Dear Respected seniors,
I have one doubt,If any one have 12000 CTC and we need to calculate take home salary then what will be steps..???
CTC - EMPLOYER CONTRIBUTIONS = GROSS
But without gross from CTC how can we calculate employer esic contribution???
Kindly provide me details format with formula & percentage...
Please reply me urgently...
Regards,
From India, Vadodara
5I have one doubt,If any one have 12000 CTC and we need to calculate take home salary then what will be steps..???
CTC - EMPLOYER CONTRIBUTIONS = GROSS
But without gross from CTC how can we calculate employer esic contribution???
Kindly provide me details format with formula & percentage...
Please reply me urgently...
Regards,
From India, Vadodara
I think you do not have basic knowledge about salary structure. Without a gross salary how can you have CTC? What is CTC in your understanding? Is it not the gross salary plus the employer's contributions toward ESI, PF, periodical or annual payments like Bonus, incentives etc? Then what is the big problem in finding out the ESI contribution since you have a gross salary with you? Or in your organisation the salary itself is not defined and is called CTC?
Madhu.T.K
From India, Kannur
Madhu.T.K
From India, Kannur
Yes Madhu i know that without gross esic can not calculated..Nd thats my query..If any company offered 1.4L package CTC ,than how i can calculate gross nd ESIC,that i want to know..
Seniors, i come to know that : CTC *4.317/100 = Employer ESIC contribution, is it right?
Kindly reply me..
From India, Vadodara
Seniors, i come to know that : CTC *4.317/100 = Employer ESIC contribution, is it right?
Kindly reply me..
From India, Vadodara
Dear Samarpita
AS per your understanding, you can't get employer esic from total CTC, you have to yield gross salary amount, and on that basis,you will get esic amount. in order to do that , you must be clear about CTC stucture in particular organization..
for further clarification you can ask me , i will provide CTC structure in excel sheet.
Thanks & Regards
imran.
From India, Mumbai
AS per your understanding, you can't get employer esic from total CTC, you have to yield gross salary amount, and on that basis,you will get esic amount. in order to do that , you must be clear about CTC stucture in particular organization..
for further clarification you can ask me , i will provide CTC structure in excel sheet.
Thanks & Regards
imran.
From India, Mumbai
@ Samprita,
Good Afternoon.....!!!!!!
Please follow this simple rule to define any CTC structure.
"Gross + Employer's Contribution = CTC"
1) To define "Gross " = Basic + HRA + Conveyance Allowance + Medical Allowance + Child Education allowance + Other Allownce
2) Employer's Contribution = Employers Contribution ESIC (if, Gross is less then 15 k then 4.75% of gross) + PF Contribution (if, Basic is less then 15 k then 13.61% of basic) + Bonus (if Applicable as per law & company policy) + Labour Welfare fund (As per state law)
So, CTC = Gross + Employer's contribution
Now you will face question of On Had salary
So, Take home = Gross - Employees Contribution
Employees contribution consists [ ESIC (if, Gross is less then 15 k then 1.75% of gross) + PF (if, Basic is less then 15 k then 12% of basic) + Labour Welfare fund (As per state applicable law) + TDS (Income Tax) (if, net payable salary is above 2.5 Lacs Per Annum) ]
So, ESIC contribution has noting to do with CTC.
I hope doubts are cleared.
All the best
From India, Ahmedabad
Good Afternoon.....!!!!!!
Please follow this simple rule to define any CTC structure.
"Gross + Employer's Contribution = CTC"
1) To define "Gross " = Basic + HRA + Conveyance Allowance + Medical Allowance + Child Education allowance + Other Allownce
2) Employer's Contribution = Employers Contribution ESIC (if, Gross is less then 15 k then 4.75% of gross) + PF Contribution (if, Basic is less then 15 k then 13.61% of basic) + Bonus (if Applicable as per law & company policy) + Labour Welfare fund (As per state law)
So, CTC = Gross + Employer's contribution
Now you will face question of On Had salary
So, Take home = Gross - Employees Contribution
Employees contribution consists [ ESIC (if, Gross is less then 15 k then 1.75% of gross) + PF (if, Basic is less then 15 k then 12% of basic) + Labour Welfare fund (As per state applicable law) + TDS (Income Tax) (if, net payable salary is above 2.5 Lacs Per Annum) ]
So, ESIC contribution has noting to do with CTC.
I hope doubts are cleared.
All the best
From India, Ahmedabad
1. Sir, under ESI Act, 1948 and rules/regulations framed thereunder before making deductions from the wages, one should examine as to what constitute "wages" as defined under section 2(22) of said Act with specific reference to their unit/factory/establishment. There is no concept of "gross salary" or "gross wages" under said Act.
2. There is no concept of "CTC" in labour laws. It is a matter between employer and employee only. If any employer is paying wages by calling it as "CTC", but in actual if it is less than minimum wages as fixed by the appropriate government, then the employer may be doing the same at his own risk and responsibility.
From India, Noida
2. There is no concept of "CTC" in labour laws. It is a matter between employer and employee only. If any employer is paying wages by calling it as "CTC", but in actual if it is less than minimum wages as fixed by the appropriate government, then the employer may be doing the same at his own risk and responsibility.
From India, Noida
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ESIC-Contributi on-Transfer-For m.pdf