Dear Friends,
I am Abhilasha working as a HR in a IT company.
I have query regarding new PF contribution rules, The Provident Fund Pension Ceiling increased from Rs.6,500.00 to Rs.15,000.00 effective from 1st September 2014.
Generally PF contribution calculated on Basic + D. A. , but in my company we are having some different CTC structure.
For. Ex.
Basic 160,800
House Rent allowance (HRA) 64,320
Conveyance allowance 9,600
Medical reimbursements 15,000
Other allowances 132,920
PF 9,360
Total Annual CTC 392,000
Old salary structure PF consider as fix basic 6500/- . also now we are planning to fix basic 15K for PF amount calculation.
My question is, As per this basic is 160,800/- PA and per month 13400/- which is less than 15k,so can we calculate PF amount 12% on 13400/- or we need to calculate PF amount on Basic + Other allowances on this total's 12% or 12% on 15000 whatever is minimum.
Sharing here one more CTC structures, which having basic per month more than 15K
For. Ex.
Basic 270,000
House Rent allowance (HRA) 108,000
Conveyance allowance 9,600
Medical reimbursements 15,000
Other allowances 253,040
PF 9,360
Total Annual CTC 665,000
In that we will calculate PF amount 12% on 15000/- i. e. 1800/-
Thanks
Abhilasha
I am Abhilasha working as a HR in a IT company.
I have query regarding new PF contribution rules, The Provident Fund Pension Ceiling increased from Rs.6,500.00 to Rs.15,000.00 effective from 1st September 2014.
Generally PF contribution calculated on Basic + D. A. , but in my company we are having some different CTC structure.
For. Ex.
Basic 160,800
House Rent allowance (HRA) 64,320
Conveyance allowance 9,600
Medical reimbursements 15,000
Other allowances 132,920
PF 9,360
Total Annual CTC 392,000
Old salary structure PF consider as fix basic 6500/- . also now we are planning to fix basic 15K for PF amount calculation.
My question is, As per this basic is 160,800/- PA and per month 13400/- which is less than 15k,so can we calculate PF amount 12% on 13400/- or we need to calculate PF amount on Basic + Other allowances on this total's 12% or 12% on 15000 whatever is minimum.
Sharing here one more CTC structures, which having basic per month more than 15K
For. Ex.
Basic 270,000
House Rent allowance (HRA) 108,000
Conveyance allowance 9,600
Medical reimbursements 15,000
Other allowances 253,040
PF 9,360
Total Annual CTC 665,000
In that we will calculate PF amount 12% on 15000/- i. e. 1800/-
Thanks
Abhilasha