Dear all, can anybody tell me that how to calculate the pf and what is the minimum wages slab......................:?:
From India, Pune
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From India, Pune
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Dear,
If an employee is getting Basic+DA less than 6500 at the time of joining, then 12% of it is to be deducted as PF, and the employer will also be required to pay 12% of Basic+DA as an employer contribution.
Regards,
J S Malik
From India, Delhi
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174If an employee is getting Basic+DA less than 6500 at the time of joining, then 12% of it is to be deducted as PF, and the employer will also be required to pay 12% of Basic+DA as an employer contribution.
Regards,
J S Malik
From India, Delhi
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Adding to Mr. Malik's post.
If an employee is getting Basic + DA more than 6500, then the employee has to pay 12% on his basic, but the employer can freeze it to 6500 itself.
PF Calculation:
For Less than 6500
Consider an X employee basic is 5000
Employee Contribution 12%: 600
Employer Contribution
EPF (3.67%): 183
EPS (8.33%): 417
EPF Admin Charges (1.10%): 55
EDLI Account (0.50%): 25
EDLI Admin Charges (0.01%): 1
Consider an X employee basic is 10000
EPF (3.67%): 659
EPS (8.33%): 541 (EPS should be calculated on 6500; the remaining amount should be added to the EPF account)
EPF Admin Charges (1.10%): 110
EDLI Account (0.50%): 33
EDLI Admin Charges (0.01%): 1
From India, Madras
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If an employee is getting Basic + DA more than 6500, then the employee has to pay 12% on his basic, but the employer can freeze it to 6500 itself.
PF Calculation:
For Less than 6500
Consider an X employee basic is 5000
Employee Contribution 12%: 600
Employer Contribution
EPF (3.67%): 183
EPS (8.33%): 417
EPF Admin Charges (1.10%): 55
EDLI Account (0.50%): 25
EDLI Admin Charges (0.01%): 1
Consider an X employee basic is 10000
EPF (3.67%): 659
EPS (8.33%): 541 (EPS should be calculated on 6500; the remaining amount should be added to the EPF account)
EPF Admin Charges (1.10%): 110
EDLI Account (0.50%): 33
EDLI Admin Charges (0.01%): 1
From India, Madras
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PF Contribution on not less than Minimum Wage.pdf