Dear sir what wiil be the calculation , if pf salary is rs.7500/- p.m ? Regards sanjoy
From India, Durgapur
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From India, Durgapur
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Dear Mr. Sanjay,
Irrespective of gross salary, PF will be calculated on the basic salary. Until the basic salary of Rs.6,500, the PF amount will be 12% of the basic.
As PF is applicable for employees with a basic salary equal to or less than Rs.6,500, PF will be calculated as 12% on Rs.6,500 even if the basic salary exceeds Rs.6,500.
For your query, if the basic salary is Rs.7,500, the PF amount will be Rs.780 (12% on Rs.6,500).
Regards,
SriHari.
From India, Pune
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1Irrespective of gross salary, PF will be calculated on the basic salary. Until the basic salary of Rs.6,500, the PF amount will be 12% of the basic.
As PF is applicable for employees with a basic salary equal to or less than Rs.6,500, PF will be calculated as 12% on Rs.6,500 even if the basic salary exceeds Rs.6,500.
For your query, if the basic salary is Rs.7,500, the PF amount will be Rs.780 (12% on Rs.6,500).
Regards,
SriHari.
From India, Pune
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PF Calculation for Salary of Rs. 7500
If your gross salary is Rs. 7500, deduct 12% from your Basic salary. Alternatively, if your basic salary is Rs. 7500, under the act, 12% of the ceiling limit is Rs. 6500. If the employer is interested, they can pay 12% based on the actual basic earned.
Regards,
Pushparaj
From India, Madras
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If your gross salary is Rs. 7500, deduct 12% from your Basic salary. Alternatively, if your basic salary is Rs. 7500, under the act, 12% of the ceiling limit is Rs. 6500. If the employer is interested, they can pay 12% based on the actual basic earned.
Regards,
Pushparaj
From India, Madras
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plz elaborate ur question. if 7500 is a gross salary then pf deduction is 12 % of basic salary. if basic salary is Rs.7,500 pf amount=Rs.780/-(12% on 6500)
From India, Hyderabad
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From India, Hyderabad
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Dear Hari sir,
I am also working in a newly started private organization and am struggling with providing a salary breakdown with allowances for the company's employees based on different gross salary levels. I need to set up medical, ESIC, and PF contributions. Could you please advise on the percentages needed and how to establish a PF account for my company? Should I consult a chartered accountant or the PF office for guidance?
I am uncertain about how to calculate PF contributions if the salary exceeds 1 Lac. What will be the employee's and employer's contributions in this case? Could you provide guidance on structuring the salary breakdown and allowances suitable for a new company? I would greatly appreciate it if you could specify the percentages of all the allowances and PF contributions. I am feeling quite anxious as I need to start the breakdown procedure from January 01, 2011, and your assistance would be invaluable in advancing my career in HR.
Could you also advise on the percentage of allowances to be applied to the gross salary? Providing an example with figures would be very helpful.
Thank you and regards,
Sharath Jayaram
8082247215 (Mumbai)
From India, Mumbai
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I am also working in a newly started private organization and am struggling with providing a salary breakdown with allowances for the company's employees based on different gross salary levels. I need to set up medical, ESIC, and PF contributions. Could you please advise on the percentages needed and how to establish a PF account for my company? Should I consult a chartered accountant or the PF office for guidance?
I am uncertain about how to calculate PF contributions if the salary exceeds 1 Lac. What will be the employee's and employer's contributions in this case? Could you provide guidance on structuring the salary breakdown and allowances suitable for a new company? I would greatly appreciate it if you could specify the percentages of all the allowances and PF contributions. I am feeling quite anxious as I need to start the breakdown procedure from January 01, 2011, and your assistance would be invaluable in advancing my career in HR.
Could you also advise on the percentage of allowances to be applied to the gross salary? Providing an example with figures would be very helpful.
Thank you and regards,
Sharath Jayaram
8082247215 (Mumbai)
From India, Mumbai
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The minimum PF amount that has to be paid is Rs. 360. The maximum amount can vary and depends on the organization. This information was recently provided to me by a PF inspector who visited our company.
Regards,
Anand Mahendran
Bangalore
From India, Delhi
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Regards,
Anand Mahendran
Bangalore
From India, Delhi
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PF will be deducted from the employee at 12% on Basic + DA, and the same amount will be contributed by the employer. If Basic + DA is greater than Rs. 6500, it will depend on the company whether they will deduct Rs. 6500 * 12% = 780, which is the maximum PF salary, or they will deduct on the full Basic + DA irrespective of the amount.
