount 6500 is varies from company to company?
Please clear my doubts ASAP...
From India, Bangalore
How 780 is calculated & paid for PF?
What is the purpose of giving allowances?
If an employee's monthly salary is 5000 (basic includes DA), whether he or she is eligible or not for PF?
Whether that amount 6500 is varies from company to company?
Please clear my doubts ASAP...
From India, Bangalore
Dear Rev,
How 780 is calculated & paid for PF?
As per the EPF & Miscellaneous Act 1952, the ceiling limit of monthly salary is Rs. 6,500. Accordingly deduction of its 12%, i.e. Rs. 780 is statutory. Regarding the contribution on actual salary above ceiling limit is optional.
What is the purpose of giving allowances?
Allowances is given to employees for their beneficial.
If an employee's monthly salary is 5000 (basic includes DA), whether he or she is eligible or not for PF?
Yes,he/she is eligible for PF as the ceiling limit of monthly salary is Rs. 6,500
Whether that amount 6500 is varies from company to company?
No becoz It is decided by the PF Department.
From India, Jamshedpur
3How 780 is calculated & paid for PF?
As per the EPF & Miscellaneous Act 1952, the ceiling limit of monthly salary is Rs. 6,500. Accordingly deduction of its 12%, i.e. Rs. 780 is statutory. Regarding the contribution on actual salary above ceiling limit is optional.
What is the purpose of giving allowances?
Allowances is given to employees for their beneficial.
If an employee's monthly salary is 5000 (basic includes DA), whether he or she is eligible or not for PF?
Yes,he/she is eligible for PF as the ceiling limit of monthly salary is Rs. 6,500
Whether that amount 6500 is varies from company to company?
No becoz It is decided by the PF Department.
From India, Jamshedpur
Thanks Kushi...but ceiling wage is fixed for giving bonus? and salary or minimum wage is given to employee fro satisfying his or her living needs. like that allowances have any components?
From India, Bangalore
From India, Bangalore
Dear Rev,
An employee is eligible for bonus if his salary or wage does not exceed Rs. 10000/- as per Sec 2(13) of the Act.
Wage includes all remuneration (other than OT) and includes DA and all cash payments but does not include any travelling concessions, retrenchment benefit, contribution by the employer to any gratuity, PF, Pension etc and value in kind as per Sec 2(21) of the Act.
An employee has to work for not less than 30 days in that accounting year as per Sec 8 of the Act.
A minimum of 8.33% or Rs. 100, whichever is higher, has to be paid to the eligible employee at any cost whether the profit is made or not by the company as per Section 10 of the Act.
If an employee's salary or wage exceeds Rs. 3500/- per month, then for the calculation of bonus Rs. 3500/- will be considered as the ceiling amount as per Section 12 of the Act.
The above aspects have to be kept in mind for the bonus purpose.
wages/salary are to be paid on the basis of days on which the employee performed or attended the work.
From India, Jamshedpur
An employee is eligible for bonus if his salary or wage does not exceed Rs. 10000/- as per Sec 2(13) of the Act.
Wage includes all remuneration (other than OT) and includes DA and all cash payments but does not include any travelling concessions, retrenchment benefit, contribution by the employer to any gratuity, PF, Pension etc and value in kind as per Sec 2(21) of the Act.
An employee has to work for not less than 30 days in that accounting year as per Sec 8 of the Act.
A minimum of 8.33% or Rs. 100, whichever is higher, has to be paid to the eligible employee at any cost whether the profit is made or not by the company as per Section 10 of the Act.
If an employee's salary or wage exceeds Rs. 3500/- per month, then for the calculation of bonus Rs. 3500/- will be considered as the ceiling amount as per Section 12 of the Act.
The above aspects have to be kept in mind for the bonus purpose.
wages/salary are to be paid on the basis of days on which the employee performed or attended the work.
From India, Jamshedpur
Are suspended,dismissed,terminated,retrenched and Layoff employees are eligible for getting bonus.
From India, Jaipur
From India, Jaipur
Mr. H R PROF
suspended worker is eligible for bonus during suspension period.
Dismissed ,terminated & retrenched employees are also eligible for bonus provided they are not indulged in any fraud or casue to any loss to the employer.
From India, Mumbai
suspended worker is eligible for bonus during suspension period.
Dismissed ,terminated & retrenched employees are also eligible for bonus provided they are not indulged in any fraud or casue to any loss to the employer.
From India, Mumbai
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