Dear Experts Please help me in understanding how can we calculate PF for person with Basic 13000 DA 2000 post new wage ceiling. Regards
From Australia
From Australia
517
Dear sirs,
Pl clarify Administrative Charges of 1.1% will be calculated on Basic amount with employer ceiling of Rs. 6500/- (now 15000/-) or on full basic amount without employer ceiling limit.
Ansari, Bangalore
From India
Pl clarify Administrative Charges of 1.1% will be calculated on Basic amount with employer ceiling of Rs. 6500/- (now 15000/-) or on full basic amount without employer ceiling limit.
Ansari, Bangalore
From India
Dear Khemchauhan & Ansari,
Please find the calculation -
Employee Contriburtion - 12% on 15000 = 1800
Employer Contribution - EPS- 8.33% on 15000 = 1249.5
EPF- 3.67% on 15000 = 550.5
EDLI charges- 0.5% on 15000 = 75
EPF Admin charges - 1.1% on 15000 = 165
EDLI Admin charges- 0.01% on 15000 = 1.5 (round off to 2).
Please let me know if you need any clarification.
Thanks & Regards
T.Prathap,
HR Executive, Human Resource Department,
R L Jalappa Narayana Heart Centre,
Mobile:8884291530.
From India, Madras
Please find the calculation -
Employee Contriburtion - 12% on 15000 = 1800
Employer Contribution - EPS- 8.33% on 15000 = 1249.5
EPF- 3.67% on 15000 = 550.5
EDLI charges- 0.5% on 15000 = 75
EPF Admin charges - 1.1% on 15000 = 165
EDLI Admin charges- 0.01% on 15000 = 1.5 (round off to 2).
Please let me know if you need any clarification.
Thanks & Regards
T.Prathap,
HR Executive, Human Resource Department,
R L Jalappa Narayana Heart Centre,
Mobile:8884291530.
From India, Madras
Mr. Prathap,
Thanks for the information,
But one should get more clarity on this, suppose some one is getting salary of 25000 (basic+DA), how the break-up mentioned by you to be calculated.
Please clear the confusion as employer may contribute on maximum ceiling that is 15k apart from (3.67)
Please correct if it is wrong:
Employee Contriburtion - 12% on 25000 = 3000
Employer Contribution - EPS- 8.33% on 15000 = 1249.5
EPF- 3.67% on 25000 = 917.5
EDLI charges- 0.5% on 15000 = 75
EPF Admin charges - 1.1% on 15000 = 165
EDLI Admin charges- 0.01% on 15000 = 1.5 (round off to 2).
Your earliest response will be highly appreciated,
Thanks & Regards,
Dillip Ku. Nayak
9737299213
From India, Bhubaneswar
Thanks for the information,
But one should get more clarity on this, suppose some one is getting salary of 25000 (basic+DA), how the break-up mentioned by you to be calculated.
Please clear the confusion as employer may contribute on maximum ceiling that is 15k apart from (3.67)
Please correct if it is wrong:
Employee Contriburtion - 12% on 25000 = 3000
Employer Contribution - EPS- 8.33% on 15000 = 1249.5
EPF- 3.67% on 25000 = 917.5
EDLI charges- 0.5% on 15000 = 75
EPF Admin charges - 1.1% on 15000 = 165
EDLI Admin charges- 0.01% on 15000 = 1.5 (round off to 2).
Your earliest response will be highly appreciated,
Thanks & Regards,
Dillip Ku. Nayak
9737299213
From India, Bhubaneswar
Dear Dilip, All the contributions should be on Basic + DA i.e. 25000/- except EPS (Ceiling is Rs. 15000/-). Rgds/Jitender.
From India, New Delhi
From India, New Delhi
Hello Mr Dilip and Mr Prathap,
Thanks for the great discussion. My post is a slight digression on the topic, but I have been trying to clarify this question from the local PF department for a long time. Given my repeated questioning, I have become a joke there, and the PF staff (who are actually busy) are getting irritated with me. So please respond to my queries as best and possible, at your leisure. Please note this is not a priority and you can continue with the wage ceiling discussion and respond to this when you have time.
My query is regarding withdrawal - Assume the above scenario given by Mr Prathap. I understand that there are three contributions given to the PF office on the name of the employee 12% of (Basic+DA) by the employee which is known as Employee Contribution; Employer contribution EPS = 8.33% of (Basic+DA) and EPF - 3.67% of (Basic+DA).
I apply for withdrawal-
Scenario 1 - What amount do I get if I apply for a withdrawal, without opting for a scheme certificate (that is leaving the box in option 8 of Form 10(C), unchecked.
Scenario 2 - What amount do I get, if I apply for withdrawal, by "opting for a scheme certificate (that is leaving the box in option 8 of Form 10(C), CHECKED.
I understand that the actual amount would be less, as there would be charges such as EPF Admin etc, as mentioned in the above case.
(I got completely confused by the explanation of an annual cap of Rs 6500 per year, which would go into Pension fund etc. And this is the amount which would actually be used to pay pension if I opt for scheme certificate etc. PF office employees are getting frustrated when I ask anything about whether this Rs 6500/- per year would also get credited if I don't opt for scheme certificate etc)
I would highly appreciate if folks can clarify. Another question - Form 10(C) is used for withdrawal. Why am I being asked to fill Form (19)?. Not that I have an issue in filling Form (19).
Thanks for your valuable inputs.
Regards,
Raghav
Hyderabad
Barkatpura PF Office
From India, Hyderabad
Thanks for the great discussion. My post is a slight digression on the topic, but I have been trying to clarify this question from the local PF department for a long time. Given my repeated questioning, I have become a joke there, and the PF staff (who are actually busy) are getting irritated with me. So please respond to my queries as best and possible, at your leisure. Please note this is not a priority and you can continue with the wage ceiling discussion and respond to this when you have time.
My query is regarding withdrawal - Assume the above scenario given by Mr Prathap. I understand that there are three contributions given to the PF office on the name of the employee 12% of (Basic+DA) by the employee which is known as Employee Contribution; Employer contribution EPS = 8.33% of (Basic+DA) and EPF - 3.67% of (Basic+DA).
I apply for withdrawal-
Scenario 1 - What amount do I get if I apply for a withdrawal, without opting for a scheme certificate (that is leaving the box in option 8 of Form 10(C), unchecked.
Scenario 2 - What amount do I get, if I apply for withdrawal, by "opting for a scheme certificate (that is leaving the box in option 8 of Form 10(C), CHECKED.
I understand that the actual amount would be less, as there would be charges such as EPF Admin etc, as mentioned in the above case.
(I got completely confused by the explanation of an annual cap of Rs 6500 per year, which would go into Pension fund etc. And this is the amount which would actually be used to pay pension if I opt for scheme certificate etc. PF office employees are getting frustrated when I ask anything about whether this Rs 6500/- per year would also get credited if I don't opt for scheme certificate etc)
I would highly appreciate if folks can clarify. Another question - Form 10(C) is used for withdrawal. Why am I being asked to fill Form (19)?. Not that I have an issue in filling Form (19).
Thanks for your valuable inputs.
Regards,
Raghav
Hyderabad
Barkatpura PF Office
From India, Hyderabad
Dear Raghav,
Appended are the details request by you : -
I apply for withdrawal-
Scenario 1 - What amount do I get if I apply for a withdrawal, without opting for a scheme certificate (that is leaving the box in option 8 of Form 10(C), unchecked.
>> You will get the full accumulation (24% on your basic+DA).
Scenario 2 - What amount do I get, if I apply for withdrawal, by "opting for a scheme certificate (that is leaving the box in option 8 of Form 10(C), CHECKED.
