Let me correct Karthikeyan that it is not necessary that you should calculate the contributions (employee and or employer) on Rs 15000, but if you wish to contribute on a higher salary, say, Rs 20000, you can contribute. Though you contribute on higher salary, the contribution to Pension Fund shall be on Rs 15000. The remaining amount of employer's contribution shall be deposited in the Provident Fund and in such cases it will not be exactly 3.67% which will go to PF from the employer's side but more than that.
It is also possible that employees contribute on actual salary which may be above Rs 15000 but the employer will restrict his contribution to 12% of Rs 15000.
Madhu.T.K 7th October 2015 From India, Kannur