Gayatri....
We cannot say that, all are not same, few are very traditional in nature, they love to save as much as they can. Moreover if an employee chose the 1st option employer is also liable to contribute the same amount of contribution to PF Dept.
Employee has the right to chose. But in other sense it is almost the same for employer as both contribution are adjusted in CTC.
From India, Visakhapatnam
2We cannot say that, all are not same, few are very traditional in nature, they love to save as much as they can. Moreover if an employee chose the 1st option employer is also liable to contribute the same amount of contribution to PF Dept.
Employee has the right to chose. But in other sense it is almost the same for employer as both contribution are adjusted in CTC.
From India, Visakhapatnam
Hi Girish,
As per PF act, Employee Contribution is 12% on Basic salary and 13.61 % is employer Contribution Including Administrative Charges.
Employee can contribute more than 12 % on basic salary as per their own interest but there is maximum ceiling (Cut Off) amount for employers to contribute PF. That is (Basic+DA) = 6500/- . Some times employer may keep their ceiling amount as 7500/- but that is based on employer interest.
As you said, Employer is deducting 996 as PF. That means they are deducting your contribution. If they want to deduct 996 as a PF, Your basic should be 8300/-. First you can check your salary break up. If you find your basic is not 8300\- ask your HR to explain the break up.
Regards,
Bhargav P
From India, Madras
As per PF act, Employee Contribution is 12% on Basic salary and 13.61 % is employer Contribution Including Administrative Charges.
Employee can contribute more than 12 % on basic salary as per their own interest but there is maximum ceiling (Cut Off) amount for employers to contribute PF. That is (Basic+DA) = 6500/- . Some times employer may keep their ceiling amount as 7500/- but that is based on employer interest.
As you said, Employer is deducting 996 as PF. That means they are deducting your contribution. If they want to deduct 996 as a PF, Your basic should be 8300/-. First you can check your salary break up. If you find your basic is not 8300\- ask your HR to explain the break up.
Regards,
Bhargav P
From India, Madras
Dear Sir
plz write me any specific rate of HRA Calculation that is resonable under rule & regulation . Although rate of HRA calculation is 50% ( for metro city) 40% for other city, while some company or organisation calculate 20%, 25% 26%, 30%, 80%. I.m confused how can and which basis they calculate . Is it depends on company as they calculate HRA any rate based on company nature.
plz suggest me
From India, New Delhi
plz write me any specific rate of HRA Calculation that is resonable under rule & regulation . Although rate of HRA calculation is 50% ( for metro city) 40% for other city, while some company or organisation calculate 20%, 25% 26%, 30%, 80%. I.m confused how can and which basis they calculate . Is it depends on company as they calculate HRA any rate based on company nature.
plz suggest me
From India, New Delhi
Dear Lalit,
when you leave one co. then after completion of 2 months only you can withdraw your PF amount by filling a PF withdrawal Form which is easily available in any good stationary shop. Get your PF withdrawal form, fill it up allthe necessary details with 2 revenue stamp. get it signed by the authorised signatory of the co. from where you have left. They will fill all the details. Then you have to go to the PF office which is in wazirpur if you are in delhi. get it submitted and you will get the cheque deposited in your A/c near about after another 1 1/2 - 2 months time
From Australia
when you leave one co. then after completion of 2 months only you can withdraw your PF amount by filling a PF withdrawal Form which is easily available in any good stationary shop. Get your PF withdrawal form, fill it up allthe necessary details with 2 revenue stamp. get it signed by the authorised signatory of the co. from where you have left. They will fill all the details. Then you have to go to the PF office which is in wazirpur if you are in delhi. get it submitted and you will get the cheque deposited in your A/c near about after another 1 1/2 - 2 months time
From Australia
Hi Members,
I totally disagree. As per my knowledge, PF calculation goes as below:
Employee PF = 12% of Actual Basic (regardless of wage ceiling of Rs.
6500/-)
Employer PF = 8.33% of Basic salary or maximum Rs. 541/- (Pension Fund)
3.67% of Basic salary (limited upto Rs. 6500/-, if more
than Rs. 6500/-, then it will employee provident fund
contribution - Rs. 541/-)
1.1% of Basic EPF Admin Charges, Contributed by Employer
0.5% of Basic EDLI account, Contributed by Employer
0.01% of Basic EDLI Admin Charges, Contributed by
Employer
Employee's contribution of 12% goes to Provident Fund account and Employer's contribution of 13.61% goes as mentioned above. On successful completion of 6 months employee is eligible to claim Pension amount i.e. 8.33% of employer's share of contribution (Note: interest not applicable on Pension Fund).
