Hi Seniors, I have a doubt bases on Calculation of Interest Rate 8.65%
Per Month Contribution:
Employee Share PF Contribution - Rs. 672
Employer Share PF Contribution - Rs. 206
Pension Contribution - Rs. 466
Even after 5 months of contribution I got below interest amount.
Interest Updated upto 31.03.2017
Employee Share Interest amount Rs.48
Employer Share Interest amount Rs.15
Interest Amount for Pension Contribution is Rs.0
Why no interest for Pension Contribution?
Kindly guide me for calculating Interest Amount.
Thank You.
From India, Chennai
8Per Month Contribution:
Employee Share PF Contribution - Rs. 672
Employer Share PF Contribution - Rs. 206
Pension Contribution - Rs. 466
Even after 5 months of contribution I got below interest amount.
Interest Updated upto 31.03.2017
Employee Share Interest amount Rs.48
Employer Share Interest amount Rs.15
Interest Amount for Pension Contribution is Rs.0
Why no interest for Pension Contribution?
Kindly guide me for calculating Interest Amount.
Thank You.
From India, Chennai
Dear Ranjeetha MP,
Employer & employee shares in PF belongs to the Member. Hence when it is deposited with EPFO, they have to give interest to members. But members have no claim on pension fund. It is EPFO's property. Members can claim either pension or withdrawal benefit, as the case may be. It have no connection with the deposit; but depends upon the service, last drawn average salary etc.
Abbas.P.S
From India, Bangalore
Employer & employee shares in PF belongs to the Member. Hence when it is deposited with EPFO, they have to give interest to members. But members have no claim on pension fund. It is EPFO's property. Members can claim either pension or withdrawal benefit, as the case may be. It have no connection with the deposit; but depends upon the service, last drawn average salary etc.
Abbas.P.S
From India, Bangalore
Dear Ranjeetha, The interest calculation is shown in the attached sheet, as per details provided by you. Mr. Abbas has already intimated you other details. Thanks, Vidyadhar Bhat
From India, Pune
From India, Pune
Dear Sir, Thank you so much Abbas Sir and Vidyadhar Bhat Sir for your explanation through Excel sheet. Thanks, Ranjeetha.MP
From India, Chennai
From India, Chennai
Dear Sir, Thank you so much Abbas Sir and Vidyadhar Bhat Sir for your explanation through Excel sheet. Thanks
From India, Chennai
From India, Chennai
Dearsir My name Anit kumar s/o Ratan singh My company. India Yamaha motor surajpur greater noida up My UAN. 100978944644 MY FATHER’S NAME MYSTIC SHWO. Ravindra PLEAS WRITE HELP
From India, Delhi
From India, Delhi
In the EPF calculator, we have used the 1st method for computing the employee and the employer contribution. Just to understand our methodology, let us take the following case:
1. Employees' Basic Pay + DA: Rs 25000
2. Employee contribution towards EPF: 12%*25000 = Rs 3000
3. Employer contribution towards EPF = 3.67% of 25000 = 3.67%*25000 = Rs 917.50.....(A)
4. Employer contribution in Employee Pension Scheme (EPS): 8.33% * 15000 = Rs 2082.50 .....(I)
ID – Paytek, a payroll software designed by experts keeping in mind the essential needs of organizations is a very powerful HR management tool that takes care of all core HR activities in an organization.
Regards
Abid
https://www.idbssoftware.com/hr-payroll-software.php
From India, Bengaluru
1. Employees' Basic Pay + DA: Rs 25000
2. Employee contribution towards EPF: 12%*25000 = Rs 3000
3. Employer contribution towards EPF = 3.67% of 25000 = 3.67%*25000 = Rs 917.50.....(A)
4. Employer contribution in Employee Pension Scheme (EPS): 8.33% * 15000 = Rs 2082.50 .....(I)
ID – Paytek, a payroll software designed by experts keeping in mind the essential needs of organizations is a very powerful HR management tool that takes care of all core HR activities in an organization.
Regards
Abid
https://www.idbssoftware.com/hr-payroll-software.php
From India, Bengaluru
Dear Sir,
There should be few corrections towards contribution.
EPS contribution is to be restricted to Rs. 1250/- ( Max . wages Rs. 15000 ) and diff amount will go to Company contribution.
In the specimen you are writing EPS wages as 15000, but calculatiog on 25000/- as Rs. 2082.50
Rest all will be entered in the excel file in EPF Interest calculation.
Thanks,
Vidyadhar Bhat
From India, Pune
There should be few corrections towards contribution.
EPS contribution is to be restricted to Rs. 1250/- ( Max . wages Rs. 15000 ) and diff amount will go to Company contribution.
In the specimen you are writing EPS wages as 15000, but calculatiog on 25000/- as Rs. 2082.50
Rest all will be entered in the excel file in EPF Interest calculation.
Thanks,
Vidyadhar Bhat
From India, Pune
For calculation of contribution to ESI we should use ROUNDUP function in Excel, otherwise it will not tally with amounts shown by ESI System.
=roundup(gross_salary*1.75%,0).
There is a problem with Employer's contribution-
- After uploading the excel sheet, the system displays total contribution by employee & employer. It is easy to check employee contribution.
-But there is no way of matching employeewise contribution made by the employer before payment of the challan.
-It is only after payment that I can download the details
Any solution to this will be appreciated
From India, Bidar
=roundup(gross_salary*1.75%,0).
There is a problem with Employer's contribution-
- After uploading the excel sheet, the system displays total contribution by employee & employer. It is easy to check employee contribution.
-But there is no way of matching employeewise contribution made by the employer before payment of the challan.
-It is only after payment that I can download the details
Any solution to this will be appreciated
From India, Bidar
Dear, Please note that Employer Contribution is payable on Gross ESI Wages (Inclusive of Gross Wages of all ESI Covered Employees)
before uploading the data in the portal, Calculate approximate Employer Share of Contribution @4.75%. The portal is programmed to calculate accurately.you have to round off Employee & Employer Contribution to the nearest Rupee before uploading the data
From India, New Delhi
before uploading the data in the portal, Calculate approximate Employer Share of Contribution @4.75%. The portal is programmed to calculate accurately.you have to round off Employee & Employer Contribution to the nearest Rupee before uploading the data
From India, New Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls