Dear All,
I have tried to develop a CTC format. May be it will help you.I have tried to made some automated calculation.
At top of the sheet you can choose to give PF / Bonus / incentive or not and salary will get calculated accordingly.
Comments and suggestions are most welcome. you can write to me at
.
Regards
Soyeb
From India, Hyderabad
13I have tried to develop a CTC format. May be it will help you.I have tried to made some automated calculation.
At top of the sheet you can choose to give PF / Bonus / incentive or not and salary will get calculated accordingly.
Comments and suggestions are most welcome. you can write to me at
Regards
Soyeb
From India, Hyderabad
But I think Soyeb is right for PF Calculation.
PF Accounts Rate of Contribution
Employee 12%
(Basic wages, dearness allowance)
Employer 13.61%
Contribution:
3.67% = Provident Fund (A/c No.1)
8.33% = Pension Fund (A/c No.10)
0.5% = EDLIS -Employees Direct Linked Insurance Scheme (A/c No.21)
Administrative Charges:
1.10% of emoluments = Provident Fund (A/c No.2)
0.01% of emoluments = EDLIS (A/c No.22)
Regards
Cp Singh
From India, Noida
PF Accounts Rate of Contribution
Employee 12%
(Basic wages, dearness allowance)
Employer 13.61%
Contribution:
3.67% = Provident Fund (A/c No.1)
8.33% = Pension Fund (A/c No.10)
0.5% = EDLIS -Employees Direct Linked Insurance Scheme (A/c No.21)
Administrative Charges:
1.10% of emoluments = Provident Fund (A/c No.2)
0.01% of emoluments = EDLIS (A/c No.22)
Regards
Cp Singh
From India, Noida
Yes... his working is absolutely correct. Good Work Soyeb !! Regards, Suchita Zonal HR Head
From India, Pune
From India, Pune
Thanks Sajeed, Suchita, Mr.Sing and Mrugen thanks a ton for your comment and time. Hope this type of formats will help us in future. keep in touch if anything needed , I will try my level best to contribute and also will learn by doing.
Regards
Soyeb
From India, Hyderabad
Regards
Soyeb
From India, Hyderabad
Dear Hemant, Yes , you are right!! As PT depend upon state to state,thus required to change the same accordingly. Regards Soyeb
From India, Hyderabad
From India, Hyderabad
Dear Soyeb,
Though the bifurcation of Employer contribution is 12% + 1.61%= 13.61% is correct, but if you will check 12% is completely calculated on your basic wages whereas 1.1% is calculated on Basic wages, 0.5 % & 0.01% is calculated on your EDLI wages.
Hence, Contribution 1.61% from employer end is for PF Admin, EDLI & EDLI surcharges. which is not consider as a part of employee CTC.
Regards,
Sneha
From India, Pune
Though the bifurcation of Employer contribution is 12% + 1.61%= 13.61% is correct, but if you will check 12% is completely calculated on your basic wages whereas 1.1% is calculated on Basic wages, 0.5 % & 0.01% is calculated on your EDLI wages.
Hence, Contribution 1.61% from employer end is for PF Admin, EDLI & EDLI surcharges. which is not consider as a part of employee CTC.
Regards,
Sneha
From India, Pune
Dear Mrugen,
Please find below example.
Basic=15000
Employee (12%)=1800 (Basic wages)
Employer (12%)=1800 Pension (EDLI wages 6500*8.33%)=541 & Employer PF=Difference of EPF & Pension-1259. Total 1800
Admin Charges (1.1%)=165 (Basic wages)
EDLI Charges (0.5%)= 32.5 (EDLI Wages-6500)
EDLI Surcharges (0.01%)= 0.65 (EDLI Wages-6500)
Regards,
Sneha
From India, Pune
Please find below example.
Basic=15000
Employee (12%)=1800 (Basic wages)
Employer (12%)=1800 Pension (EDLI wages 6500*8.33%)=541 & Employer PF=Difference of EPF & Pension-1259. Total 1800
Admin Charges (1.1%)=165 (Basic wages)
EDLI Charges (0.5%)= 32.5 (EDLI Wages-6500)
EDLI Surcharges (0.01%)= 0.65 (EDLI Wages-6500)
Regards,
Sneha
From India, Pune
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