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PF Calculation:
* There are two contributions in PF Employer Contribution & Employee Contributiom.
* Employee Contribution is 12% & Employer contribution is 13.61%.
* Total contribution is 25.61% & there accountwise distribution is as follows:
* Account No. 1:-> Employee 12% & Employer 3.67%.
* Account No. 2:-> Employer 1.10%.
* Account No. 10:-> Employer 8.33%.
* Account No. 21:-> Employer 0.5%
* Account No. 22:-> Employer 0.01%.
ESIC Calculation:->
Employer 4.75% & Employee 1.75%.
Gratuity Calculation:->
Gratuity Eligibility :
1. Any person employed on wages/salary.
2. At the time of retirement or resignation or on superannuation, an employee should have rendered continuous service of not less than five years.
3. Payable without completion of five years only when death and disablement.
Formula Used :
Gratuity Calculation In India = [ (Basic Pay + D.A) x 15 days x No. of years of service ] / 26
Where,
D.A = Dearness Allowance.
With Regards,
Vineet Deshmukh
From India, Yavatmal
25I think this is your first Thread so welcomes you in Cite HR Family.
PF Calculation:
* There are two contributions in PF Employer Contribution & Employee Contributiom.
* Employee Contribution is 12% & Employer contribution is 13.61%.
* Total contribution is 25.61% & there accountwise distribution is as follows:
* Account No. 1:-> Employee 12% & Employer 3.67%.
* Account No. 2:-> Employer 1.10%.
* Account No. 10:-> Employer 8.33%.
* Account No. 21:-> Employer 0.5%
* Account No. 22:-> Employer 0.01%.
ESIC Calculation:->
Employer 4.75% & Employee 1.75%.
Gratuity Calculation:->
Gratuity Eligibility :
1. Any person employed on wages/salary.
2. At the time of retirement or resignation or on superannuation, an employee should have rendered continuous service of not less than five years.
3. Payable without completion of five years only when death and disablement.
Formula Used :
Gratuity Calculation In India = [ (Basic Pay + D.A) x 15 days x No. of years of service ] / 26
Where,
D.A = Dearness Allowance.
With Regards,
Vineet Deshmukh
From India, Yavatmal
Dear Smita,
According to Employee's Provident Fund & Miscellaneous Act 192 for Eligibility of Praovident Fund following conditions are required:->
1) Any establishment employing 20 or more persons.
2) Power to apply the Act to an establishment which has a common provident fund with another establishment
Where immediately before this Act becomes applicable to an establishment there is in existence a provident fund which is common to the employees employed in that establishment and employees in any other establishment, the Central Government may, by notification in the Official Gazette, direct that the provisions of this Act shall also apply to such other establishment.]
3. Power to add to Schedule I
(1) The Central Government may, by notification in the Official Gazette, add to Schedule I any other industry in respect of the employees whereof it is of opinion that a provident fund scheme should be framed under this Act, and thereupon the industry so added shall be deemed to be an industry specified in Schedule I for the purposes of this Act.
(2) All notifications under sub-section (1) shall be laid before Parliament, as soon as may be, after they are issued.
According to Employee State Insurance Act 1948 the eligibilty criteria is as follows:
*An establishment which employing 10 or persons. ( Establishment use power for its production)
*An establishment which employing 20 or persons. ( Establishment dont use power for its production)
With Regards,
Vineet Deshmukh
From India, Yavatmal
According to Employee's Provident Fund & Miscellaneous Act 192 for Eligibility of Praovident Fund following conditions are required:->
1) Any establishment employing 20 or more persons.
2) Power to apply the Act to an establishment which has a common provident fund with another establishment
Where immediately before this Act becomes applicable to an establishment there is in existence a provident fund which is common to the employees employed in that establishment and employees in any other establishment, the Central Government may, by notification in the Official Gazette, direct that the provisions of this Act shall also apply to such other establishment.]
3. Power to add to Schedule I
(1) The Central Government may, by notification in the Official Gazette, add to Schedule I any other industry in respect of the employees whereof it is of opinion that a provident fund scheme should be framed under this Act, and thereupon the industry so added shall be deemed to be an industry specified in Schedule I for the purposes of this Act.
(2) All notifications under sub-section (1) shall be laid before Parliament, as soon as may be, after they are issued.
According to Employee State Insurance Act 1948 the eligibilty criteria is as follows:
*An establishment which employing 10 or persons. ( Establishment use power for its production)
*An establishment which employing 20 or persons. ( Establishment dont use power for its production)
With Regards,
Vineet Deshmukh
From India, Yavatmal
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ESI-PF-Gratuity .xls
PF & ESI.zip
Presentation PF&ESI.ppt