hi lalit
u can visit EPFO & can fill ur code & employer code to know the solution.
if u wana withdraw pf u have to visit the local pf deptt to know the process & fill the right form, get it signed from the HR deptt & deposit the form at pf deptt, automatically u will get the amount from pf deptt. within 1 month of form submission.
samsheen
From India, Ludhiana
13u can visit EPFO & can fill ur code & employer code to know the solution.
if u wana withdraw pf u have to visit the local pf deptt to know the process & fill the right form, get it signed from the HR deptt & deposit the form at pf deptt, automatically u will get the amount from pf deptt. within 1 month of form submission.
samsheen
From India, Ludhiana
dear all
the above expressed are correct. dear girsh u
- u should see ur appointment letter where the salary breakup is given
- also see ur pay slip which someone has pointed out correctly
- tough PF is restricted to Rs6500/ some compnaies will extend te benefits even though it is morethan 6500
- PF is deducted @ 12% of bsic and DA(this allowance is optional, some companoes may give or may not)
- there is no question of adding any admn expenses for this.
- CTC is confused word, one should understand the same, before accepting the pay package.
hope all the points hv been clarified
dr nagaraj.
From India, Bangalore
the above expressed are correct. dear girsh u
- u should see ur appointment letter where the salary breakup is given
- also see ur pay slip which someone has pointed out correctly
- tough PF is restricted to Rs6500/ some compnaies will extend te benefits even though it is morethan 6500
- PF is deducted @ 12% of bsic and DA(this allowance is optional, some companoes may give or may not)
- there is no question of adding any admn expenses for this.
- CTC is confused word, one should understand the same, before accepting the pay package.
hope all the points hv been clarified
dr nagaraj.
From India, Bangalore
Dear Girish,
PF calculated on basic salary.
As per govt norms minimum PF Contribution is 12%.
Basic Salary * 12% = PF
But if a employee want to contribute more towards PF, he can go upto 100% of his basic salary, for this he need to give a consent to his HR Dept.
Check with your HR team.
From India, Mumbai
PF calculated on basic salary.
As per govt norms minimum PF Contribution is 12%.
Basic Salary * 12% = PF
But if a employee want to contribute more towards PF, he can go upto 100% of his basic salary, for this he need to give a consent to his HR Dept.
Check with your HR team.
From India, Mumbai
Dear learning friends,
EPF can be ddctd @ 12% on basic+d.a.+retaining allowance & rounded to nearest rupee as less than 50 paise and 50 paise or more. If basic+d.a.+retaining allowance is more than 6500/- per month, it requires mutual consent of employer and employee for EPF eligiblity.
u can feel free to contact mob. no. +91-9989931754.
Your friend,
"Move forward remembering your failures"
From India, Jaipur
EPF can be ddctd @ 12% on basic+d.a.+retaining allowance & rounded to nearest rupee as less than 50 paise and 50 paise or more. If basic+d.a.+retaining allowance is more than 6500/- per month, it requires mutual consent of employer and employee for EPF eligiblity.
u can feel free to contact mob. no. +91-9989931754.
Your friend,
"Move forward remembering your failures"
From India, Jaipur
Greetings for the day!
Hellow everyone, as i m fresher in Hr i wanted to know how to calculate all allowances in salary structure. i want exact percentage for basic, HRA , Conveyance allowance.
kindly guide me on it.
Regards,
Priyanka
From India, Pune
Hellow everyone, as i m fresher in Hr i wanted to know how to calculate all allowances in salary structure. i want exact percentage for basic, HRA , Conveyance allowance.
kindly guide me on it.
Regards,
Priyanka
From India, Pune
Hi Girish,
you dont have to break your head for this simple query. though PF deduction is to be done on a max cieling of 6500(Basic+DA) some companies follow a procedure of deducting the PF at a flat rate of 12% on basic irrespective of the maximum cieling. So it purely depends on the policy of the company. Infact this is a benefit to the employee since some considerable goes as savings and also they get tax benefit on the accumulations.
Regards
Ramakrishna Dirisala
Human Resources Manager
From India, Nellore
you dont have to break your head for this simple query. though PF deduction is to be done on a max cieling of 6500(Basic+DA) some companies follow a procedure of deducting the PF at a flat rate of 12% on basic irrespective of the maximum cieling. So it purely depends on the policy of the company. Infact this is a benefit to the employee since some considerable goes as savings and also they get tax benefit on the accumulations.
Regards
Ramakrishna Dirisala
Human Resources Manager
From India, Nellore
Hi Priyanka,
First of all I hope you understand the importance of devising the various salary components. The CTC comprises of various components, VIZ Basic, HRA, DA, Conveyance Allowance, Children Education allowance, Medical allowance, etc. Generally it is known as FBP (Flexible Benefit Package) which is design with the objective to have the TAX saving from the salary. There is no standard way of devising the salary structure, different companies design the payroll as per their policy. But, few basic things that we have to know is upto what extent the allowance are tax exempted, for example medical allowance is exempted from TAX upto Rs 15000 per annum, conveyance upto Rs 800 per month, etc., so accordingly we have to design the other components too.
For your reference you can find the Compensation guidelines as attachment.
Everybody correct me if I am wrong....!!!
Thanks and regards,
From India, Visakhapatnam
First of all I hope you understand the importance of devising the various salary components. The CTC comprises of various components, VIZ Basic, HRA, DA, Conveyance Allowance, Children Education allowance, Medical allowance, etc. Generally it is known as FBP (Flexible Benefit Package) which is design with the objective to have the TAX saving from the salary. There is no standard way of devising the salary structure, different companies design the payroll as per their policy. But, few basic things that we have to know is upto what extent the allowance are tax exempted, for example medical allowance is exempted from TAX upto Rs 15000 per annum, conveyance upto Rs 800 per month, etc., so accordingly we have to design the other components too.
For your reference you can find the Compensation guidelines as attachment.
Everybody correct me if I am wrong....!!!
Thanks and regards,
From India, Visakhapatnam
[QUOTE=Gvpcollege;1417724]Hi Seniors,
My salary is 19,838. For this amount my company deducting 996 as PF. How it possible. My Hr Said that we are calculating on CTC. Can any one please clarify my doubt please.
Thanks & Regards
Girish
Dear Girish
The PF amount deducted from the employee is only 12% of his/her Basic. The Admin charges of 1.67% is Employer Contribution. Employee need'nt have to contribute for Admin Charges. The PF limit is 6500 Basic. For which 12% will be 780/- only. If your basic is more than 6500 the employee can decide if he/she wants to contribute 12% on that amount or wants to contribute only 780/-.
Please check your CTC and if your basic is more than 6500 you have the right to tell your employer that you want to contribute only 780/-
The exact PF Calculation is as follows:
Employee Contribution: 12% of Basic if less than or equal to 6500
Plus
Employer Contribution: 12% on your basic and another 1.67% on ur basic for Admin Charges.
So For Ex: If your basic is 6500/- you will have to contribute 780/- and ur employer will have to contribute 889/- So totally 1669/-will go into your PF account every month.
Hope this will help you.
Thanks & Regards
Malini Naveen
HR & Admin Executive
From India, Tiruppur
My salary is 19,838. For this amount my company deducting 996 as PF. How it possible. My Hr Said that we are calculating on CTC. Can any one please clarify my doubt please.
Thanks & Regards
Girish
Dear Girish
The PF amount deducted from the employee is only 12% of his/her Basic. The Admin charges of 1.67% is Employer Contribution. Employee need'nt have to contribute for Admin Charges. The PF limit is 6500 Basic. For which 12% will be 780/- only. If your basic is more than 6500 the employee can decide if he/she wants to contribute 12% on that amount or wants to contribute only 780/-.
Please check your CTC and if your basic is more than 6500 you have the right to tell your employer that you want to contribute only 780/-
The exact PF Calculation is as follows:
Employee Contribution: 12% of Basic if less than or equal to 6500
Plus
Employer Contribution: 12% on your basic and another 1.67% on ur basic for Admin Charges.
So For Ex: If your basic is 6500/- you will have to contribute 780/- and ur employer will have to contribute 889/- So totally 1669/-will go into your PF account every month.
Hope this will help you.
Thanks & Regards
Malini Naveen
HR & Admin Executive
From India, Tiruppur
Dear All,
Can you please let me know, If a Employee will be given an option to choose from the below:
Either he can contribute 12% on 6500/- i.e Rs 780/-
or 12% on actual basic .i.e 8300 X 12% = 996/- (if basic = 8300/-)
Then everone wld prefer to go for the 1st option, tht 12% on 6500/-....
So do the company choose the option for the employee or employee has liberty to choose their own option?
From India, Thana
Can you please let me know, If a Employee will be given an option to choose from the below:
Either he can contribute 12% on 6500/- i.e Rs 780/-
or 12% on actual basic .i.e 8300 X 12% = 996/- (if basic = 8300/-)
Then everone wld prefer to go for the 1st option, tht 12% on 6500/-....
So do the company choose the option for the employee or employee has liberty to choose their own option?
From India, Thana
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls