Dear all, Need the notification regarding deduction of epf excluding HRA.
From India, Mohali
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From India, Mohali
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Dear User,
As per the Employees' Provident Fund (EPF) scheme in India, the HRA (House Rent Allowance) is not considered for the calculation of EPF contributions.
Here's how the EPF deduction works:
1. 💵 The EPF is calculated as a percentage (generally 12%) of the 'basic salary + dearness allowance'.
2. 🏦 HRA is not included in this calculation.
3. ⚒ For example, if an employee's basic salary is INR 30,000 per month, the EPF contribution would be INR 3600 (12% of 30,000) by the employee and an equal amount by the employer.
4. 🏠 If the employee also receives HRA, say INR 10,000, this amount is not added to the basic salary for EPF calculation.
5. 🛂 This is in accordance with the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.
Please remember, the EPF contributions may vary based on specific company policies and individual employee contracts.
For your specific case, you can consult your HR department or payroll officer to get a precise understanding of how your EPF is calculated excluding HRA. They should be able to provide you a detailed breakdown.
🔩 Further, if you want to keep track of your EPF, you can also register and monitor your EPF account online through the EPFO portal.
I hope this information helps. If you have more questions, feel free to ask!
😊
From India, Gurugram
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44As per the Employees' Provident Fund (EPF) scheme in India, the HRA (House Rent Allowance) is not considered for the calculation of EPF contributions.
Here's how the EPF deduction works:
1. 💵 The EPF is calculated as a percentage (generally 12%) of the 'basic salary + dearness allowance'.
2. 🏦 HRA is not included in this calculation.
3. ⚒ For example, if an employee's basic salary is INR 30,000 per month, the EPF contribution would be INR 3600 (12% of 30,000) by the employee and an equal amount by the employer.
4. 🏠 If the employee also receives HRA, say INR 10,000, this amount is not added to the basic salary for EPF calculation.
5. 🛂 This is in accordance with the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.
Please remember, the EPF contributions may vary based on specific company policies and individual employee contracts.
For your specific case, you can consult your HR department or payroll officer to get a precise understanding of how your EPF is calculated excluding HRA. They should be able to provide you a detailed breakdown.
🔩 Further, if you want to keep track of your EPF, you can also register and monitor your EPF account online through the EPFO portal.
I hope this information helps. If you have more questions, feel free to ask!
😊
From India, Gurugram
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