I have been working in a Ltd company for the past five years and I have some doubts. I kindly request clarification on the following:
1. Statutory Deductions
What are the statutory deductions from the monthly salary (i.e., PF, ESI, PT, etc.)?
2. Gratuity Calculation
How can I calculate Gratuity or determine eligibility for Gratuity?
3. Annual Increment Percentage
What is the normal percentage of increment each year?
Regards,
Murthy
From India, Mumbai
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1. Statutory Deductions
What are the statutory deductions from the monthly salary (i.e., PF, ESI, PT, etc.)?
2. Gratuity Calculation
How can I calculate Gratuity or determine eligibility for Gratuity?
3. Annual Increment Percentage
What is the normal percentage of increment each year?
Regards,
Murthy
From India, Mumbai
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Statutory Deduction Components
PF, ESIC, professional tax, and employee welfare fund are the four main statutory deduction components.
1. **PF:** PF can be deducted at 12% of the basic salary. The employer should contribute 13.61%.
2. **ESIC:** Employees who earn ₹15,000 and below are mandated to enroll in ESIC. In certain areas, ESIC benefits are not implemented. For these cases, the employer can offer additional options like mediclaim. The employee contribution is 1.75% of the gross salary, and the employer contribution is 4.75%.
3. **Professional Tax:** Professional tax is applicable only in certain states.
From India, Delhi
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2PF, ESIC, professional tax, and employee welfare fund are the four main statutory deduction components.
1. **PF:** PF can be deducted at 12% of the basic salary. The employer should contribute 13.61%.
2. **ESIC:** Employees who earn ₹15,000 and below are mandated to enroll in ESIC. In certain areas, ESIC benefits are not implemented. For these cases, the employer can offer additional options like mediclaim. The employee contribution is 1.75% of the gross salary, and the employer contribution is 4.75%.
3. **Professional Tax:** Professional tax is applicable only in certain states.
From India, Delhi
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Employee Benefits.doc
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