Dear New..
yes definitely you must enroll it with ESI as well as PF..
As the case is same for both ESI and PF...
Yes.. ofcourse penalty may be charged.. but its better don't take more time and consult with the local ESI and PF offices..
For more details over these Acts, go through with the given below link..
http://www.esic.nic.in
http://www.epfindia.com
Regards,
Amit Seth.
From India, Ahmadabad
496yes definitely you must enroll it with ESI as well as PF..
As the case is same for both ESI and PF...
Yes.. ofcourse penalty may be charged.. but its better don't take more time and consult with the local ESI and PF offices..
For more details over these Acts, go through with the given below link..
http://www.esic.nic.in
http://www.epfindia.com
Regards,
Amit Seth.
From India, Ahmadabad
Dear Parveen,
The case of Considering the Employer PF Contributions in GROSS is not practised.
The Terminology 'GROSS' refers to the Earnings by an employee before actual deductions happens (e.g. ESI, P.F & PTax).
'NET SALARY' is the Amount of Salary that the Employee gets after the deduction from 'GROSS'.
Now the term 'CTC' and its components vary from Company to company and it generally refers to the Cost that the Company bears for an employee. Hence it includes Employers PF & ESI Contribution, Mediclaim etc.
I hope there is an clarity Now.
Jayesh Yohannan
Executive - HR
The case of Considering the Employer PF Contributions in GROSS is not practised.
The Terminology 'GROSS' refers to the Earnings by an employee before actual deductions happens (e.g. ESI, P.F & PTax).
'NET SALARY' is the Amount of Salary that the Employee gets after the deduction from 'GROSS'.
Now the term 'CTC' and its components vary from Company to company and it generally refers to the Cost that the Company bears for an employee. Hence it includes Employers PF & ESI Contribution, Mediclaim etc.
I hope there is an clarity Now.
Jayesh Yohannan
Executive - HR
All earnings and deductions form a Gross Salary.
Gross Salary = Net salary + deduction + bonuses or any variable component
Net Salary = Net take home
PF will be part of Gross and should not be included in Net salary...
Regards
Rishikesh Shinde
From United Kingdom, London
Gross Salary = Net salary + deduction + bonuses or any variable component
Net Salary = Net take home
PF will be part of Gross and should not be included in Net salary...
Regards
Rishikesh Shinde
From United Kingdom, London
Dear
Gross salary(basic+other allowances)-(PF-ESI-TDS-Other deductions) = Net salary
but in CTC (cost to company) companies includes total cost and companies PF contribution also .
Hope you will find the same in order.
regards,
vibhor gupta
From India, Chandigarh
Gross salary(basic+other allowances)-(PF-ESI-TDS-Other deductions) = Net salary
but in CTC (cost to company) companies includes total cost and companies PF contribution also .
Hope you will find the same in order.
regards,
vibhor gupta
From India, Chandigarh
Hi,
The employer pf contribution here comes under the ctc part, nowadays most of the pvt. sector are coming up with this culture to recruit the new entrant in the org. on the basis of the negotiation on CTC not on salary or gross salary.
But in the salary slip again differs from org. to org. some org. displays every component of ctc in the salary slip some shows only deductions of empployee contribution from ctc.
regards
Nishu Bhatia
From India, Gurgaon
The employer pf contribution here comes under the ctc part, nowadays most of the pvt. sector are coming up with this culture to recruit the new entrant in the org. on the basis of the negotiation on CTC not on salary or gross salary.
But in the salary slip again differs from org. to org. some org. displays every component of ctc in the salary slip some shows only deductions of empployee contribution from ctc.
regards
Nishu Bhatia
From India, Gurgaon
As per the PF,Act1952, the contribution of an employee on his wage only.
Here wage means Basic +DA (VDA) only and the wage not more than 6,500/- .
The contribution is equal form the employer and employee the contribution is 12%
The contribution of an employee directly add to the employee provident fund.
The contribution made by the employer 8.33% goes to employee pension scheme and the remaining goes to provident fund.
If you want more details send mail to my mail address
From India, Visakhapatnam
Here wage means Basic +DA (VDA) only and the wage not more than 6,500/- .
The contribution is equal form the employer and employee the contribution is 12%
The contribution of an employee directly add to the employee provident fund.
The contribution made by the employer 8.33% goes to employee pension scheme and the remaining goes to provident fund.
If you want more details send mail to my mail address
From India, Visakhapatnam
As per the PF,Act1952, the contribution of an employee on his wage only.
Here wage means Basic +DA (VDA) only and the wage not more than 6,500/- .
The contribution is equal form the employer and employee the contribution is 12%
The contribution of an employee directly add to the employee provident fund.
The contribution made by the employer 8.33% goes to employee pension scheme and the remaining goes to provident fund.
If you want more details send mail to my mail address
From India, Visakhapatnam
Here wage means Basic +DA (VDA) only and the wage not more than 6,500/- .
The contribution is equal form the employer and employee the contribution is 12%
The contribution of an employee directly add to the employee provident fund.
The contribution made by the employer 8.33% goes to employee pension scheme and the remaining goes to provident fund.
If you want more details send mail to my mail address
From India, Visakhapatnam
Dear Praveen ,
I do agree with Amit . CTC is all that expenses which a company bears for its employee directly or indirectly.
The thing is the Pfui which company bears should be shown in the ctc and in the payslip it should not be shown as it directly goes to the PF Account.
But it should be cleared with the employee at the time of salary negotiation, and in the appointment letter the clause should be mentioned .
Then every thing will be settled .
Secondly the MNC's adopt this as they have to show the total expenses given as salaries to get the tax exemption. As salaries given to the employees have tax exemption.
Regards ,
Sindhu Pillai
From India, Bhopal
I do agree with Amit . CTC is all that expenses which a company bears for its employee directly or indirectly.
The thing is the Pfui which company bears should be shown in the ctc and in the payslip it should not be shown as it directly goes to the PF Account.
But it should be cleared with the employee at the time of salary negotiation, and in the appointment letter the clause should be mentioned .
Then every thing will be settled .
Secondly the MNC's adopt this as they have to show the total expenses given as salaries to get the tax exemption. As salaries given to the employees have tax exemption.
Regards ,
Sindhu Pillai
From India, Bhopal
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Gross Salary(1).xls