Hi folks.... I am new to cite hr. Can anyone help me out with PF calculation? I have referred to many of your comments, and I understand that PF is calculated as 12% of the basic salary. However, in some posts, I found a random amount of 780/-. Can anyone please clear my doubt?
From India, Bangalore
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1From India, Bangalore
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Hi,
The ceiling for PF deduction is Rs. 6,500/-, i.e., up to a basic salary of 6,500, it is mandatory to deduct PF on amounts less than or equal to 6,500.
12% of 6,500 is 780. Therefore, at times, the deduction is 12%, and at other times (when the basic salary is 6,500 or higher, but based on mutual consent between the employer and employee), the PF amount deducted is 780.
I hope I have clarified your doubts.
Regards,
Baisakhi
From India, Calcutta
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The ceiling for PF deduction is Rs. 6,500/-, i.e., up to a basic salary of 6,500, it is mandatory to deduct PF on amounts less than or equal to 6,500.
12% of 6,500 is 780. Therefore, at times, the deduction is 12%, and at other times (when the basic salary is 6,500 or higher, but based on mutual consent between the employer and employee), the PF amount deducted is 780.
I hope I have clarified your doubts.
Regards,
Baisakhi
From India, Calcutta
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The statutory obligation for EPF contribution is upto Rs. 780 only. But if the employee and employer wish, this can be enhanced in compliance with the consent of the Regional PF Commissioner.
From India, Bangalore
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From India, Bangalore
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Gratuity is not connected with EPF. For gratuity, 5 years' service (commencing from join date) is required. For Income Tax exemption on PF, 5 years service in PF is required.
From India, Bangalore
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From India, Bangalore
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Hi,
Here is the breakup for PF Calculation. PF is calculated on basic & DA as follows:
Employer contribution - 13.61% (Break Up - EPF-3.67%, FPS - 8.33%, admin charges - 1.1%, EDLI - 0.5%, Admin Charges on EDLI - 0.01%).
Employee Contribution - 12% (Breakup - EPF - 12%).
The higher limit for PF deductions is 6500/-, and therefore above this limit, the deduction of PF is optional for the employee but with the consent of the employer & PF Authorities.
Thanks and warm regards,
BIJAY
From India, Vadodara
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Here is the breakup for PF Calculation. PF is calculated on basic & DA as follows:
Employer contribution - 13.61% (Break Up - EPF-3.67%, FPS - 8.33%, admin charges - 1.1%, EDLI - 0.5%, Admin Charges on EDLI - 0.01%).
Employee Contribution - 12% (Breakup - EPF - 12%).
The higher limit for PF deductions is 6500/-, and therefore above this limit, the deduction of PF is optional for the employee but with the consent of the employer & PF Authorities.
Thanks and warm regards,
BIJAY
From India, Vadodara
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Dear users Please find herewith attached file of pf calculation sheet Thanks
From India, Chandigarh
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From India, Chandigarh
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Dear Deol,
There is a rule or enactment to calculate the TaA and HRA. It depends completely on the company policy. Mostly, HRA is 40 to 60% of basic, and traveling allowance is 20 to 30% of basic. However, you can set it as your company policy. As I mentioned earlier, you are not restricted by any enactment regarding TA and HRA.
Thanks
From India, Chandigarh
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There is a rule or enactment to calculate the TaA and HRA. It depends completely on the company policy. Mostly, HRA is 40 to 60% of basic, and traveling allowance is 20 to 30% of basic. However, you can set it as your company policy. As I mentioned earlier, you are not restricted by any enactment regarding TA and HRA.
Thanks
From India, Chandigarh
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Dear all seniors,
Can contract laborers form a union if they have not completed 240 days? If yes, please provide support with any notification or inform me of the publication where this information can be found or provide written references.
Please cooperate.
Devendra Deshpande
From India, Pune
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Can contract laborers form a union if they have not completed 240 days? If yes, please provide support with any notification or inform me of the publication where this information can be found or provide written references.
Please cooperate.
Devendra Deshpande
From India, Pune
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Dear all seniors,
Can contract labours make a union (not completed 240 days)? If yes, please support with any notification or let me know the book where it is published.
Please cooperate.
Devendra Deshpande
9923359609.
From India, Pune
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Can contract labours make a union (not completed 240 days)? If yes, please support with any notification or let me know the book where it is published.
Please cooperate.
Devendra Deshpande
9923359609.
From India, Pune
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PF calculation is only behalf of basic pay or Basic pay + D.A.? please answer my question.
From India, Nangal Township
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From India, Nangal Township
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PF ceiling has now been extended to INR 15,000. Hence, 12% of this amount would be INR 1,800. If you have staff whose basic salary + dearness allowance exceeds INR 15,000, you can limit the contribution to 12% of INR 15,000, i.e., INR 1,800.
The notification from EPFO regarding the extension of the wage limit to INR 15,000 is enclosed here for your information.
Regards,
S.N. Raju U.
From India, Hyderabad
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The notification from EPFO regarding the extension of the wage limit to INR 15,000 is enclosed here for your information.
Regards,
S.N. Raju U.
From India, Hyderabad
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PROVIDENT FUND CALCULATION.xls
PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf