Hi, can someone explain as what calculations have been done by the employer to calculate the pf amount. as per the salary slip :- Basic - Rs. 18000, E.P.F. - Rs.780.
From India, Delhi
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From India, Delhi
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Until 31.08.2014, the ceiling salary for EPF was Rs. 6500. Accordingly, 12% to PF, i.e., Rs. 780, is correct. However, effective 01.09.2014, the ceiling of the salary was increased to Rs. 15000. Therefore, 12% of 15000, i.e., Rs. 1800/-, has to be remitted to PF.
Regards,
Abbas.P.S
From India, Bangalore
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530Regards,
Abbas.P.S
From India, Bangalore
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Clarification on PF Calculation
I need some clarification for PF Calculation. The breakdown is as follows:
- Basic: Percentage from gross
- DA: Fixed Amount
- HRA: Based on the Location
- Other allowances: As applicable
Based on the above details, we can calculate PF exactly. The usual Employer PF Calculation is as follows:
- 12% from Employee (BASIC + DA + OTHER ALLOWANCE) (For PF other than HRA, all allowances should be treated as basic)
- 12% from Employer (PF Basic)
- 1.1% - Admin charges PF (PF Basic)
- 0.5% - EDLI Charges (Employee Linked Insurance)
- 0.01% - Admin Charges EDLI
The total Employer Contribution is 13.61%.
Regards,
Kavitha S
From India, Chennai
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I need some clarification for PF Calculation. The breakdown is as follows:
- Basic: Percentage from gross
- DA: Fixed Amount
- HRA: Based on the Location
- Other allowances: As applicable
Based on the above details, we can calculate PF exactly. The usual Employer PF Calculation is as follows:
- 12% from Employee (BASIC + DA + OTHER ALLOWANCE) (For PF other than HRA, all allowances should be treated as basic)
- 12% from Employer (PF Basic)
- 1.1% - Admin charges PF (PF Basic)
- 0.5% - EDLI Charges (Employee Linked Insurance)
- 0.01% - Admin Charges EDLI
The total Employer Contribution is 13.61%.
Regards,
Kavitha S
From India, Chennai
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It is correct that presently PF contribution is 12% of Basic Pay. If your basic pay exceeds Rs. 15,000, then deduct Rs. 1,800. If it is less than 12% of Basic Pay for A/C No. 1, contribute 8.33% of Basic for A/C No. 10 and add 3.67% of basic pay to A/C No. 1. Administrative Expenses account for 1.10% of Basic for A/C No. 2. Additionally, EDLI is 0.5% of Basic for A/C No. 20 and 0.01% of Basic for A/C No. 21.
Please let me know if you require any further information in this regard.
Regards,
Pranab Chakraborty
[Phone Number Removed For Privacy Reasons]
From India, Delhi
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Please let me know if you require any further information in this regard.
Regards,
Pranab Chakraborty
[Phone Number Removed For Privacy Reasons]
From India, Delhi
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PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
PROVIDENT FUND CALCULATION.xls