Whether the ESI & PF will be calculated on total emoluments and the sum paid to the employee will be after all statutory obligations? For example, Rs. 16,718/- is the total salary inclusive of VDA. Now, how much net salary should be paid to him in Karnataka at present?
From India
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From India
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Dear Mr Nagesh, ESI is applicable on Gross Salary earned.EPF is applicable on Basic +VDA/DA Earned.Net Salary means amount Paid after all deductions.
From India, New Delhi
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Hi Nagesh,
When you total up the Gross salary, the deductions therefrom will be:
1. Professional tax, if applicable.
2. EPF contribution at 12%, limiting the 'salary' up to Rs. 15,000 or less.
3. Any other permissible deductions like LIC premium, EPS contribution towards Pension Account.
4. Employees' Union subscription, if any.
5. Employees Coop Society's dues, if any.
Then you get the Net Pay payable (Take-home pay) which has to be remitted to their bank accounts.
From India, Bangalore
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When you total up the Gross salary, the deductions therefrom will be:
1. Professional tax, if applicable.
2. EPF contribution at 12%, limiting the 'salary' up to Rs. 15,000 or less.
3. Any other permissible deductions like LIC premium, EPS contribution towards Pension Account.
4. Employees' Union subscription, if any.
5. Employees Coop Society's dues, if any.
Then you get the Net Pay payable (Take-home pay) which has to be remitted to their bank accounts.
From India, Bangalore
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Dear Mr. Kumar,
Please refer to your reply under Sl. No. 3. Are there any other permissible deductions such as LIC premium or EPS contributions towards the Pension account?
Out of the employer's share of EPF, 8.33% is remitted to the EPS Fund. As a result, this portion (employer's share of contribution to EPF & EPS) will not be reflected under deductions in the employee's salary.
For your information,
Thank you.
From India, New Delhi
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Please refer to your reply under Sl. No. 3. Are there any other permissible deductions such as LIC premium or EPS contributions towards the Pension account?
Out of the employer's share of EPF, 8.33% is remitted to the EPS Fund. As a result, this portion (employer's share of contribution to EPF & EPS) will not be reflected under deductions in the employee's salary.
For your information,
Thank you.
From India, New Delhi
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Karnataka Minimum Wages For The Year 2022-23 Final.pdf