>> 8.33 % or 541 per month which ever is less, will be retained by the PF department & a Scheme Certificate will be issued to you. (Please read the guideline carefully mentioned in form 10C attached)
I understand that the actual amount would be less, as there would be charges such as EPF Admin etc, as mentioned in the above case.
>> All these chares are additionally contributed by your employer and neither accumulated in your account not withdrawal able.
(I got completely confused by the explanation of an annual cap of Rs 6500 per year, which would go into Pension fund etc. And this is the amount which would actually be used to pay pension if I opt for scheme certificate etc. PF office employees are getting frustrated when I ask anything about whether this Rs 6500/- per year would also get credited if I don't opt for scheme certificate etc)
>> As the ceiling of EPS was Rs. 6500/- per month & 8.33 % of this 6500/- would be 541/- per month & annual Rs. 6500/-. So at the end of the year total accumulation in your EPS account would be Rs. 6500/- if your Basic+DA is Rs. 6500/- or more than that.
I would highly appreciate if folks can clarify. Another question - Form 10(C) is used for withdrawal. Why am I being asked to fill Form (19)?. Not that I have an issue in filling Form (19).
>> Both the form are used to withdrawal fund from different different scheme of PF (i.e. EPF & EPS)
Rgds/Jitender
From India, New Delhi
Appended are the details request by you : -
I apply for withdrawal-
Scenario 1 - What amount do I get if I apply for a withdrawal, without opting for a scheme certificate (that is leaving the box in option 8 of Form 10(C), unchecked.
>> You will get the full accumulation (24% on your basic+DA).
Scenario 2 - What amount do I get, if I apply for withdrawal, by "opting for a scheme certificate (that is leaving the box in option 8 of Form 10(C), CHECKED.
>> 8.33 % or 541 per month which ever is less, will be retained by the PF department & a Scheme Certificate will be issued to you. (Please read the guideline carefully mentioned in form 10C attached)
I understand that the actual amount would be less, as there would be charges such as EPF Admin etc, as mentioned in the above case.
>> All these chares are additionally contributed by your employer and neither accumulated in your account not withdrawal able.
(I got completely confused by the explanation of an annual cap of Rs 6500 per year, which would go into Pension fund etc. And this is the amount which would actually be used to pay pension if I opt for scheme certificate etc. PF office employees are getting frustrated when I ask anything about whether this Rs 6500/- per year would also get credited if I don't opt for scheme certificate etc)
>> As the ceiling of EPS was Rs. 6500/- per month & 8.33 % of this 6500/- would be 541/- per month & annual Rs. 6500/-. So at the end of the year total accumulation in your EPS account would be Rs. 6500/- if your Basic+DA is Rs. 6500/- or more than that.
I would highly appreciate if folks can clarify. Another question - Form 10(C) is used for withdrawal. Why am I being asked to fill Form (19)?. Not that I have an issue in filling Form (19).
>> Both the form are used to withdrawal fund from different different scheme of PF (i.e. EPF & EPS)
Rgds/Jitender
From India, New Delhi
Super Excellent Mr Jitender,
Now everything has become crystal clear. The trick is 8.33% or Rs 541 which is "lower" would be kept aside for creating a pension fund for me. I should have searched CiteHR forums before and saved much time.
I have few more queries which are related -
(1) When I go to PF office and ask for balance in my account, they show me two values - one each for Employer and Employee. Both don't match. The Employee contribution number is higher. I can guess - the answer could be that part of it is the Rs 541 per month, which is not being shown when I ask for balance, is actually taken from the Employer contribution. Also, if I opt for a complete withdrawal, (without Scheme certificate), I would get even this "amount", which is not being "shown" to me in the balance, when I ask. So the total amount that I would get would be invariably higher than what I'm given as balance in the PF office.
(2) I also came to know from the PF office that inoperative accounts have stopped attracting/accumulating interest from Y-2011. So, if you have an old account, either link it or withdraw the monies. As unlike earlier days, the account would basically be inoperative.
