Dear Sirs
I am being asked to bifurcate the Consolidated Amount of Wage Rs.4000/- for a Skilled worker (daily Min wage is Rs.116/-) and to put it in a tender for outsourcing the service by giving the details of calculation of the EPF, ESI deductions from the Employee Salary (Rs.4000/- Consolidated) and Employer side also.
I have calculated as follows
Per Day Min wage- Es.116/-
wage per 26 working days - Rs.116 x 26 = Rs.3016/-(Basic)
Rs.4000/- Rs.3016 = Rs.984/- Other Allowances
EPF @ 12% of Rs.3016 ..................... and ESI also on that
Am i Correct in my calculation or Not ??
What will be the rule/practices for bifurcation of the Rest Rs.984/- (Other allowances) in to different aspects like DA/HRA/etc..
Please guide me in this regards
Pragatika Mishra
From India, Bhubaneswar
3I am being asked to bifurcate the Consolidated Amount of Wage Rs.4000/- for a Skilled worker (daily Min wage is Rs.116/-) and to put it in a tender for outsourcing the service by giving the details of calculation of the EPF, ESI deductions from the Employee Salary (Rs.4000/- Consolidated) and Employer side also.
I have calculated as follows
Per Day Min wage- Es.116/-
wage per 26 working days - Rs.116 x 26 = Rs.3016/-(Basic)
Rs.4000/- Rs.3016 = Rs.984/- Other Allowances
EPF @ 12% of Rs.3016 ..................... and ESI also on that
Am i Correct in my calculation or Not ??
What will be the rule/practices for bifurcation of the Rest Rs.984/- (Other allowances) in to different aspects like DA/HRA/etc..
Please guide me in this regards
Pragatika Mishra
From India, Bhubaneswar
Hello Mishra,
U can go for the below mentioned Salary Break up for Rs.4000 Gross Salary..
Basic+DA = 2920 [Minimum Basic]
HRA = 1080 [50% of Basic+DA]
PF deduction[12% on Basic] = 12%*2920 = Rs.350
ESI deduction[ 1.75% on Gross] = 1.75%*4000 = Rs.70
Net Payable Salary = 4000-(350+70) = Rs.3580
Regards
Latha
From India, Mumbai
U can go for the below mentioned Salary Break up for Rs.4000 Gross Salary..
Basic+DA = 2920 [Minimum Basic]
HRA = 1080 [50% of Basic+DA]
PF deduction[12% on Basic] = 12%*2920 = Rs.350
ESI deduction[ 1.75% on Gross] = 1.75%*4000 = Rs.70
Net Payable Salary = 4000-(350+70) = Rs.3580
Regards
Latha
From India, Mumbai
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Salary bifurcation.xls
Salary-Note.doc