Correct me if I am wrong.
Regards,
Asgar Ali
From India, Madras
I totally disagree. As per my knowledge, PF calculation goes as below:
Employee PF = 12% of Actual Basic (regardless of wage ceiling of Rs.
6500/-)
Employer PF = 8.33% of Basic salary or maximum Rs. 541/- (Pension Fund)
3.67% of Basic salary (limited upto Rs. 6500/-, if more
than Rs. 6500/-, then it will employee provident fund
contribution - Rs. 541/-)
1.1% of Basic EPF Admin Charges, Contributed by Employer
0.5% of Basic EDLI account, Contributed by Employer
0.01% of Basic EDLI Admin Charges, Contributed by
Employer
Employee's contribution of 12% goes to Provident Fund account and Employer's contribution of 13.61% goes as mentioned above. On successful completion of 6 months employee is eligible to claim Pension amount i.e. 8.33% of employer's share of contribution (Note: interest not applicable on Pension Fund).
Correct me if I am wrong.
Regards,
Asgar Ali
From India, Madras
Dear all,
Employee contribution is 12% on Basic salary & it will be expandable up to 20% either less than 6500 or greater than 6500
Employer contribuion is 13.61% [ Pension Base 6500 is the basic celling limit and employer contribution is 8.33% (i.e.541) + 3.67% of basic salary ( i.e. remaining amount of employee contribution of 12% ) + Admin cahrges 1.10% of Basic salary + EDLI Charges 0.50 % of pension base + .01% of pension base ]
For more detail
mail me devdubey09 or call me 09860374690
From India, Gurgaon
Employee contribution is 12% on Basic salary & it will be expandable up to 20% either less than 6500 or greater than 6500
Employer contribuion is 13.61% [ Pension Base 6500 is the basic celling limit and employer contribution is 8.33% (i.e.541) + 3.67% of basic salary ( i.e. remaining amount of employee contribution of 12% ) + Admin cahrges 1.10% of Basic salary + EDLI Charges 0.50 % of pension base + .01% of pension base ]
For more detail
mail me devdubey09 or call me 09860374690
From India, Gurgaon
Hi all
It has been customary for all employers across all industries irrespective of fame and banner in the society to err or commit irrepairable damages in remittance, entries and returns. As per statistics, less than 15% of employers strictly follow the compliance. What about the rest?
So, it's time to abolish such Social Security Acts and instead directly remit the EePF/ErPF into individual's bank account under PF Recurring Deposit linked to the employee's salary account. The annual returns alone be filed with PF office. This would make the PF offices less crowded and hasslefree. Unless a new idea is activated, EPF has no purpose to serve and as usual a whopping unclaimed money to tune of Rs.1200 crore will ever lie in the safe vault of EPF without being utilised or approved by parliament for other investments.
Regards
Chandru
From India, Madras
It has been customary for all employers across all industries irrespective of fame and banner in the society to err or commit irrepairable damages in remittance, entries and returns. As per statistics, less than 15% of employers strictly follow the compliance. What about the rest?
So, it's time to abolish such Social Security Acts and instead directly remit the EePF/ErPF into individual's bank account under PF Recurring Deposit linked to the employee's salary account. The annual returns alone be filed with PF office. This would make the PF offices less crowded and hasslefree. Unless a new idea is activated, EPF has no purpose to serve and as usual a whopping unclaimed money to tune of Rs.1200 crore will ever lie in the safe vault of EPF without being utilised or approved by parliament for other investments.
Regards
Chandru
From India, Madras
Dear Girish
I go with manasi. To my knowlegde, as all seniors said its the same what i heard on pf calculation.
It depends upon the company whether they use limited PF , or unlimited pf calculations.
In your company , its unlimited pf calculation.
Hope ur doubt got cleared by adding my point also...
From India, Madras
I go with manasi. To my knowlegde, as all seniors said its the same what i heard on pf calculation.
It depends upon the company whether they use limited PF , or unlimited pf calculations.
In your company , its unlimited pf calculation.
Hope ur doubt got cleared by adding my point also...
From India, Madras
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls