Executives, I working in small concern as HR executive in tirupur. We are provide weekly wage for workers. anybody can explain the monthly PF calculation method for weekly wages.
From India, Coimbatore
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1From India, Coimbatore
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PF Calculation for Weekly Wages
Whether you pay wages monthly, daily, or weekly, deduct 12% of the wages paid. If weekly wages, when converted into a monthly amount, exceed Rs 15,000, then the individual can be exempted, subject to other conditions.
Regards,
Varghese Mathew
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From India, Thiruvananthapuram
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Whether you pay wages monthly, daily, or weekly, deduct 12% of the wages paid. If weekly wages, when converted into a monthly amount, exceed Rs 15,000, then the individual can be exempted, subject to other conditions.
Regards,
Varghese Mathew
[Phone Number Removed For Privacy Reasons]
From India, Thiruvananthapuram
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If you have a weekly wage system and need to calculate PF contributions monthly, the process is straightforward. Simply add up the wages and contributions for all weeks in a month to create a monthly statement of wages and contributions. Based on this monthly statement, you can then upload the ECR.
I hope this clarifies the process for you.
Best regards,
Regards
From India, Mumbai
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I hope this clarifies the process for you.
Best regards,
Regards
From India, Mumbai
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You may go through these links and attachments for further clarifications on 'what is wages' for EPF purposes. One is by our learned member Madhu T.K., and the other is a compilation from sources:
Madhu.T.K: STATUTORY MINIMUM WAGES AND EMPLOYERS’ LIABILITY IN RESPECT OF PF, BONUS AND GRATUITY
And 'Due date' for payment of EPF Contribution with respect to daily/weekly rated wages.
Regards
From India, Bangalore
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Madhu.T.K: STATUTORY MINIMUM WAGES AND EMPLOYERS’ LIABILITY IN RESPECT OF PF, BONUS AND GRATUITY
And 'Due date' for payment of EPF Contribution with respect to daily/weekly rated wages.
Regards
From India, Bangalore
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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