if he drawing a basic salary of 12000 / and he works for 25 days istead of 30 days where his basic 6500/ per month how we will determine his basic salary wether we will devide 6500/ by 30 and will multipy by 25 or 12000/ divide by 30 and multipy by 25 kindly suggest if no kindly intimate under which section of pf
From United States, Chicago
11From United States, Chicago
Hi Dear
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From India, Bangalore
We are the best seller of Complete Payroll software which starts from Employee Master to all statuary compliance such as PF,PT,ESI and also Gratuity,Full and Final Settlement,Sup. Salary,Ex-Gratia etc.
You can also compute TDS and also generate different reports and forms such as Form5,Form10,Form16 and all the forms can be directly generated by our Software.
Even You can integrate our Payroll Software to your Biometric Device(For direct daily attendance integration)
For Demo or any addition information please feel free to contact me for anywhere in India.
We will get back to you as we receive your request
Thanks & Regards
Manish Kumar
Email:-manishkumar.csd@relyonsoft.com
From India, Bangalore
I shall quote the clause 11(3) of the EPS-95.
"The maximum pensionable salary shall be limited to Rs. 6500/- per month. [Provided that if at the option of the employer and employee, contribution paid on salary exceeding Rs. 6500/- per month from the date of commencement of this Scheme or from the date salary exceeds Rs. 6500/- whichever is later, and 8.33 per cent share of the employers thereof is remitted into the Pension Fund, pensionable salary shall be based on such higher salary.]"
But till date no such contribution to EPS for a salary in excess of Rs. 6500 p.m is reported any where from India. I know a few cases that the EPFO has not enteretained such an option. i.e, Whatever be the provisions in the scheme, practically the contribution is based on the salary subject to the ceiling of Rs. 6500.
Abbas.P.S
"The maximum pensionable salary shall be limited to Rs. 6500/- per month. [Provided that if at the option of the employer and employee, contribution paid on salary exceeding Rs. 6500/- per month from the date of commencement of this Scheme or from the date salary exceeds Rs. 6500/- whichever is later, and 8.33 per cent share of the employers thereof is remitted into the Pension Fund, pensionable salary shall be based on such higher salary.]"
But till date no such contribution to EPS for a salary in excess of Rs. 6500 p.m is reported any where from India. I know a few cases that the EPFO has not enteretained such an option. i.e, Whatever be the provisions in the scheme, practically the contribution is based on the salary subject to the ceiling of Rs. 6500.
Abbas.P.S
From India, Bangalore
In the above posted provision in EPS, it is clearly stated that the salary limit is Rs. 6500 per month. i.e Rs. 6500 is for 30 or 31 days (as the case may be). So for 25 days it is to be reduced to 6500 x25/30 or 25/31.
Abbas.P.S
From India, Bangalore
Abbas.P.S
From India, Bangalore
PF Inspection charges on account no. 2 & 22 calculated in current Basic & DA if more than 10000 or Rs. 6500/- only. Rakesh
From India, Mumbai
From India, Mumbai
The contribution towards pension fund can be more than 8.33% of 6500 (Rs.541) .
Suppose an employees basic da is Rs. 10000 . 8.33% OF employers contribution can be remitted to the pension account monthly if the the employer and employee agree. You can check it with PF authorities.
In this case the pension received by the employees will be higher as the pensionable salary will be his actual salary and not Rs. 6500.
Sudipta Chaudhuri.
From India, Calcutta
Suppose an employees basic da is Rs. 10000 . 8.33% OF employers contribution can be remitted to the pension account monthly if the the employer and employee agree. You can check it with PF authorities.
In this case the pension received by the employees will be higher as the pensionable salary will be his actual salary and not Rs. 6500.
Sudipta Chaudhuri.
From India, Calcutta
The statutory contribution is 8.33% on a salary upto Rs. 6,500. For above ceiling the contribution can be paid only with the consent of the RPFC. But till date there is no report any where from India regarding contribution to EPS in excess of the ceiling limit.
Abbas.P.S
From India, Bangalore
Abbas.P.S
From India, Bangalore
Yes, w.e.f 01.09.2015 ceiling limit of salary is enhanced from 6500 to 15000. Accordingly this will reflect in all PF related contributions viz. PF, Pension, EDLI etc. Abbas.P.S
From India, Bangalore
From India, Bangalore
Dear Rakesh
Hi
when any employee exceeds the limit of basic pay of 6500/- you have to pay pension on 6500/- only. Pension is limited up to 541 i.e. 8.33 % of Rs. 6500/-
Suppose you have an employee whose basic is 10000/-
You will deduct Pf @ 12 % from his basic Pay Rs. 1200.00
Company will pay Pf @ 12 % in form of
8.33 % of Rs. 6500/- i.e. 541.00
& Remainin amout of (1200-541) 659.00
these (1200+659)=1859 will be credited in to accont no. 1 of PF and Rs. 541 will be credited to Account no. 10 of Pension scheme.
Hope you have got clear your topic.
REgards,
Ali -
From India, Hyderabad
Hi
when any employee exceeds the limit of basic pay of 6500/- you have to pay pension on 6500/- only. Pension is limited up to 541 i.e. 8.33 % of Rs. 6500/-
Suppose you have an employee whose basic is 10000/-
You will deduct Pf @ 12 % from his basic Pay Rs. 1200.00
Company will pay Pf @ 12 % in form of
8.33 % of Rs. 6500/- i.e. 541.00
& Remainin amout of (1200-541) 659.00
these (1200+659)=1859 will be credited in to accont no. 1 of PF and Rs. 541 will be credited to Account no. 10 of Pension scheme.
Hope you have got clear your topic.
REgards,
Ali -
From India, Hyderabad
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