Dear seniors,
I have a few queries which are as follows:
Q1. An employee who is drawing a basic salary of Rs. 6501 or above and has become a member of the provident fund by his/her own wish (as we all know it is not mandatory for such employees to become a member of PF). Please tell me, is the employer liable to pay contributions in respect of these kinds of employees? If no, then why? Also, provide examples of some establishments where such policies are being practiced.
Q2. Under the Employees' Provident Fund and Miscellaneous Provisions Act of 1952, we have three funds: Provident Fund, Pension Fund, and Deposit Linked Insurance Fund. Can you tell me how much contribution is deposited in these funds from the employee and employer sides? Please provide me with a detailed breakdown of the employee and employer 12% contributions.
Thank you.
Sonu_xiss
From India, Muzaffarpur
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12I have a few queries which are as follows:
Q1. An employee who is drawing a basic salary of Rs. 6501 or above and has become a member of the provident fund by his/her own wish (as we all know it is not mandatory for such employees to become a member of PF). Please tell me, is the employer liable to pay contributions in respect of these kinds of employees? If no, then why? Also, provide examples of some establishments where such policies are being practiced.
Q2. Under the Employees' Provident Fund and Miscellaneous Provisions Act of 1952, we have three funds: Provident Fund, Pension Fund, and Deposit Linked Insurance Fund. Can you tell me how much contribution is deposited in these funds from the employee and employer sides? Please provide me with a detailed breakdown of the employee and employer 12% contributions.
Thank you.
Sonu_xiss
From India, Muzaffarpur
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Dear,
If an employee whose basic is above 6500 and wants to become a member of PF, he can. Once he is a member of PF, then the employer has to contribute their contribution to PF.
Employees' complete 12% goes to the PF account, while the employer's 8.33% goes to the Pension fund, and 3.67% goes to the PF fund.
Some additional information in detail:
The PF contribution is 12% of the Basic salary from both the employee and the employer. For the calculation, the maximum limit of Basic is Rs 6500/-. It means even if the employee's basic salary is above Rs 6500/-, the employer is liable to contribute only on Rs 6500/-, that is Rs 780.
However, if an employee so desires, he may voluntarily contribute more than 12%. Apart from it, an employer also has to pay some administration charges. I explain to you the various accounts of the PF challan.
A/c No 1: PF contribution Account
A/c No 2: PF Admin account
A/c No 10: EPS account
A/c No 21: EDLIS account
A/c No 22: EDLIS admin account
PF admin charge = The employer has to pay 1.1% of basic
EDLIS: The employer has to pay 0.5% of basic
EDLIS admin charge: The employer has to pay 0.01% of basic
The total additional percentage the employer has to pay is 1.61% of basic.
So, the employer actually has to pay 13.61% of Basic, and the employee has to pay only 12% of the basic.
From India, Mumbai
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If an employee whose basic is above 6500 and wants to become a member of PF, he can. Once he is a member of PF, then the employer has to contribute their contribution to PF.
Employees' complete 12% goes to the PF account, while the employer's 8.33% goes to the Pension fund, and 3.67% goes to the PF fund.
Some additional information in detail:
The PF contribution is 12% of the Basic salary from both the employee and the employer. For the calculation, the maximum limit of Basic is Rs 6500/-. It means even if the employee's basic salary is above Rs 6500/-, the employer is liable to contribute only on Rs 6500/-, that is Rs 780.
However, if an employee so desires, he may voluntarily contribute more than 12%. Apart from it, an employer also has to pay some administration charges. I explain to you the various accounts of the PF challan.
A/c No 1: PF contribution Account
A/c No 2: PF Admin account
A/c No 10: EPS account
A/c No 21: EDLIS account
A/c No 22: EDLIS admin account
PF admin charge = The employer has to pay 1.1% of basic
EDLIS: The employer has to pay 0.5% of basic
EDLIS admin charge: The employer has to pay 0.01% of basic
The total additional percentage the employer has to pay is 1.61% of basic.
So, the employer actually has to pay 13.61% of Basic, and the employee has to pay only 12% of the basic.
From India, Mumbai
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Dear Sir,
Thank you for providing me with such valuable information. Kindly tell me one more thing: as you mentioned, for the calculation of PF contribution from the employer's side, Rs 6500 is the maximum limit. So, what is the maximum limit for an employee, or is there no such limit? For example, if an employee has a basic salary of Rs 10,000, will they pay 12% of Rs 10,000 or 12% of Rs 6500?
Thank you.
From India, Muzaffarpur
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Thank you for providing me with such valuable information. Kindly tell me one more thing: as you mentioned, for the calculation of PF contribution from the employer's side, Rs 6500 is the maximum limit. So, what is the maximum limit for an employee, or is there no such limit? For example, if an employee has a basic salary of Rs 10,000, will they pay 12% of Rs 10,000 or 12% of Rs 6500?
Thank you.
From India, Muzaffarpur
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One clarification,
Out of the employer contribution of 8.33% to EPS (A/c. no. 10), the maximum amount will be Rs. 541 (8.33% of Rs. 6500).
Say, if an employee's basic salary is Rs. 9000, then his EPS account amount will be credited as Rs. 541 (from the employer's share) only, and the balance of this account will be credited to A/c. no. 1 (PF Account).
Best regards,
Mahendra Rana
From India, Jamnagar
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Out of the employer contribution of 8.33% to EPS (A/c. no. 10), the maximum amount will be Rs. 541 (8.33% of Rs. 6500).
Say, if an employee's basic salary is Rs. 9000, then his EPS account amount will be credited as Rs. 541 (from the employer's share) only, and the balance of this account will be credited to A/c. no. 1 (PF Account).
Best regards,
Mahendra Rana
From India, Jamnagar
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Dear Sonu, There is no cap on employees contribution to the fund. As per your example he can contribute 12% of Rs.10000 to the fund.
From India, Madras
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From India, Madras
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Hi, can you please let me know the details of PF how it is benifacial for us and how we can withdrow the amount we deposted in PF account?
From India, Pune
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From India, Pune
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Sir , please give me clarification for this , if the salary it self is 6500 or less can it be break up as 4000 as basic 1500 as convencess and 1000 as special allowance . in 2015 - 2016
From India, Bangalore
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From India, Bangalore
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No you cont Government has fixed the minimum basic wages is Rs. 7352/- Basic please go through minimum wages act once SALARY CALCULATION SHEET
From India, Bangalore
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From India, Bangalore
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The user input appears to contain a series of Hindi characters that are not displaying correctly. Unfortunately, I am unable to correct the spelling and grammar errors in this text as it seems to be a different language script.
If you provide the text in English or any other specific language, I would be happy to assist you with correcting the spelling and grammar errors.
From India, Gorakhpur
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If you provide the text in English or any other specific language, I would be happy to assist you with correcting the spelling and grammar errors.
From India, Gorakhpur
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Dear sir,
I am with Credit Co-operative Society Ltd., looking for the salary calculator valid as per the cooperative sector. I am also looking for a sample appointment letter, offer letter, and other required documents.
Regards,
Prashant Pandya
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I am with Credit Co-operative Society Ltd., looking for the salary calculator valid as per the cooperative sector. I am also looking for a sample appointment letter, offer letter, and other required documents.
Regards,
Prashant Pandya
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Sir please send me salary sheet with calculation formula as per saudi Arabia law
From Saudi Arabia, Riyadh
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From Saudi Arabia, Riyadh
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Sir please send me salary sheet with calculation formula as per saudi Arabia law
From India, Kolkata
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From India, Kolkata
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Please send me salary sheet with calculation formula as per UK law.
From India, Bengaluru
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From India, Bengaluru
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Dear sir, Please tell me how to make salary sheet and how much PF and ESI is deducted from the salary?
From India
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From India
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PF is applied on each and every company or is there is any criteria to apply PF rules?
From India
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From India
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I need an ERP solution for HR Deparment?? Required Help in this regards
From Saudi Arabia, Al Qatif
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From Saudi Arabia, Al Qatif
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Hi sir, now I got my PM salary of 11483 per month with all deductions. My gross salary is 12500rs per month. I joined my company, Key Computers, Nagpur, on 1st July 2007. At that time, my gross salary was 7000 and net salary was 6442. I have noticed that my yearly increment is not in line with the government rules, as expected. Additionally, I have not received the Diwali bonus for the past 2 years. In this case, what actions can I take? Can I pursue legal action against the company regarding the salary increment per year? Are there any provisions or possibilities to increase the salary through proper channels? Please suggest or advise as this is urgent.
Please also send your suggestions/advice to my email at bckolte@gmail.com.
From India, Pune
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Please also send your suggestions/advice to my email at bckolte@gmail.com.
