Need some help while preparing the salary break up.
1) If the PF sealing is there (1800/-) can basic be above 15000/-
2) is it necessary to keep the PF contribution to 12% of basic? or i can keep 1800/- PF contribution and basic could be any amount bigger than 15000/-?
From India, Pune
1) If the PF sealing is there (1800/-) can basic be above 15000/-
2) is it necessary to keep the PF contribution to 12% of basic? or i can keep 1800/- PF contribution and basic could be any amount bigger than 15000/-?
From India, Pune
Statutory limit for Provident Fund deduction is Rs.15000/- (salary) that is 1800/- as PF contribution.
You are at liberty to deduct above 15000/- and remit to PF fund. But that will be only on
Employees share. Towards Employer share 12% of 15000/- salary only.
From India, Aizawl
625You are at liberty to deduct above 15000/- and remit to PF fund. But that will be only on
Employees share. Towards Employer share 12% of 15000/- salary only.
From India, Aizawl
There are organizations in India who are paying PF contribution above 15,000/- per month as Employer's share. If the organization has capacity to pay, then organization may deposit PF contribution above 15,000/- also.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
From India, New Delhi
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
From India, New Delhi
Need some help while preparing the salary break up.
1) If the PF sealing is there (1800/-) can basic be above 15000/-
2) is it necessary to keep the PF contribution to 12% of basic? or i can keep 1800/- PF contribution and basic could be any amount bigger than 15000/-?
1. The basic can be above 15K. While calculating PF, we clearly mentions the EPF Wages, EPS wages which will be limited to 15K.
2. The PF is calculated on Basic + DA generally. Since there is Minimum wages act, the basic and DA should fall in minimum wages limit.
From India, Kochi
1) If the PF sealing is there (1800/-) can basic be above 15000/-
2) is it necessary to keep the PF contribution to 12% of basic? or i can keep 1800/- PF contribution and basic could be any amount bigger than 15000/-?
1. The basic can be above 15K. While calculating PF, we clearly mentions the EPF Wages, EPS wages which will be limited to 15K.
2. The PF is calculated on Basic + DA generally. Since there is Minimum wages act, the basic and DA should fall in minimum wages limit.
From India, Kochi
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.
Salary Sheet & PF PT Calculation & Challan Nov 2010.xls