Dear All,
I wanted to know the calculation for each specified account no Like A/C No 01,02,10,21 and 22 in PF,
How much Percentage is Calculated on Which Amount
and while calculating do we have to consider wages those are more than wage sealing for example an employee having basic salary of 7000/- or any employee having wages more than 6500.
For example PF is calculated 12%/10%(Exceptional) on Basic Wages of an Employee.
Please help Guyz..
Regards
Curious Guy
From India, Nagpur
12I wanted to know the calculation for each specified account no Like A/C No 01,02,10,21 and 22 in PF,
How much Percentage is Calculated on Which Amount
and while calculating do we have to consider wages those are more than wage sealing for example an employee having basic salary of 7000/- or any employee having wages more than 6500.
For example PF is calculated 12%/10%(Exceptional) on Basic Wages of an Employee.
Please help Guyz..
Regards
Curious Guy
From India, Nagpur
PF Deduction
If Basic Salary Is ≤ Rs 6500/-
PF = Basic X 12% = Employee Share
Rs. 6500 Is a Limit of Pf Deduction for Basic = 780/-
Employer Share is 13.61% of Basic
Total Deductin of PF = 25.61%
Employer 13.61%
Contribution:
3.67% = Provident Fund (A/c No.1)
8.33% = Pension Fund (A/c No.10)
0.5% = EDLIS -Employees Direct Linked Insurance Scheme (A/c No.21)
Administrative Charges:
1.10% of emoluments = Provident Fund (A/c No.2)
0.01% of emoluments = EDLIS (A/c No.22)
Regards,
Vrushy.
From India, Nasik
If Basic Salary Is ≤ Rs 6500/-
PF = Basic X 12% = Employee Share
Rs. 6500 Is a Limit of Pf Deduction for Basic = 780/-
Employer Share is 13.61% of Basic
Total Deductin of PF = 25.61%
Employer 13.61%
Contribution:
3.67% = Provident Fund (A/c No.1)
8.33% = Pension Fund (A/c No.10)
0.5% = EDLIS -Employees Direct Linked Insurance Scheme (A/c No.21)
Administrative Charges:
1.10% of emoluments = Provident Fund (A/c No.2)
0.01% of emoluments = EDLIS (A/c No.22)
Regards,
Vrushy.
From India, Nasik
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.
Salary Sheet & PF PT Calculation & Challan Nov 2010.xls