PF Calculation for Specified Account Numbers
I wanted to know the calculation for each specified account number like A/C No 01, 02, 10, 21, and 22 in PF. How much percentage is calculated on which amount? Do we have to consider wages that are more than the wage ceiling, for example, an employee having a basic salary of 7000/- or any employee having wages more than 6500?
For example, PF is calculated at 12%/10% (Exceptional) on the basic wages of an employee.
Please help, guys.
Regards,
Curious Guy
From India, Nagpur
Acknowledge(0)
Amend(0)
12I wanted to know the calculation for each specified account number like A/C No 01, 02, 10, 21, and 22 in PF. How much percentage is calculated on which amount? Do we have to consider wages that are more than the wage ceiling, for example, an employee having a basic salary of 7000/- or any employee having wages more than 6500?
For example, PF is calculated at 12%/10% (Exceptional) on the basic wages of an employee.
Please help, guys.
Regards,
Curious Guy
From India, Nagpur
Acknowledge(0)Amend(0)
PF Deduction
If the Basic Salary is ≤ Rs 6500/-, PF = Basic x 12% = Employee Share. Rs. 6500 is the limit of PF deduction for Basic = Rs. 780/-. The Employer Share is 13.61% of Basic. The Total Deduction of PF is 25.61%, with the Employer contributing 13.61%.
Contribution:
- 3.67% = Provident Fund (A/c No.1)
- 8.33% = Pension Fund (A/c No.10)
- 0.5% = EDLIS - Employees Direct Linked Insurance Scheme (A/c No.21)
Administrative Charges:
- 1.10% of emoluments = Provident Fund (A/c No.2)
- 0.01% of emoluments = EDLIS (A/c No.22)
Regards,
Vrushy.
From India, Nasik
Acknowledge(1)
Amend(0)
If the Basic Salary is ≤ Rs 6500/-, PF = Basic x 12% = Employee Share. Rs. 6500 is the limit of PF deduction for Basic = Rs. 780/-. The Employer Share is 13.61% of Basic. The Total Deduction of PF is 25.61%, with the Employer contributing 13.61%.
Contribution:
- 3.67% = Provident Fund (A/c No.1)
- 8.33% = Pension Fund (A/c No.10)
- 0.5% = EDLIS - Employees Direct Linked Insurance Scheme (A/c No.21)
Administrative Charges:
- 1.10% of emoluments = Provident Fund (A/c No.2)
- 0.01% of emoluments = EDLIS (A/c No.22)
Regards,
Vrushy.
From India, Nasik
Acknowledge(1)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
PROVIDENT FUND CALCULATION.xls