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PF Calculation:
- There are two contributions in PF: Employer Contribution & Employee Contribution.
- Employee Contribution is 12% & Employer contribution is 13.61%.
- The total contribution is 25.61% & the account-wise distribution is as follows:
- Account No. 1: Employee 12% & Employer 3.67%.
- Account No. 2: Employer 1.10%.
- Account No. 10: Employer 8.33%.
- Account No. 21: Employer 0.5%
- Account No. 22: Employer 0.01%.
ESIC Calculation:
- Employer 4.75% & Employee 1.75%.
Gratuity Calculation:
Gratuity Eligibility:
1. Any person employed on wages/salary.
2. At the time of retirement or resignation or on superannuation, an employee should have rendered continuous service of not less than five years.
3. Payable without completion of five years only in cases of death and disablement.
Formula Used:
Gratuity Calculation In India = [(Basic Pay + D.A) x 15 days x No. of years of service] / 26
Where,
D.A = Dearness Allowance.
With Regards,
Vineet Deshmukh
From India, Yavatmal
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25PF Calculation:
- There are two contributions in PF: Employer Contribution & Employee Contribution.
- Employee Contribution is 12% & Employer contribution is 13.61%.
- The total contribution is 25.61% & the account-wise distribution is as follows:
- Account No. 1: Employee 12% & Employer 3.67%.
- Account No. 2: Employer 1.10%.
- Account No. 10: Employer 8.33%.
- Account No. 21: Employer 0.5%
- Account No. 22: Employer 0.01%.
ESIC Calculation:
- Employer 4.75% & Employee 1.75%.
Gratuity Calculation:
Gratuity Eligibility:
1. Any person employed on wages/salary.
2. At the time of retirement or resignation or on superannuation, an employee should have rendered continuous service of not less than five years.
3. Payable without completion of five years only in cases of death and disablement.
Formula Used:
Gratuity Calculation In India = [(Basic Pay + D.A) x 15 days x No. of years of service] / 26
Where,
D.A = Dearness Allowance.
With Regards,
Vineet Deshmukh
From India, Yavatmal
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Hello Vineet, I want to know further- what are the eligibility criteria for 1. PF, 2. ESI Regards, Smita.
From India, Calcutta
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From India, Calcutta
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According to the Employees' Provident Fund & Miscellaneous Act 192, for eligibility for Provident Fund, the following conditions are required:
1) Any establishment employing 20 or more persons.
2) Power to apply the Act to an establishment that has a common provident fund with another establishment. Where immediately before this Act becomes applicable to an establishment, there is in existence a provident fund that is common to the employees employed in that establishment and employees in any other establishment, the Central Government may, by notification in the Official Gazette, direct that the provisions of this Act shall also apply to such other establishment.
3) Power to add to Schedule I:
- (1) The Central Government may, by notification in the Official Gazette, add to Schedule I any other industry in respect of the employees whereof it is of the opinion that a provident fund scheme should be framed under this Act, and thereupon the industry so added shall be deemed to be an industry specified in Schedule I for the purposes of this Act.
- (2) All notifications under sub-section (1) shall be laid before Parliament, as soon as may be, after they are issued.
According to the Employees State Insurance Act 1948, the eligibility criteria are as follows:
- An establishment employing 10 or more persons (Establishment uses power for its production).
- An establishment employing 20 or more persons (Establishment doesn't use power for its production).
With Regards,
Vineet Deshmukh
From India, Yavatmal
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1) Any establishment employing 20 or more persons.
2) Power to apply the Act to an establishment that has a common provident fund with another establishment. Where immediately before this Act becomes applicable to an establishment, there is in existence a provident fund that is common to the employees employed in that establishment and employees in any other establishment, the Central Government may, by notification in the Official Gazette, direct that the provisions of this Act shall also apply to such other establishment.
3) Power to add to Schedule I:
- (1) The Central Government may, by notification in the Official Gazette, add to Schedule I any other industry in respect of the employees whereof it is of the opinion that a provident fund scheme should be framed under this Act, and thereupon the industry so added shall be deemed to be an industry specified in Schedule I for the purposes of this Act.
- (2) All notifications under sub-section (1) shall be laid before Parliament, as soon as may be, after they are issued.
According to the Employees State Insurance Act 1948, the eligibility criteria are as follows:
- An establishment employing 10 or more persons (Establishment uses power for its production).
- An establishment employing 20 or more persons (Establishment doesn't use power for its production).
With Regards,
Vineet Deshmukh
From India, Yavatmal
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ESI-PF-Gratuity .xls
PF & ESI.zip
Presentation PF&ESI.ppt