Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
For calculation of contribution to ESI we should use ROUNDUP function in Excel, otherwise it will not tally with amounts shown by ESI System.
=roundup(gross_salary*1.75%,0).
There is a problem with Employer's contribution-
- After uploading the excel sheet, the system displays total contribution by employee & employer. It is easy to check employee contribution.
-But there is no way of matching employeewise contribution made by the employer before payment of the challan.
-It is only after payment that I can download the details
Any solution to this will be appreciated

From India, Bidar
Dear, Please note that Employer Contribution is payable on Gross ESI Wages (Inclusive of Gross Wages of all ESI Covered Employees)
before uploading the data in the portal, Calculate approximate Employer Share of Contribution @4.75%. The portal is programmed to calculate accurately.you have to round off Employee & Employer Contribution to the nearest Rupee before uploading the data

From India, New Delhi
Hi all, Interest rate of EPF a/cs being hiked from 8.55% to 8.65%. Notification awaited.
From India, Bangalore
The EPFO sent out instructions to all regional offices to supply detailed working sheet of settlement from EPF a/cs. Read the circular attached.
From India, Bangalore

Attached Files
File Type: pdf PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf (88.5 KB, 172 views)

I am not understanding how Pf is calculated so please do anyone help me?
From India, undefined
Anonymous
Hi Mrunali,
PF is calculated on Basic salary of the Employee
Employee contribution 12% and Employer contribution 12% (3.67% - EPF and 8.33% - Pension)
Employee contribution - 12/100*8000 - 960/- per month
Employer contribution - 3.67/100*8000 = 293.6
- 8.33/100*8000 = 666.4
- 960 /- per month
Regards


Anonymous
Hi Mrunali,
PF is calculated on Basic salary of the Employee
Employee contribution 12% and Employer contribution 12% (3.67% - EPF and 8.33% - Pension)
For example Basic salary - 8000/-
Employee contribution - 12/100*8000 - 960/- per month
Employer contribution - 3.67/100*8000 = 293.6 , 8.33/100*8000 = 666.4 then Employer PF 12% = 960 /- per month
Regards


Epf interest calculated on simple interest basis or compound interest basis. Is there any rule/circular/notification in this regard.
From India, Chennai

This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2020 Cite.Co™