Dear Seniors,
I have some query in the PF calculation for which I have already gone through the previous discussions of cite Hr but referring to different discussions have confused me.
My query is mentioned below:
A/c No 1 EPF- 12% (employee) +3.67% (employer)_Here calculation is done on the employee basic+DA.
A/c No.2 EPF Admin Charges -0.85%_DOUBT: Is 0.85% calculated on the actual basic+DA salary of the employee or on the total EPF amount mentioned in A/C No 1?
A/c No.10 EPS -8.33 % (employer)_DOUBT (1):Is 8.33% calculated on the actual basic +DA of the employee? (2) In case if the Basic +Da of employee is above Rs.15000 then should we calculate this amount on Rs.15000 only or on actual basic+ DA? (3) If we are restricting it on Rs.15000 then is it as per law or if employer wishes he can pay on the actual basic+ Da of the employee which is more than Rs.15000?
A/c No.21 EDLI -0.50%_DOUBT:(1) Is it calculated on actual basic+DA and is there a capping of Rs.15000 on this if basic +Da is more than 15000
A/c No 22 EDLI Admin Charges-0.01% _DOUBT: (same doubt of EDLI)
From India, Mumbai
9I have some query in the PF calculation for which I have already gone through the previous discussions of cite Hr but referring to different discussions have confused me.
My query is mentioned below:
A/c No 1 EPF- 12% (employee) +3.67% (employer)_Here calculation is done on the employee basic+DA.
A/c No.2 EPF Admin Charges -0.85%_DOUBT: Is 0.85% calculated on the actual basic+DA salary of the employee or on the total EPF amount mentioned in A/C No 1?
A/c No.10 EPS -8.33 % (employer)_DOUBT (1):Is 8.33% calculated on the actual basic +DA of the employee? (2) In case if the Basic +Da of employee is above Rs.15000 then should we calculate this amount on Rs.15000 only or on actual basic+ DA? (3) If we are restricting it on Rs.15000 then is it as per law or if employer wishes he can pay on the actual basic+ Da of the employee which is more than Rs.15000?
A/c No.21 EDLI -0.50%_DOUBT:(1) Is it calculated on actual basic+DA and is there a capping of Rs.15000 on this if basic +Da is more than 15000
A/c No 22 EDLI Admin Charges-0.01% _DOUBT: (same doubt of EDLI)
From India, Mumbai
Admin Charges on PF is 0.85% of the PF qualifying salary, ie, the salary on which you have deducted the PF
Pension fund is 8.33% of 15000 or the actual salary whichever is lower. If you restrict the PF on salary of Rs 15000, then Pension fund will be calculated on the PF qualifying salary but in case you pay PF on actual salary without restricting the same to Rs 15000, you have to calculated Pension Fund contribution at 8.33% on 15000.
Pension Fund contribution at higher salary is allowed as per law. You may contact the PF Office for details.
Qualifying salary for EDLI and Admin charges on EDLI is actual salary or Rs 15000 whichever is higher. Therefore, you can cap it to Rs 15000 like Pension Fund contribution.
Madhu.T.K
From India, Kannur
Pension fund is 8.33% of 15000 or the actual salary whichever is lower. If you restrict the PF on salary of Rs 15000, then Pension fund will be calculated on the PF qualifying salary but in case you pay PF on actual salary without restricting the same to Rs 15000, you have to calculated Pension Fund contribution at 8.33% on 15000.
Pension Fund contribution at higher salary is allowed as per law. You may contact the PF Office for details.
Qualifying salary for EDLI and Admin charges on EDLI is actual salary or Rs 15000 whichever is higher. Therefore, you can cap it to Rs 15000 like Pension Fund contribution.
Madhu.T.K
From India, Kannur
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls