Dear Team,
Please help me with a solution for the following cases as I need to incorporate PF calculation logic into my HRMS system:
1) Basic Salary is 50000
Special Allowance is 40000
Preset days in a month - 5
What is the PF amount?
2) Here, the Employee opted for a minimum PF contribution, i.e., 1800 per month
Basic Salary is 50000
Special Allowance is 40000
Preset days in a month - 5
What is the PF amount?
Thank you.
From India
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Please help me with a solution for the following cases as I need to incorporate PF calculation logic into my HRMS system:
1) Basic Salary is 50000
Special Allowance is 40000
Preset days in a month - 5
What is the PF amount?
2) Here, the Employee opted for a minimum PF contribution, i.e., 1800 per month
Basic Salary is 50000
Special Allowance is 40000
Preset days in a month - 5
What is the PF amount?
Thank you.
From India
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Let See, the gross is 90,000/-, No. of working days 26, So calculate 90000/26*5 (WD) = 17307/- is earned gross, so PF contribution is 1800/-. Rajesh.S
From India, Coimbatore
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1From India, Coimbatore
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Hi, according to your question, the total EPF wages (including basic wage and special allowance) are Rs. 90,000 per month, and the number of working days in the month of January 2024 is 5 days. The EPF deduction is as follows:
As per total wages: Total wages divided by the number of days in a month multiplied by the number of working days, i.e., 90000/31*5 = Rs. 14,516. EPF deduction is on Rs. 14,516 * 12% = Rs. 1,742.
As per only Basic wage: 50000/31*5 = Rs. 8,065. EPF deduction is on Rs. 8,065 * 12% = Rs. 968.
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As per total wages: Total wages divided by the number of days in a month multiplied by the number of working days, i.e., 90000/31*5 = Rs. 14,516. EPF deduction is on Rs. 14,516 * 12% = Rs. 1,742.
As per only Basic wage: 50000/31*5 = Rs. 8,065. EPF deduction is on Rs. 8,065 * 12% = Rs. 968.
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls