I have tried to develop a CTC format. Maybe it will help you. I have tried to make some automated calculations. At the top of the sheet, you can choose to give PF/Bonus/incentive or not, and the salary will get calculated accordingly. Comments and suggestions are most welcome. You can write to me at [Email Removed For Privacy Reasons].
Regards,
Soyeb
From India, Hyderabad
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13Regards,
Soyeb
From India, Hyderabad
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Shoeb, Good Job done....But a slight mistake in the formula in the PF calculation field. Regards, Sajeed Shaikh Head - Training & Development
From India, Mumbai
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From India, Mumbai
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But I think Soyeb is right for PF Calculation.
PF Accounts Rate of Contribution
Employee: 12% (Basic wages, dearness allowance)
Employer: 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,
Cp Singh
[Email Removed For Privacy Reasons]
From India, Noida
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PF Accounts Rate of Contribution
Employee: 12% (Basic wages, dearness allowance)
Employer: 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,
Cp Singh
[Email Removed For Privacy Reasons]
From India, Noida
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Yes... his working is absolutely correct. Good Work Soyeb !! Regards, Suchita Zonal HR Head
From India, Pune
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From India, Pune
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Thank you very much for your comments and time. I hope that this type of format will be helpful for us in the future. Please keep in touch if anything is needed; I will do my best to contribute and learn through practical experience.
Regards,
Soyeb
[Email Removed For Privacy Reasons]
From India, Hyderabad
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Regards,
Soyeb
[Email Removed For Privacy Reasons]
From India, Hyderabad
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Very Good Job, just need to change formula in PT Hemant HR Executive
From India, Pune
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From India, Pune
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Though the bifurcation of employer contribution is 12% + 1.61% = 13.61%, it is correct. However, upon checking, you will find that 12% is calculated solely on your basic wages, whereas 1.1% is calculated on basic wages, and 0.5% and 0.01% are calculated on your EDLI wages.
Hence, the 1.61% contribution from the employer's end is for PF Admin, EDLI, and EDLI surcharges, which is not considered a part of the employee's CTC.
Regards,
Sneha
From India, Pune
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Hence, the 1.61% contribution from the employer's end is for PF Admin, EDLI, and EDLI surcharges, which is not considered a part of the employee's CTC.
Regards,
Sneha
From India, Pune
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Dear Mrugen, please find the example below:
Salary Breakdown Example
- Basic: 15,000
- Employee Contribution (12%): 1,800 (Basic wages)
- Employer Contribution (12%): 1,800
- Pension (EDLI wages 6,500 * 8.33%): 541
- Employer PF: Difference of EPF & Pension - 1,259. Total 1,800
- Admin Charges (1.1%): 165 (Basic wages)
- EDLI Charges (0.5%): 32.5 (EDLI Wages - 6,500)
- EDLI Surcharges (0.01%): 0.65 (EDLI Wages - 6,500)
Regards,
Sneha
From India, Pune
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Salary Breakdown Example
- Basic: 15,000
- Employee Contribution (12%): 1,800 (Basic wages)
- Employer Contribution (12%): 1,800
- Pension (EDLI wages 6,500 * 8.33%): 541
- Employer PF: Difference of EPF & Pension - 1,259. Total 1,800
- Admin Charges (1.1%): 165 (Basic wages)
- EDLI Charges (0.5%): 32.5 (EDLI Wages - 6,500)
- EDLI Surcharges (0.01%): 0.65 (EDLI Wages - 6,500)
Regards,
Sneha
From India, Pune
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