Hi,
I am looking for job change in HR Generalist profile.in (Bangalore)
Can any one share the information. total 5+ years of experience in HR Generalist profile.
Mail to :vidyanayakh@gmail.com / 9902593269
From India, Bangalore
1I am looking for job change in HR Generalist profile.in (Bangalore)
Can any one share the information. total 5+ years of experience in HR Generalist profile.
Mail to :vidyanayakh@gmail.com / 9902593269
From India, Bangalore
Hi Dnyaneshwar
As you have correctly mentioned that admin charges are not part of compensation.However we are talking of CTC and if the employer mentions cost associated with an employee in the employment contract then the 1.61% is also a cost related to a given employee.It is a cost which the co pays towards an employee to the government.Hence CTC should be 12% (employee )+ 13.61 (employer)+ ESI where applicable.
Also a new ruling has raised the bonus limit to 11% min and max 20%.
regards
anuradha
From India, Mumbai
As you have correctly mentioned that admin charges are not part of compensation.However we are talking of CTC and if the employer mentions cost associated with an employee in the employment contract then the 1.61% is also a cost related to a given employee.It is a cost which the co pays towards an employee to the government.Hence CTC should be 12% (employee )+ 13.61 (employer)+ ESI where applicable.
Also a new ruling has raised the bonus limit to 11% min and max 20%.
regards
anuradha
From India, Mumbai
Hello Anuradha,
Thanks for updating of latest amendment in bonus act. CTC means contract between employers & employees for finalized of only individual compensation benefit which could be on return basis like PF amount or involving with future risk factor like ESI, WC premium, Etc.
If you observed, PF admin charges is neither part of return base compensation nor involving any risk factor compensation, however it is not applicable for employees as it is not compensation.
hope this will clear your doubt.
Regards,
Dnyaneshwar
From India, Pune
Thanks for updating of latest amendment in bonus act. CTC means contract between employers & employees for finalized of only individual compensation benefit which could be on return basis like PF amount or involving with future risk factor like ESI, WC premium, Etc.
If you observed, PF admin charges is neither part of return base compensation nor involving any risk factor compensation, however it is not applicable for employees as it is not compensation.
hope this will clear your doubt.
Regards,
Dnyaneshwar
From India, Pune
Hello All,
As explained by “boss2966” there are 3 classifications of salary.
1. Net Take Home
2. Gross
3. CTC
CTC is the part where most of the employers play with the compensation offered to the employee. Say, you are offered CTC Rs. 7500 then calculation will be like this... (assumption only)
Basic : 3200
Medical Allowance : 1250
HRA : 1495
Conveyance : 800
----------------------
Gross : 6745 (Part A)
Now ADD... (Though actualy it is deduction but it forms the whole CTC)
PF Employer Cont. : 435.52 (12% of Basic + 1.61 %Admin Charge)
ESI Employer cont. : 320.39 (4.75 % of Gross)
-----------------------
CTC : 7500.91 (Part B)
Less ...
PF Employee Cont. : 384 (12% of Basic)
ESI Employee Cont. : 118.04 (1.75% of Gross)
502.04 (Part C)
----------------------
NET TAKE HOME : Part A – Part C
: = 6243
From above calculation, now you must have come to know what exact net take home salary would be
From India, Mumbai
As explained by “boss2966” there are 3 classifications of salary.
1. Net Take Home
2. Gross
3. CTC
CTC is the part where most of the employers play with the compensation offered to the employee. Say, you are offered CTC Rs. 7500 then calculation will be like this... (assumption only)
Basic : 3200
Medical Allowance : 1250
HRA : 1495
Conveyance : 800
----------------------
Gross : 6745 (Part A)
Now ADD... (Though actualy it is deduction but it forms the whole CTC)
PF Employer Cont. : 435.52 (12% of Basic + 1.61 %Admin Charge)
ESI Employer cont. : 320.39 (4.75 % of Gross)
-----------------------
CTC : 7500.91 (Part B)
Less ...
PF Employee Cont. : 384 (12% of Basic)
ESI Employee Cont. : 118.04 (1.75% of Gross)
502.04 (Part C)
----------------------
NET TAKE HOME : Part A – Part C
: = 6243
From above calculation, now you must have come to know what exact net take home salary would be
From India, Mumbai
Hi All,
CTC means cost to company, which includes PF contribution both the sides, ESIC contribution both the sides, Basic salary, H.R.A; Medical upto Rs. 15,000/- per year, Conveyance upto 9,600/- per year, Long Tour Allowance, Accident Insurance, paid leave, Sick Leave, Earned Leave, Casual Leave, Holidays, Bonus, mobile allowance & Less:Profession Tax & Income Tax etc.
Thanks
Vijay Matte
From India, Mumbai
CTC means cost to company, which includes PF contribution both the sides, ESIC contribution both the sides, Basic salary, H.R.A; Medical upto Rs. 15,000/- per year, Conveyance upto 9,600/- per year, Long Tour Allowance, Accident Insurance, paid leave, Sick Leave, Earned Leave, Casual Leave, Holidays, Bonus, mobile allowance & Less:Profession Tax & Income Tax etc.
Thanks
Vijay Matte
From India, Mumbai
As per PF act, employer has to pay his contribution toward PF and other administrative charges(which amounts to 13.61%. They are only required to deduct 12% from the salary of employee. If you see your pay slip, you will see that there is no deduction from your salary sheet on account of employers contribution. However, CTC means cost to company which is all inclusive.In your appointment letter, the company will show contribution paid from their end and not the amount which will be deducted from your salary as per statute.
Dear Heena,
If you are so worried about pf contribution 24% than why not you avoid pf and tell them to compensate same in other componenet viz basic, other allowances. But you need to be above PF bracket for same filling Form 11.
Normally company don's deduct PF 24 %.
Regards,
Arjun (9224408539)
From India, Mumbai
If you are so worried about pf contribution 24% than why not you avoid pf and tell them to compensate same in other componenet viz basic, other allowances. But you need to be above PF bracket for same filling Form 11.
Normally company don's deduct PF 24 %.
Regards,
Arjun (9224408539)
From India, Mumbai
CTC is Cost to the Company. It includes everything that company pays to an employee, such as employer as well as employee contribution to PF, employer as well as employee contribution to ESI, etc.
From India, Mumbai
From India, Mumbai
Dear All,
I Would like to go as per PF act the contribution of each employee and deduction by employer as under as per combined challan.
Employee Employer Amt. goes in
1. account No. 1. : 12% on Basic 3.67% goes in Provident Fund (PF)
2. Account No. 2. : -- 1.1% Deduct as Admin Charges of PF onBasic
Wages
3. Account No. 10. : -- 8.33% Goes in Employee Pension (EPS)
4. Account No. 21. : -- 0.5% Goes in EDLI
5. Account No. 22. : -- 0.01% Deduct as Admin Charges of EDLI
Total 12% 13.61%
It means Total Amount of PF is 25.61% by Both Employee and Employer.
From India, Nasik
I Would like to go as per PF act the contribution of each employee and deduction by employer as under as per combined challan.
Employee Employer Amt. goes in
1. account No. 1. : 12% on Basic 3.67% goes in Provident Fund (PF)
2. Account No. 2. : -- 1.1% Deduct as Admin Charges of PF onBasic
Wages
3. Account No. 10. : -- 8.33% Goes in Employee Pension (EPS)
4. Account No. 21. : -- 0.5% Goes in EDLI
5. Account No. 22. : -- 0.01% Deduct as Admin Charges of EDLI
Total 12% 13.61%
It means Total Amount of PF is 25.61% by Both Employee and Employer.
From India, Nasik
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CTC Calculator.xls