Hi All , Kindly let me know the PF calculation and PF wages with latest amendment.
From India, Pune
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1From India, Pune
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Hi Sonali,
The PF calculation is Basic + DA x 12% for the employee and Basic + DA x 13% for the employer. In the employer's contribution, 12% of 8.33% up to 1250 goes to EPS, i.e., Pension account A/C 10. 3.67% of the balance of 12% goes to the employer's contribution, i.e., A/C 1. 0.5% (not less than 500) goes to PF administration charges paid by the employer A/C 2. Additionally, 0.5% goes to EDLI, i.e., Employee Deposit Linked Insurance A/C 21. The 12% share of the employee goes to the employee contribution, i.e., A/C 1.
Regards, KM Sr. Consultant (Labour Law) 7708907021
From India, Bengaluru
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The PF calculation is Basic + DA x 12% for the employee and Basic + DA x 13% for the employer. In the employer's contribution, 12% of 8.33% up to 1250 goes to EPS, i.e., Pension account A/C 10. 3.67% of the balance of 12% goes to the employer's contribution, i.e., A/C 1. 0.5% (not less than 500) goes to PF administration charges paid by the employer A/C 2. Additionally, 0.5% goes to EDLI, i.e., Employee Deposit Linked Insurance A/C 21. The 12% share of the employee goes to the employee contribution, i.e., A/C 1.
Regards, KM Sr. Consultant (Labour Law) 7708907021
From India, Bengaluru
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Employees’ Provident Fund is a small saving scheme that is offered to Indian workers as well as international workers through the EPFO of India. The scheme allows accumulation of funds as well as accrual of interest on the accumulated funds. The funds thus collected are made of contributions partly from employees and partly from their employers.
Contributions from employees as well as employers add to the EPF. However, unlike what is commonly thought to be, the entire portion of contribution from an employer doesn’t go exclusively towards the Employees Provident Fund.
Division of funds
1. 12% of Basic Salary and standard allowance of Employee goes directly towards Employees’ Provident Fund.
2. 13% of Basic Salary and standard allowance of Employer is divided as follows –
o 3.67% of contribution towards Employees’ Provident Fund
o 0.5% of contribution towards EPF Administration Charges
o 0.5% of contribution towards EDLI Administration Charges
o 8.33% of contribution towards Employees’ Pension Scheme
Minimum salary limits: Employees with monthly salaries less than or equal to INR 15,000 now have to contribute mandatory towards EPF. PF amount is calculated for the basic amount. PF will be calculated as 12% of the basic.
Basic Pay
25000 /Month
PF Contribution
Employee
12% of 15,000: ₹1,800.00
Employer
13% of 15,000: ₹1,950.00
Total
₹3,750.00
For more info or PF,ESI,Payroll,Gratuity calculator. Visit : www.sumopayroll.com
From India
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Contributions from employees as well as employers add to the EPF. However, unlike what is commonly thought to be, the entire portion of contribution from an employer doesn’t go exclusively towards the Employees Provident Fund.
Division of funds
1. 12% of Basic Salary and standard allowance of Employee goes directly towards Employees’ Provident Fund.
2. 13% of Basic Salary and standard allowance of Employer is divided as follows –
o 3.67% of contribution towards Employees’ Provident Fund
o 0.5% of contribution towards EPF Administration Charges
o 0.5% of contribution towards EDLI Administration Charges
o 8.33% of contribution towards Employees’ Pension Scheme
Minimum salary limits: Employees with monthly salaries less than or equal to INR 15,000 now have to contribute mandatory towards EPF. PF amount is calculated for the basic amount. PF will be calculated as 12% of the basic.
Basic Pay
25000 /Month
PF Contribution
Employee
12% of 15,000: ₹1,800.00
Employer
13% of 15,000: ₹1,950.00
Total
₹3,750.00
For more info or PF,ESI,Payroll,Gratuity calculator. Visit : www.sumopayroll.com
From India
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls