Hi,
How r u?
PF is calculated on Basic at 12%
If suppose salary is 10,000 and bifurcated into basic ,HRA and conveyance
Basic is 7,000,HRA 1500 and conveyance os 1,500
then 7000*12%
and basic is always fixed as per company rules.
employer will also contribute 12%
that is also bifurcate into 8.33% and 3.67%
8.33% is hidden and count as FPF that is Family Provident fund
If employee is drawn his PF before 10 yrs then he will get his contribution that is 12% and employers contribution that is 8.33%+ 3.67%
but if employee draw his PF after 10 yr then he can withdraw full amount and can be allowed only pension will be part.more and above he will get interest on his PF i.e 8.33%
ESIC.
employee State Insurance company.This applicable for those employee who drawn salary upto 15K p.m.ESIC contribution on employee part is 1.75% on gross salary and 4.75% contribute on employer part.ESIC covers health and medical facility.