Hi, Can anybody give details about PF components. I mean what are the salary component attracts PF under Employees Provident Fund Act. Its. urgent. Thanx spr
From India
From India
Hi, PF is only decucted from Basic Salary and the contribution is 12% of basic salary from employeer & employee’s side.
From India, Mumbai
3From India, Mumbai
Hi..
PF is been deducted 12% of Basic+DA/ Basic only if DA is not there. It is been contributed from both the sides i.e employees and employer.
Out of 12% contributed from employer, 8.33% goes to Pension fund where as the rest 3.67% goes to the PF fund itself.
Hope now it will be very much clear with you...
Regards,
Amit Seth.
From India, Ahmadabad
PF is been deducted 12% of Basic+DA/ Basic only if DA is not there. It is been contributed from both the sides i.e employees and employer.
Out of 12% contributed from employer, 8.33% goes to Pension fund where as the rest 3.67% goes to the PF fund itself.
Hope now it will be very much clear with you...
Regards,
Amit Seth.
From India, Ahmadabad
It’s 24% of the basic salary (Employer contribution (12%)+ Employee contribution (12%)). Once the basic cross Rs.6500/- per month the contribution towards PF may change. Pratibha
the PF act came in to in the year 1952
the main object of the
PF ACT is to assist the employee afetr rettirement
EMPLOYEE CONTRIBUTION IS 12%
EMPLOYER CONTRIBUTION IS 12%
TOTAL 24%IN THAT 8.33% GOES TO PENSION
AND REMAINIG THA IS 15.87% GOES TO FAMILY PENSION
THE FOLLOWING ARE THE COMPONENTS OF PF
BASICS+DA
From India, Mumbai
the main object of the
PF ACT is to assist the employee afetr rettirement
EMPLOYEE CONTRIBUTION IS 12%
EMPLOYER CONTRIBUTION IS 12%
TOTAL 24%IN THAT 8.33% GOES TO PENSION
AND REMAINIG THA IS 15.87% GOES TO FAMILY PENSION
THE FOLLOWING ARE THE COMPONENTS OF PF
BASICS+DA
From India, Mumbai
HI THIS IS SHARIFF I COMPLETED MY MHRM AND NO IAM WORKING IN ONE CONSULTANT IS IT GOOD TO ME ? AND ANY BODY HEL ME WHICH ONE IS THE BETTER TO HR CAN ANY BODY SUGGEST ME WITH REGARDS SHARIFF
From India, Mumbai
From India, Mumbai
Hi
Employees contribution 12% of basic salary.
Employer contribution 13.61% of basic salary=. 8.33% (maximum limit on 6500 basic) pension fund+,3.67% PF+,rest is adm charges,inspection charges & insurance charges.
Regards
Deepak
Employees contribution 12% of basic salary.
Employer contribution 13.61% of basic salary=. 8.33% (maximum limit on 6500 basic) pension fund+,3.67% PF+,rest is adm charges,inspection charges & insurance charges.
Regards
Deepak
hi spr,
you must be thankful to so many friends for their input on your query.
But let me add one more point
P.F should be calculated on; Basic salary + D.A + Cash equivalent of food consession
rest are perfectly mentioned by other friends above.
Employee's share -goes to EPF - 12%
Employer's Share -
goes to EPF - 3.67%
goes to Pension Fund (FPF) - 8.33%
Administration charges to be borne by Employer - 1.1%
Employees' Deposit Linked Insurance (EDLI) - 0.5%
Adm. chgs. to EDLI - 0.01%
TOTAL 13.61%
hope, it will provide you with a little help.
take care
JayPee
From India, Delhi
you must be thankful to so many friends for their input on your query.
But let me add one more point
P.F should be calculated on; Basic salary + D.A + Cash equivalent of food consession
rest are perfectly mentioned by other friends above.
Employee's share -goes to EPF - 12%
Employer's Share -
goes to EPF - 3.67%
goes to Pension Fund (FPF) - 8.33%
Administration charges to be borne by Employer - 1.1%
Employees' Deposit Linked Insurance (EDLI) - 0.5%
Adm. chgs. to EDLI - 0.01%
TOTAL 13.61%
hope, it will provide you with a little help.
take care
JayPee
From India, Delhi
Hi,
Thank you everybody who has repplied my query. Actually some people say that Pf will be calculated on Basic + DA + Special pay + Other allowowance + Food Allowance. Some of the cases booked against 7A enquiry stating that special pay is also included in PF Calculation. Can anybody more clarify in this regard?
Thankx
Spr
From India
Thank you everybody who has repplied my query. Actually some people say that Pf will be calculated on Basic + DA + Special pay + Other allowowance + Food Allowance. Some of the cases booked against 7A enquiry stating that special pay is also included in PF Calculation. Can anybody more clarify in this regard?
Thankx
Spr
From India
Dear Spr,
If you can refer to the defination of salary in minimum wages Act it includes basic, DA which can be spl allowance in some Company (changing six monthly on price index), personal pay allowance and allowance as part of the salary, excluding those allowance given to meet the daily expenses and excluding HRA, here if we have allowance by name name personal allowance can also be included in the defination of Basic salary. On this Basic salary pF if is applicable.
Hope now you doubt is clear.
Thanks & Regards
Amal Shere
From India, Mumbai
If you can refer to the defination of salary in minimum wages Act it includes basic, DA which can be spl allowance in some Company (changing six monthly on price index), personal pay allowance and allowance as part of the salary, excluding those allowance given to meet the daily expenses and excluding HRA, here if we have allowance by name name personal allowance can also be included in the defination of Basic salary. On this Basic salary pF if is applicable.
Hope now you doubt is clear.
Thanks & Regards
Amal Shere
From India, Mumbai
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PF Accounts Details.pdf
Pf details.doc