HI, WISH U ALL A MERRY CHRISTMAS & HAPPY NEW YEAR !!! i need a right method to calculate EPF????:confused: Thanks Regards shaktiraj
From India, Mumbai
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From India, Mumbai
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Dear Shakti Raj,
Regarding your calculations, I hope you know the basis, i.e., the percentage to calculate. PF is to be calculated on Basic salary plus DA if applicable. Both the employee and employer contribute 12%. The ceiling is Rs. 6500/- on which the employer needs to pay. Rs. 541 goes to the pension account (A/C No.10), and the rest amount goes to EPF (A/C No.1). In case the employer is willing to contribute more than Rs. 6500/-, they can contribute, but for the pension fund, it shall be 8.33%, i.e., 541.00 only. All administrative charges are to be paid on total wages, i.e., Basic plus DA.
Regards,
Prabhakar Rao
From India, Delhi
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5Regarding your calculations, I hope you know the basis, i.e., the percentage to calculate. PF is to be calculated on Basic salary plus DA if applicable. Both the employee and employer contribute 12%. The ceiling is Rs. 6500/- on which the employer needs to pay. Rs. 541 goes to the pension account (A/C No.10), and the rest amount goes to EPF (A/C No.1). In case the employer is willing to contribute more than Rs. 6500/-, they can contribute, but for the pension fund, it shall be 8.33%, i.e., 541.00 only. All administrative charges are to be paid on total wages, i.e., Basic plus DA.
Regards,
Prabhakar Rao
From India, Delhi
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Thanks for the help... :icon1:
Can you tell me how much contribution the employer and employee will pay in EPF? You have further mentioned that it's 12% for both parties or different for each of them. Thanks! :icon1:
Regards,
Shakti Raj
From India, Mumbai
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Can you tell me how much contribution the employer and employee will pay in EPF? You have further mentioned that it's 12% for both parties or different for each of them. Thanks! :icon1:
Regards,
Shakti Raj
From India, Mumbai
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In strict terms of EPF it is A/C No.1 if u r asking then 12% of Employee share and 3.67% of Employer share . rgds Prabhakar Rao.M
From India, Delhi
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From India, Delhi
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Hi Shaktiraj,
I have enclosed a sample sheet of PF computation that is used by me in our organization. Hope this will help you out.
Regards,
Sharath
Mob: 9341906204
Email: [IMG]https://www.citehr.com/misc.php?do=email_dev&email=c2hhcmF0aEBzdH JhdGVnaWF1dG9tYXRpb24uY29t[/IMG]
Hi, Sharath,
Thanks for the post. It's very easy to understand the calculation for EPF.
From India, Mumbai
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I have enclosed a sample sheet of PF computation that is used by me in our organization. Hope this will help you out.
Regards,
Sharath
Mob: 9341906204
Email: [IMG]https://www.citehr.com/misc.php?do=email_dev&email=c2hhcmF0aEBzdH JhdGVnaWF1dG9tYXRpb24uY29t[/IMG]
Hi, Sharath,
Thanks for the post. It's very easy to understand the calculation for EPF.
From India, Mumbai
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EPF-Circular-da ted-23-May-2011 -Splitting-of-M inimum-Wages-fo r-the-Purpose-o f-PF-Contributi on-Not.pdf