File Consists Automatic Calculation of General Provident Fund Account for Teacher with yearly Interest.
From India, Kolkata
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10From India, Kolkata
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Friend, your effort is nice. However, I have some questions about the calculation of G.P.F. for teachers. As far as my knowledge goes, the G.P.F. calculation method differs from one state to another. For example, in West Bengal, the G.P.F. calculation method for government teachers and employees does not match with what you have presented. In West Bengal, an employee can deposit the G.P.F. amount once a year. However, your calculation shows deposits made in 12 months in varying amounts. How is this possible? Additionally, the interest rate may vary from year to year, but your fixed interest rate is stated as 8%. According to the W.B.A.G. method for G.P.F. calculation, there is a discrepancy with your approach. Could you please provide a definition and quote the Circular No. for the G.P.F. calculation method so we can determine which is correct?
Thank you,
Pranab Banerjee
From India, Bolpur
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Thank you,
Pranab Banerjee
From India, Bolpur
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Thanks for your valuable comments. But I would like to add something about the topic.
This calculation is only for Government-Aided School Teachers of West Bengal. The rate of interest is not fixed. You can change it by inputting the value, i.e., 8.5 or 9.0, in the K6 box. According to my knowledge, the GPF subscription along with the refund shall be deposited by the staff of a school monthly from their payroll.
From India, Kolkata
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This calculation is only for Government-Aided School Teachers of West Bengal. The rate of interest is not fixed. You can change it by inputting the value, i.e., 8.5 or 9.0, in the K6 box. According to my knowledge, the GPF subscription along with the refund shall be deposited by the staff of a school monthly from their payroll.
From India, Kolkata
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General Provident Fund Rules for Government Employees in West Bengal
As per my knowledge, after completing one year of continuous service, joining the General Provident Fund (GPF) scheme is compulsory for government employees in West Bengal. For Group D employees, the head of the office allots a GPF Account number. However, for other groups of employees, the Accountant General (A&E), West Bengal, allots the GPF Account number.
To obtain a GPF Account number, an application in the prescribed format should be sent to the office of the Accountant General (A&E), West Bengal, a few weeks before completing one year of service.
After obtaining the Account number, the subscription to the provident fund should be deducted from the pay bill. The minimum subscription is 6% of the pay, and the maximum subscription does not exceed the maximum amount of pay. Pay is defined as the basic and special pay, if any.
The subscription may be increased or decreased once or twice a year from the pay of March, as per the subscriber's desire.
For more details, please search on Google.
From India, Kolkata
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As per my knowledge, after completing one year of continuous service, joining the General Provident Fund (GPF) scheme is compulsory for government employees in West Bengal. For Group D employees, the head of the office allots a GPF Account number. However, for other groups of employees, the Accountant General (A&E), West Bengal, allots the GPF Account number.
To obtain a GPF Account number, an application in the prescribed format should be sent to the office of the Accountant General (A&E), West Bengal, a few weeks before completing one year of service.
After obtaining the Account number, the subscription to the provident fund should be deducted from the pay bill. The minimum subscription is 6% of the pay, and the maximum subscription does not exceed the maximum amount of pay. Pay is defined as the basic and special pay, if any.
The subscription may be increased or decreased once or twice a year from the pay of March, as per the subscriber's desire.
For more details, please search on Google.
From India, Kolkata
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PF INTEREST CALCULATION SHEET.xls