Best Regards,
Modi Ashok Kumar
From India, Bangalore
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Best Regards,
Modi Ashok Kumar
From India, Bangalore
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Contribution Towards Calculation Amount A/c Head EPF EMPLOYEES SHARE 7500 X 12% 900 1 EPS EMPLOYER SHARE 6500 X 8.33% 541 10 EPF EMPLOYER SHARE 7500 X 12%(-) 541 359 EDLI CHARGES 6500 x 0.5% 32.5 21 EPF ADMIN CHARGES 6500 X 1.1% 71.5 2 EDLI ADMIN CHARGES 6500 X 0.01% 0.65 22 Employer is decided to contribute on total basic salary which is 12% on Rs.7500 equal to Rs.900. EPS share is fixed to Rs.541/- Balance (900-541) goes to EPF A/c Rs.395/- Total Share Rs.900/- Out of Rs.900 EPS Share is Rs.541/- which is fixed for a basic salary greater than Rs.6500/-. The balance amount is 900-541=359 which will go to EPF account. You will think what about 3.67%? Here you dont need to care about it.
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Contribution Towards Calculation Amount A/c Head
EPF EMPLOYEES SHARE 7500 X 12% 900 1
EPS EMPLOYER SHARE 6500 X 8.33% 541 10
EPF EMPLOYER SHARE 7500 X 12%(-) 541 359
EDLI CHARGES 6500 x 0.5% 32.5 21
EPF ADMIN CHARGES 6500 X 1.1% 71.5 2
EDLI ADMIN CHARGES 6500 X 0.01% 0.65 22
Employer is decided to contribute on the total basic salary which is 12% on Rs. 7500, equal to Rs. 900.
EPS share is fixed at Rs. 541/-.
The balance (900-541) goes to EPF A/c, Rs. 395/-.
Total Share is Rs. 900/-.
Out of Rs. 900, EPS Share is Rs. 541/-, which is fixed for a basic salary greater than Rs. 6500/-. The balance amount is 900-541=359, which will go to the EPF account.
You might wonder about 3.67%? Here, you don't need to worry about it.
From India, Rajkot
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Contribution Towards Calculation Amount A/c Head
EPF EMPLOYEES SHARE 7500 X 12% 900 1
EPS EMPLOYER SHARE 6500 X 8.33% 541 10
EPF EMPLOYER SHARE 7500 X 12%(-) 541 359
EDLI CHARGES 6500 x 0.5% 32.5 21
EPF ADMIN CHARGES 6500 X 1.1% 71.5 2
EDLI ADMIN CHARGES 6500 X 0.01% 0.65 22
Employer is decided to contribute on the total basic salary which is 12% on Rs. 7500, equal to Rs. 900.
EPS share is fixed at Rs. 541/-.
The balance (900-541) goes to EPF A/c, Rs. 395/-.
Total Share is Rs. 900/-.
Out of Rs. 900, EPS Share is Rs. 541/-, which is fixed for a basic salary greater than Rs. 6500/-. The balance amount is 900-541=359, which will go to the EPF account.
You might wonder about 3.67%? Here, you don't need to worry about it.
From India, Rajkot
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Dear Sanjay,
You have been provided with various valuable replies. I would also like to share my opinion about your query. As rightly mentioned in the above replies by members, PF is calculated at 12% of the basic salary. Additionally, it is calculated at 1.75% of the gross salary per month, so:
1.75/100*7500 = 131.25.
If seniors could provide me with guidance in case there are any shortcomings in my response, I would be grateful.
Happy New Year!
Regards,
Rahul Trivedi
From India, Hyderabad
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You have been provided with various valuable replies. I would also like to share my opinion about your query. As rightly mentioned in the above replies by members, PF is calculated at 12% of the basic salary. Additionally, it is calculated at 1.75% of the gross salary per month, so:
1.75/100*7500 = 131.25.
If seniors could provide me with guidance in case there are any shortcomings in my response, I would be grateful.
Happy New Year!
Regards,
Rahul Trivedi
From India, Hyderabad
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Dear Seniors, Is it mandatory to Pay Employer Contribution if the Salary is more than Rs. 6,501/- Positively, Vimal. D
From India, Bangalore
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From India, Bangalore
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Salary Sheet & PF PT Calculation & Challan.xls