Dear Members,
Recently I have joined a manufacturing company in the Mumbai location.
Company didn't deduct the Provident Fund since September 2014 ( when the Govt rule for PT changed)
Now the company wants to restart the PF process and calculate the entire amount
I have a few queries regarding the same. Kindly provide your inputs.
For calculating monthly PF, the formula shall be
(Basic Salary * Number of days present in a month ) * 12%
= ________________________________________
No of days in a month
1. What is the correct formula for calculating number of days present in a month?
2. Do we add weekly offs, Paid holiday , Paid leave, Casual Leave, Sick leave in calculating present days in a month?
Thank you
From India, Pune
3Recently I have joined a manufacturing company in the Mumbai location.
Company didn't deduct the Provident Fund since September 2014 ( when the Govt rule for PT changed)
Now the company wants to restart the PF process and calculate the entire amount
I have a few queries regarding the same. Kindly provide your inputs.
For calculating monthly PF, the formula shall be
(Basic Salary * Number of days present in a month ) * 12%
= ________________________________________
No of days in a month
1. What is the correct formula for calculating number of days present in a month?
2. Do we add weekly offs, Paid holiday , Paid leave, Casual Leave, Sick leave in calculating present days in a month?
Thank you
From India, Pune
Whatever their formula, they have to contribute equal amount as their own share. If you feel it is less in any way, please revert . Admidding you from a back date is in your own interest. Please keep thing in mind always. Whenever you change job from one employer to another, always continue your current PF account with the new employer. Do not close one PF account and open another because every time you close one PF account and open a new one, you lose heavily in the form of pension contribution earned in the previous employment.
From India, Pune
From India, Pune
I would suggest you deduct on the basic salary* 12% . Don’t worry about the number of days leave an employee has availed.
From India, Madras
From India, Madras
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls