Hi All, This is Reena Pujari from Chandigarh. I'm new to this forum but require your kind attention immediately. I've recently joined a company that is deducting 2016 (1008+1008) Rs from my total salary terming it as EPF - Company contribution. This is the first time that I've come across such a situation wherein, the company isn't contributing to my PF in any manner instead of taking a share of my own salary and giving it back to me.
Can anybody differentiate between CTC and TCTC? :( Please respond at your earliest.
Thanks,
From India, Jaipur
Can anybody differentiate between CTC and TCTC? :( Please respond at your earliest.
Thanks,
From India, Jaipur
Hi
Well now a days since the concept of CTC is in vouge therefore usually while fixing your salary all these cpmponents are taken into consideration.
CTC means cost to Company i.e. the total cost a Company incurr on the employee. So obviously Employer's contribution towards PF also becomes a part of it thats why it is being deducted from your package.
Rolly
From India, New Delhi
8Well now a days since the concept of CTC is in vouge therefore usually while fixing your salary all these cpmponents are taken into consideration.
CTC means cost to Company i.e. the total cost a Company incurr on the employee. So obviously Employer's contribution towards PF also becomes a part of it thats why it is being deducted from your package.
Rolly
From India, New Delhi
Hi Reena,
I do agree with Rolly. Now a days its a common practice of employers to speak in terms of CYC. During the interview they don't bother to explain the components of the CTC. In some cases apart from PF, Communication expenses incurred for official calls from corporate no., which ideally should be reimbused, is also included in the CTC. Even if an employee is travelling for official purpose, he has to bear the travelling expenses as its also a part of CTC. So one should clarify all these issues before joining. All salary components should be discussed during the interview so that one will not feel cheated by the employer.
Regards
Abhishek
From India, New Delhi
I do agree with Rolly. Now a days its a common practice of employers to speak in terms of CYC. During the interview they don't bother to explain the components of the CTC. In some cases apart from PF, Communication expenses incurred for official calls from corporate no., which ideally should be reimbused, is also included in the CTC. Even if an employee is travelling for official purpose, he has to bear the travelling expenses as its also a part of CTC. So one should clarify all these issues before joining. All salary components should be discussed during the interview so that one will not feel cheated by the employer.
Regards
Abhishek
From India, New Delhi
My heartfelt gratitude to Rolly, Abhishek and Lewis. Can I assume that I'm stuck with this double deduction until I'm with this organisation? :(
Is there no way out for me? Is it not that the PF deducted from the salary is returned doubled to the employee at the relieving time? Will the same apply in my case or will the organisation return my own money to me in the end. Then what benefit am I gaining by getting the PF.
Thanking you all once again for your very prompt reply.
From India, Jaipur
Is there no way out for me? Is it not that the PF deducted from the salary is returned doubled to the employee at the relieving time? Will the same apply in my case or will the organisation return my own money to me in the end. Then what benefit am I gaining by getting the PF.
Thanking you all once again for your very prompt reply.
From India, Jaipur
Hi
You will get all yr money back (yr as well as employer's contribution) once you leave the organization provided the period is less than 10 yrs as after 10yrs. amount contributed towards pension can not be withdrawn.
Benifit that you get is good rate of interest and exemption on the amt contributed(yr contribution only) in income tax.
Rolly
From India, New Delhi
You will get all yr money back (yr as well as employer's contribution) once you leave the organization provided the period is less than 10 yrs as after 10yrs. amount contributed towards pension can not be withdrawn.
Benifit that you get is good rate of interest and exemption on the amt contributed(yr contribution only) in income tax.
Rolly
From India, New Delhi
Hi,
It was interesting to read various reviews on the subject. Infact in our Organization also we have PF deduction of 24% on the Gross Monthly Salary. But we decided to give the entire pay slip details to the candidate and clearly inform the candidate the structure we have, and also tell him about the Deduction. So we wanted to be very transparent on this issue.
So things looked easy for us.
regards,
Ananda
Bangalore
From India, Bangalore
It was interesting to read various reviews on the subject. Infact in our Organization also we have PF deduction of 24% on the Gross Monthly Salary. But we decided to give the entire pay slip details to the candidate and clearly inform the candidate the structure we have, and also tell him about the Deduction. So we wanted to be very transparent on this issue.
So things looked easy for us.
regards,
Ananda
Bangalore
From India, Bangalore
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