Hi Amit, If the service is less than 6 months the pension fund is non refundable. So we have to fill only 10C. Rgds/Jitender
From India, New Delhi
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71From India, New Delhi
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Dear Jitendra,
Thanks a lot for the information.
Dear Dhameja,
The point to be clarified is that if any employee quits his/her organization, then he/she will only have to fill up Form 10c when it comes to the withdrawal of PF. At such times, the resigned employee will only be getting 15.67% of PF, i.e., 12% of the employee's PF fund and 3.67% of the employer's PF fund, and will not be getting the remaining 8.33% of the pension fund. So Form 19 is not required to be submitted since it is related to the pension fund. I hope it is clear now.
Regards,
Amith R.
From India, Bangalore
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Thanks a lot for the information.
Dear Dhameja,
The point to be clarified is that if any employee quits his/her organization, then he/she will only have to fill up Form 10c when it comes to the withdrawal of PF. At such times, the resigned employee will only be getting 15.67% of PF, i.e., 12% of the employee's PF fund and 3.67% of the employer's PF fund, and will not be getting the remaining 8.33% of the pension fund. So Form 19 is not required to be submitted since it is related to the pension fund. I hope it is clear now.
Regards,
Amith R.
From India, Bangalore
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Dear All,
One of our CiteHR members has started a discussion on statutory issues and has brought up the topic of PF. There were many different views shared on this topic. For any clarifications, please refer to the link provided below in CiteHR only.
(The link is no longer available)
Thanks,
Amit Shah
From India, Mumbai
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One of our CiteHR members has started a discussion on statutory issues and has brought up the topic of PF. There were many different views shared on this topic. For any clarifications, please refer to the link provided below in CiteHR only.
(The link is no longer available)
Thanks,
Amit Shah
From India, Mumbai
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hi i have made a small working 4 easy pf calulation n filing.... hope u 2 will like it... if u make any futher modifications pls let me know :) rds -prasad
From India, Bangalore
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From India, Bangalore
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Dear Friend,
Yes, there is a ceiling limit of 6500 on the basic salary. According to my knowledge, if the employee's basic salary is Rs. 16,000, then the contributions are as follows:
- Employee contribution is 16,000 * 12% = Rs. 1,920.00
- The Employer contribution (12%) is divided into 2 parts:
- 8.33% of basic salary (8.33% * 16,000 = Rs. 1,332) goes to the Pension Fund.
- 3.67% of 6500 (Rs. 238) goes to the P.F.
I'M ALSO VERY CONFUSED ABOUT THIS. IF I'M WRONG, PLEASE LET ME KNOW.
Regards, K. Ravi Kumar
E-mail: kasinaravikumar@gmail.com
Ph: 09989111149
From India, Hyderabad
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Yes, there is a ceiling limit of 6500 on the basic salary. According to my knowledge, if the employee's basic salary is Rs. 16,000, then the contributions are as follows:
- Employee contribution is 16,000 * 12% = Rs. 1,920.00
- The Employer contribution (12%) is divided into 2 parts:
- 8.33% of basic salary (8.33% * 16,000 = Rs. 1,332) goes to the Pension Fund.
- 3.67% of 6500 (Rs. 238) goes to the P.F.
I'M ALSO VERY CONFUSED ABOUT THIS. IF I'M WRONG, PLEASE LET ME KNOW.
Regards, K. Ravi Kumar
E-mail: kasinaravikumar@gmail.com
Ph: 09989111149
From India, Hyderabad
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Hi All,
Let me just write stepwise to clear the doubts.
Rule for deduction of PF: An employee with a basic salary less than 6500/- and working for a company with more than 20 employees must have PF deductions. The Employee Contribution is 12%, and the Employer contribution is 13.61% (8.33% for the pension fund, 3.67% goes to PF, and 1.61% for admin charges) from the basic salary.
An employee with a basic salary more than 6500 has the option to opt for or opt out of PF. If the employee chooses PF deduction, it can be calculated on the basic salary of 6500 as fixed or can be calculated based on the total basic salary, subject to the company policy.
From India, Delhi
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Let me just write stepwise to clear the doubts.
Rule for deduction of PF: An employee with a basic salary less than 6500/- and working for a company with more than 20 employees must have PF deductions. The Employee Contribution is 12%, and the Employer contribution is 13.61% (8.33% for the pension fund, 3.67% goes to PF, and 1.61% for admin charges) from the basic salary.
An employee with a basic salary more than 6500 has the option to opt for or opt out of PF. If the employee chooses PF deduction, it can be calculated on the basic salary of 6500 as fixed or can be calculated based on the total basic salary, subject to the company policy.
From India, Delhi
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Hi all,
Let me write step by step to clear the doubts.
Rule for deduction of PF: An employee with a basic salary less than 6500/- and working in a company with more than 20 employees has to have PF deduction. The PF employee contribution is 12%, and the employer contribution is 13.61% (8.33% for the pension fund, 3.67% for PF, and 1.61% as admin charge) from the basic salary.
An employee with a basic salary of more than 6500 has the option to opt for or opt out of PF. If the employee opts for PF deduction, it can be calculated on a basic salary of 6500 as fixed or can be calculated based on the total basic salary the employee has, subject to the company's policy.
I hope this clarifies.
Regards,
Abhishek Singh
From India, Delhi
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Let me write step by step to clear the doubts.
Rule for deduction of PF: An employee with a basic salary less than 6500/- and working in a company with more than 20 employees has to have PF deduction. The PF employee contribution is 12%, and the employer contribution is 13.61% (8.33% for the pension fund, 3.67% for PF, and 1.61% as admin charge) from the basic salary.
An employee with a basic salary of more than 6500 has the option to opt for or opt out of PF. If the employee opts for PF deduction, it can be calculated on a basic salary of 6500 as fixed or can be calculated based on the total basic salary the employee has, subject to the company's policy.
I hope this clarifies.
Regards,
Abhishek Singh
From India, Delhi
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PF contribution is 12% from both Employer as well a employee. But for ESI employee should contribute 1.75% and employer should contribute 4.75% Regards Anand.G
From India, Bangalore
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From India, Bangalore
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Hi all,
Actually, when I read my previous reply, it looked a little confusing. So, I am presenting it in a simpler way:
PF CONTRIBUTION
- From Employee: 12%
- From Employer: 12%
ESI CONTRIBUTION
- From Employee: 1.75%
- From Employer: 4.75%
Regards,
Anand.G
From India, Bangalore
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Actually, when I read my previous reply, it looked a little confusing. So, I am presenting it in a simpler way:
PF CONTRIBUTION
- From Employee: 12%
- From Employer: 12%
ESI CONTRIBUTION
- From Employee: 1.75%
- From Employer: 4.75%
Regards,
Anand.G
From India, Bangalore
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PF Ledger.xls