My concern is that in my salary slip, my CTC is 25500, my gross is 24000, and PF contribution is 1512 of the basic salary of 12600. However, the company is only paying me 22500. When I inquired about this, they informed me that 3000 is being saved in the PF account. I am unsure about the employer's contribution. Please help me understand what I should do.
Salary Breakup:
Monthly
Basic: 12600
HRA: 5000
Conveyance: 1600
Medical Reimbursement: 1250
Special Allowances: 3550
Monthly Gross: 24000
P.F.: 1512
ESI: 0
CTC: 25512
From India, Jodhpur
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Salary Breakup:
Monthly
Basic: 12600
HRA: 5000
Conveyance: 1600
Medical Reimbursement: 1250
Special Allowances: 3550
Monthly Gross: 24000
P.F.: 1512
ESI: 0
CTC: 25512
From India, Jodhpur
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Do not confuse CTC with the salary in hand. Your gross is 24000, deduct your PF of 1512, which makes it 22500 (approx.). Check your PF slip to verify the amount credited to your PF account. Review the contributions on both the employer's and employees' sides. The figures you have provided do not indicate whether the employer's contribution to EPF is deducted from your salary. If in doubt, seek clarification from your Accounts department.
From India, Pune
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3251From India, Pune
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Dear Aman,
Please find the below-mentioned worksheet based on the data available to you.
Employee Part
Basic 12600
HRA 5000
Conveyance 1600
Medical 1250
Spl Allowance 3550
Total Gross 24000
Deduction Part
PF Employee 1512
Take Home Salary 22488
Employee Part
Basic 12600
HRA 5000
Conveyance 1600
Medical 1250
Spl Allowance 3550
Total Gross 24000
PF Employer 1512
CTC 25512
From India, New Delhi
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Please find the below-mentioned worksheet based on the data available to you.
Employee Part
Basic 12600
HRA 5000
Conveyance 1600
Medical 1250
Spl Allowance 3550
Total Gross 24000
Deduction Part
PF Employee 1512
Take Home Salary 22488
Employee Part
Basic 12600
HRA 5000
Conveyance 1600
Medical 1250
Spl Allowance 3550
Total Gross 24000
PF Employer 1512
CTC 25512
From India, New Delhi
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It seems both the employer and employees' share is considered while fixing the CTC. Please check www.labourlawhub.com for more information.
From India, Kolkata
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From India, Kolkata
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Mr. Amanali,
Your company is following the CTC concept, which is why the employer will deduct both the PF amounts, i.e., both employee and employer PF.
As you mentioned, the present basic is 12600, so the deduction will be as follows:
PF = 12600 * 24% = 3024
Please let me know if you need any further clarification or assistance.
From India, Delhi
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Your company is following the CTC concept, which is why the employer will deduct both the PF amounts, i.e., both employee and employer PF.
As you mentioned, the present basic is 12600, so the deduction will be as follows:
PF = 12600 * 24% = 3024
Please let me know if you need any further clarification or assistance.
From India, Delhi
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Dear Amanali,
Your CTC is 25512, Gross Salary + Employer PF = CTC (In your case). From Your Gross Salary - 24000 - Employee PF will be deducted, i.e., 1512. So your Net/Take Home Salary is 22488. As your Management has informed, Employee+Employer Contributions will be in PF & Pension account - 3024/-.
CTC stands for Cost to Company, and you can consider your salary as Gross Salary. Hope this clarifies things. If you still have any queries, please let me know.
Thanks & Regards,
T. Prathap
Senior Executive-HR
Narayana Health, Bangalore
9491771437
From India, Madras
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Your CTC is 25512, Gross Salary + Employer PF = CTC (In your case). From Your Gross Salary - 24000 - Employee PF will be deducted, i.e., 1512. So your Net/Take Home Salary is 22488. As your Management has informed, Employee+Employer Contributions will be in PF & Pension account - 3024/-.
CTC stands for Cost to Company, and you can consider your salary as Gross Salary. Hope this clarifies things. If you still have any queries, please let me know.
