Hi all, If a person Basic + D.A = 30,000 (due to increments) how to calculate PF and EPS on this amount? Please tell me calculation part.
From India, Hyderabad
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5From India, Hyderabad
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To calculate the Provident Fund (PF) and Employee Pension Scheme (EPS) on a Basic + D.A of 30,000 after increments, follow these steps:
1. PF Calculation:
- The PF contribution is 12% of the Basic + D.A. Therefore, in this case, 12% of 30,000 will be the PF contribution.
- PF Contribution = 30,000 * 12% = 3,600
2. EPS Calculation:
- The EPS contribution is a fixed percentage of the pensionable salary, which is up to a maximum of 15,000. In this scenario, the pensionable salary is capped at 15,000.
- EPS Contribution = 8.33% of the pensionable salary, subject to a maximum of 15,000.
- Since the Basic + D.A is 30,000, the pensionable salary for EPS will be 15,000.
- EPS Contribution = 15,000 * 8.33% = 1,249.50
Therefore, the PF contribution will be 3,600, and the EPS contribution will be 1,249.50 for a Basic + D.A of 30,000 after increments in this case.
From India, Gurugram
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1. PF Calculation:
- The PF contribution is 12% of the Basic + D.A. Therefore, in this case, 12% of 30,000 will be the PF contribution.
- PF Contribution = 30,000 * 12% = 3,600
2. EPS Calculation:
- The EPS contribution is a fixed percentage of the pensionable salary, which is up to a maximum of 15,000. In this scenario, the pensionable salary is capped at 15,000.
- EPS Contribution = 8.33% of the pensionable salary, subject to a maximum of 15,000.
- Since the Basic + D.A is 30,000, the pensionable salary for EPS will be 15,000.
- EPS Contribution = 15,000 * 8.33% = 1,249.50
Therefore, the PF contribution will be 3,600, and the EPS contribution will be 1,249.50 for a Basic + D.A of 30,000 after increments in this case.
From India, Gurugram
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PF CHALLAN & CALCULATION SHEET.xls