Dear Tweeps,
here are your answers :
ctc : Means Total salary with PF and Gratuity or superanuation
gross salary : Without PF and excluding Tax deduction
consolidated : With PF & ESI
net salary : In hand or take home after deductions
salary breakup : salary details like Basic, HRA, DA, Conveyance, Mobile Bills, etc.
Thanx & Rgds
Bhagwan Tolani
9784539090
From India, Mumbai
51here are your answers :
ctc : Means Total salary with PF and Gratuity or superanuation
gross salary : Without PF and excluding Tax deduction
consolidated : With PF & ESI
net salary : In hand or take home after deductions
salary breakup : salary details like Basic, HRA, DA, Conveyance, Mobile Bills, etc.
Thanx & Rgds
Bhagwan Tolani
9784539090
From India, Mumbai
Dear Satish, The Earned Leave ,it will not be included in the cost to company. Warmest Regards, Mohan.M.S
From India, Madras
From India, Madras
Thanks ksa04 for the break-up. Actually i missed out to explain the break-up which u did efficiently..
Now first let me answer to yojita regarding the 1.61% (let me give the total break-up, i think that will make everything clear).. See Employee's Total Contribution of 12% goes to the PF Fund, but Employer's Contribution of 13.61% is divided into - 8.33% goes to the Pension Fund; 3.67% goes to the PF Fund; 1.1% is for the Admin.Charges for PF; 0.50% is for EDLI (Employee Deposit Linked Insurance) and the balance 0.01% is for the Admin.Charges for EDLI..
I hope this is clear now.
Now, let me answer Mr.Singh. As you have said that the Basic is Rs.12,000 p.m. and we all know that as per the rule the ceiling of Basic applicable for PF is Rs.6,500. So, in this case it is left upto the employer as well as the employee to decide what amount should be given as PF Contribution. The reason being so, that if the Employer (in order to increase the CTC of the Employee) adds 13.61% of the Basic (Rs.12,000) to the CTC structure, then the Employee also has to contribute 12% of his Basic to the same effect. So, in that case the Employee's Contribution will be Rs.1440 (12% on Rs.12,000) and Employer's - Rs.1633 (13.61% on Rs.12,000) instead of Rs.780 as being rightly calculated by you. Though the contribution will lead to Tax Benefits, it's totally upto the Employer as well as the Employee regarding what they want to do in this case..
Hope i have been able to clear your doubts.
Regards,
Sudip
Now first let me answer to yojita regarding the 1.61% (let me give the total break-up, i think that will make everything clear).. See Employee's Total Contribution of 12% goes to the PF Fund, but Employer's Contribution of 13.61% is divided into - 8.33% goes to the Pension Fund; 3.67% goes to the PF Fund; 1.1% is for the Admin.Charges for PF; 0.50% is for EDLI (Employee Deposit Linked Insurance) and the balance 0.01% is for the Admin.Charges for EDLI..
I hope this is clear now.
Now, let me answer Mr.Singh. As you have said that the Basic is Rs.12,000 p.m. and we all know that as per the rule the ceiling of Basic applicable for PF is Rs.6,500. So, in this case it is left upto the employer as well as the employee to decide what amount should be given as PF Contribution. The reason being so, that if the Employer (in order to increase the CTC of the Employee) adds 13.61% of the Basic (Rs.12,000) to the CTC structure, then the Employee also has to contribute 12% of his Basic to the same effect. So, in that case the Employee's Contribution will be Rs.1440 (12% on Rs.12,000) and Employer's - Rs.1633 (13.61% on Rs.12,000) instead of Rs.780 as being rightly calculated by you. Though the contribution will lead to Tax Benefits, it's totally upto the Employer as well as the Employee regarding what they want to do in this case..
Hope i have been able to clear your doubts.
Regards,
Sudip
CTC means Cost To Company
Gross Salary - with out any deductions
net salary - after all deductions
salary breakup- total salary divided into parts (for ex. Earnings-basic, hra, da, ta, etc... deductions - TDS, P.F, P.T, LOP, ESI, Insurance etc...
From India, Hyderabad
Gross Salary - with out any deductions
net salary - after all deductions
salary breakup- total salary divided into parts (for ex. Earnings-basic, hra, da, ta, etc... deductions - TDS, P.F, P.T, LOP, ESI, Insurance etc...
From India, Hyderabad
Hi Friends PF contribution of Employer’s is also a part of CTC, most of the companies includes that in structure to make the package healthier. Regards, Deepa Palav
From India, Mumbai
From India, Mumbai
May i know what is PF and an employee to eligible get this..
PF @13.61% on Basic------------------------545.00
Bonus @ 8.33% on Basic--------------------334.00
13.61% is on actual basic ....
From United Arab Emirates, Dubai
PF @13.61% on Basic------------------------545.00
Bonus @ 8.33% on Basic--------------------334.00
13.61% is on actual basic ....
From United Arab Emirates, Dubai
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