From India, Pune
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dear sir plz send salary sheet basic %hra%conv%medical%spl allow%=gross ctc and grosh match plz send my email ahirraj561@gmail.com
From India, Ahmedabad
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From India, Ahmedabad
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Is it setoff and set on is applicable for 7th year of the company as per bonus act
From India, Hyderabad
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From India, Hyderabad
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Hi Sir,
I am Prasanna. As per the ESIC Act, we have to deduct from the basic salary, I mean the gross salary. Some companies don't pay House Rent Allowance (HA), Travel Allowances, etc. Then how to calculate ESIC from the salary? If the gross salary and net salary are the same, then how to calculate ESIC?
From India, Visakhapatnam
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I am Prasanna. As per the ESIC Act, we have to deduct from the basic salary, I mean the gross salary. Some companies don't pay House Rent Allowance (HA), Travel Allowances, etc. Then how to calculate ESIC from the salary? If the gross salary and net salary are the same, then how to calculate ESIC?
From India, Visakhapatnam
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Hi everyone,
Please help me. I am going for an HR job. Kindly send me the paysheet for payroll calculations in brief, along with all forms and percentages. I am eagerly waiting for your replies. You can email me at ratna.paru143@gmail.com.
Regards,
Tilu
From India, Guntur
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Please help me. I am going for an HR job. Kindly send me the paysheet for payroll calculations in brief, along with all forms and percentages. I am eagerly waiting for your replies. You can email me at ratna.paru143@gmail.com.
Regards,
Tilu
From India, Guntur
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What will be my basic salary if my CTC is 19100 because in my salary breakup they have show 1310 as my basic salary and other allowance as around 7k
From India, New Delhi
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From India, New Delhi
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The excel which i had downloaded its locked with a password. Kindly provide the unlock password.
From India, Bangalore
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From India, Bangalore
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calculation of weekly off charge security guard in jharkhand govt
From India, Jaipur
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From India, Jaipur
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Hi,
I have downloaded the salary sheet calculation file for my reference, but the file is protected with a password. Please let me know the password to unprotect the sheet and see the formula for my reference.
Thanks,
Virendra
From India
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I have downloaded the salary sheet calculation file for my reference, but the file is protected with a password. Please let me know the password to unprotect the sheet and see the formula for my reference.
Thanks,
Virendra
From India
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Please sir send me salary sheet calculations unlock sheet fromula excal jayshreerajguru028@gmail.com
From India, Mumbai
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From India, Mumbai
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The excel which i had downloaded its locked with a password. Kindly provide the unlock password.
From India, Mumbai
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From India, Mumbai
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thanku sir for share your knowledge i am so glad for your help
From India, Delhi
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From India, Delhi
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SIR, PLS TELL ME HOW WE MAKE SALARY SHEET & WHAT IS THE BREAKUP & ITS FORMULAS.PLS SEND MY EMAIL ID:-preeti1@imperiastructures.in
From India, New Delhi
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From India, New Delhi
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Hi, How to file ITR. I am an employer. I want to file ITR for employees every month. How can I do that.
From India
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From India
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@Preethy ITR for every month? please be specific as ITR is annual and applicable to employees which are above income tax slab and liable to pay tax
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If we have to deduct fines, medical expenses, or notice period fines from an employee's salary, where will it reflect? Suppose the salary of XYZ is $10,000, with a basic salary of $7,000, allowances of $3,000, and medical expenses of $900. Here we calculate EPF & ESIC on the above amounts, i.e., Rs. 7,000 & Rs. 10,000, or after deducting fines & charges, on Rs. 9,100 (Rs. 6,270 & Rs. 2,730).
From India, Pune
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From India, Pune
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Hi, I'm an HR professional in our company. I haven't found any relevant person to assist me. How do we calculate PF? Some people say PF will be deducted twice if the salary is high, while others say it's optional whether we want to deduct PF from our salary. Some people mention that PF is to be split with 12% from the company and 12% the employee has to contribute. I am unsure about what is accurate. I have asked several individuals at our company and elsewhere, but the responses have not satisfied me. How is PF deducted? What is the process for it? How is PF released? How can we withdraw PF from our account? Are we notified about PF deductions from our salary?
Thank you.
From India, Godhra
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Thank you.
From India, Godhra
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PF Pension fund contribution beyond 58 years of age.pdf
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(Fact Checked)-PF rules apply based on specific criteria like the number of employees in a company. It is not mandatory for all companies to have PF. (1 Acknowledge point)