Thanks & Regards,
T. Prathap
Senior Executive-HR
Narayana Health, Bangalore
9491771437
From India, Madras
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Dear Mr. Ali,
Your gross salary is correct. PF @12% on Rs. 12,600, i.e., Rs. 1,512 recovered from your salary, is also deposited together with the employer's share by your employer, which you can also check.
SALARY SLIP IS PROOF THAT SHOWS YOUR EARNINGS AND DEDUCTIONS ONLY
Regards,
RDS Yadav
DIRECTOR,
NAVTARANGHRS@GMAIL.COM
From India, Delhi
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Your gross salary is correct. PF @12% on Rs. 12,600, i.e., Rs. 1,512 recovered from your salary, is also deposited together with the employer's share by your employer, which you can also check.
SALARY SLIP IS PROOF THAT SHOWS YOUR EARNINGS AND DEDUCTIONS ONLY
Regards,
RDS Yadav
DIRECTOR,
NAVTARANGHRS@GMAIL.COM
From India, Delhi
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Dear,
You should know the meaning of CTC first. CTC means cost to the company, the cost/expenses that the company is spending on you. I assume at the time of salary discussion the HR might have told you about your compensation given to you as CTC. If your basic salary is more than 6500, you are not eligible for EPF. It's the whole discretion of the employer to provide you with the EPF if you opt for it. If you don't need savings/tax benefits/retirement benefits, you can opt-out of EPF by expressing your concern and filling out Form 11 (Read carefully EPF opt-out rules).
From India, Hyderabad
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You should know the meaning of CTC first. CTC means cost to the company, the cost/expenses that the company is spending on you. I assume at the time of salary discussion the HR might have told you about your compensation given to you as CTC. If your basic salary is more than 6500, you are not eligible for EPF. It's the whole discretion of the employer to provide you with the EPF if you opt for it. If you don't need savings/tax benefits/retirement benefits, you can opt-out of EPF by expressing your concern and filling out Form 11 (Read carefully EPF opt-out rules).
From India, Hyderabad
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Hello Amanali,
Your CTC is 25512, which includes deductions of PF for both Employer and Employee. As you know, PF is calculated on Basic salary (DA, if any). So, PF = 12,600 * 12%, which comes to Rs 1512. This PF contribution is part of your Gross Salary. To calculate the In-Hand salary, the formula is GROSS SALARY - DEDUCTIONS (PF, ESI Employee Contribution). Therefore, your In-Hand salary comes out to be approximately Rs 22500. Employers' contribution of 12% to PF and Pension is part of CTC.
Hope I was able to resolve your issue.
Thanks & Regards,
Tanya Bajaj.
From India, Delhi
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Your CTC is 25512, which includes deductions of PF for both Employer and Employee. As you know, PF is calculated on Basic salary (DA, if any). So, PF = 12,600 * 12%, which comes to Rs 1512. This PF contribution is part of your Gross Salary. To calculate the In-Hand salary, the formula is GROSS SALARY - DEDUCTIONS (PF, ESI Employee Contribution). Therefore, your In-Hand salary comes out to be approximately Rs 22500. Employers' contribution of 12% to PF and Pension is part of CTC.
Hope I was able to resolve your issue.
Thanks & Regards,
Tanya Bajaj.
From India, Delhi
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Dear Sir,
Please go through your salary break-up:
Basic Salary: $12,600
Allowances: $11,400
Gross Salary: $24,000
Employee EPF @ 12%: $1,512 (Deduction)
Take Home: $22,488
Employer Contribution @ 13.36%: $1,683.36
Total CTC: $25,683.36
Total Monthly EPF Saving: $3,195.36
Thank you.
From India, Dehra Dun
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Please go through your salary break-up:
Basic Salary: $12,600
Allowances: $11,400
Gross Salary: $24,000
Employee EPF @ 12%: $1,512 (Deduction)
Take Home: $22,488
Employer Contribution @ 13.36%: $1,683.36
Total CTC: $25,683.36
Total Monthly EPF Saving: $3,195.36
Thank you.
From India, Dehra Dun
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Employer-PF-res trict to wages of Rs 6500.pdf