Dear Members,
Recently, I have joined a manufacturing company in the Mumbai location. The company didn't deduct the Provident Fund since September 2014 (when the government rule for PT changed). Now, the company wants to restart the PF process and calculate the entire amount. I have a few queries regarding the same. Kindly provide your inputs.
For calculating monthly PF, the formula shall be:
(Basic Salary * Number of days present in a month) * 12%
= ________________________________________
No of days in a month
1. What is the correct formula for calculating the number of days present in a month?
2. Do we add weekly offs, Paid holiday, Paid leave, Casual Leave, Sick leave in calculating present days in a month?
Thank you
From India, Pune
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3Recently, I have joined a manufacturing company in the Mumbai location. The company didn't deduct the Provident Fund since September 2014 (when the government rule for PT changed). Now, the company wants to restart the PF process and calculate the entire amount. I have a few queries regarding the same. Kindly provide your inputs.
For calculating monthly PF, the formula shall be:
(Basic Salary * Number of days present in a month) * 12%
= ________________________________________
No of days in a month
1. What is the correct formula for calculating the number of days present in a month?
2. Do we add weekly offs, Paid holiday, Paid leave, Casual Leave, Sick leave in calculating present days in a month?
Thank you
From India, Pune
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calculate it on the basic salary paid in previous months. collect that data and calculate 12% of the same and get it deposited.
From India, Mumbai
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From India, Mumbai
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Whatever their formula, they have to contribute an equal amount as their own share. If you feel it is less in any way, please revert. Admitting you from a backdate is in your own interest. Please keep this in mind always.
Whenever you change jobs from one employer to another, always continue your current PF account with the new employer. Do not close one PF account and open another because every time you close one PF account and open a new one, you lose heavily in the form of pension contributions earned in the previous employment.
From India, Pune
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Whenever you change jobs from one employer to another, always continue your current PF account with the new employer. Do not close one PF account and open another because every time you close one PF account and open a new one, you lose heavily in the form of pension contributions earned in the previous employment.
From India, Pune
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I would suggest you deduct on the basic salary* 12% . Don’t worry about the number of days leave an employee has availed.
From India, Madras
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From India, Madras
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Basic * 25.61% including employer share with administration charges
From India, Pune
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From India, Pune
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Kindly correct me if I am wrong. PF Employers contribution is 13.61% till end of February 2015. Since March 2015 the Employers contribution is 13.36%.
From India, Pune
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From India, Pune
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As per my understanding, PF contribution from members' part and employer's part should be 12% of basic pay, regardless of the number of working days.
Administrative charges paid upon submitting the PF contribution should be borne by the company and should not be deducted from the member.
From India, undefined
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Administrative charges paid upon submitting the PF contribution should be borne by the company and should not be deducted from the member.
From India, undefined
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PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
Calculation of General provident Fund for Teacher .xls