Thanks for the patience and time. My primary queries have been answered and these are just to clarify. Would appreciate if I get responses to these too.
Thanks CiteHR community !!!
Regards,
Raghav
From India, Hyderabad
Now everything has become crystal clear. The trick is 8.33% or Rs 541 which is "lower" would be kept aside for creating a pension fund for me. I should have searched CiteHR forums before and saved much time.
I have few more queries which are related -
(1) When I go to PF office and ask for balance in my account, they show me two values - one each for Employer and Employee. Both don't match. The Employee contribution number is higher. I can guess - the answer could be that part of it is the Rs 541 per month, which is not being shown when I ask for balance, is actually taken from the Employer contribution. Also, if I opt for a complete withdrawal, (without Scheme certificate), I would get even this "amount", which is not being "shown" to me in the balance, when I ask. So the total amount that I would get would be invariably higher than what I'm given as balance in the PF office.
(2) I also came to know from the PF office that inoperative accounts have stopped attracting/accumulating interest from Y-2011. So, if you have an old account, either link it or withdraw the monies. As unlike earlier days, the account would basically be inoperative.
Thanks for the patience and time. My primary queries have been answered and these are just to clarify. Would appreciate if I get responses to these too.
Thanks CiteHR community !!!
Regards,
Raghav
From India, Hyderabad
Dear Sarweshwar,
Please find the calculation -
Employee Contriburtion - 12% on 15000 = 1800
Employer Contribution - EPS- 8.33% on 15000 = 1249.5 ( round off to 1250)
EPF- 3.67% on 15000 = 550.5 (round off to 551)
EDLI charges- 0.5% on 15000 = 75
EPF Admin charges - 1.1% on 15000 = 165
EDLI Admin charges- 0.01% on 15000 = 1.5 (round off to 2).
Basic Salary Below 15000/-
Suppose Basic Salary - 10,000/-
Employee Contriburtion - 12% on 10000 = 1200
Employer Contribution - EPS- 8.33% on 10000 = 833
EPF- 3.67% on 10000 = 367
EDLI charges- 0.5% on 10000 = 50
EPF Admin charges - 1.1% on 10000 = 110
EDLI Admin charges- 0.01% on 10000 = 1 .
Basic Salary Above 15000/-
It is not mandatory, to deduct PF, but it is mutual understanding between Employee and Employer.
If both agrees you can follow
Suppose Basic Salary is - 20,000/-
Employee Contriburtion - 12% on 20000 = 2400 or Employee Contriburtion - 12% on 15000 = 1800
Employer Contribution - EPS- 8.33% on 15000 = 1249.5 ( round off to 1250)
EPF- 3.67% on 15000 = 550.5 (round off to 551)
EDLI charges- 0.5% on 15000 = 75
EPF Admin charges - 1.1% on 15000 = 165
EDLI Admin charges- 0.01% on 15000 = 1.5 (round off to 2).
I hope I clarified your doubt, Please let me know if you need any clarification.
Thanks & Regards
T.Prathap,
HR Executive, Human Resource Department,
R L Jalappa Narayana Heart Centre,
Mobile:8884291530.
From India, Madras
Please find the calculation -
Employee Contriburtion - 12% on 15000 = 1800
Employer Contribution - EPS- 8.33% on 15000 = 1249.5 ( round off to 1250)
EPF- 3.67% on 15000 = 550.5 (round off to 551)
EDLI charges- 0.5% on 15000 = 75
EPF Admin charges - 1.1% on 15000 = 165
EDLI Admin charges- 0.01% on 15000 = 1.5 (round off to 2).
Basic Salary Below 15000/-
Suppose Basic Salary - 10,000/-
Employee Contriburtion - 12% on 10000 = 1200
Employer Contribution - EPS- 8.33% on 10000 = 833
EPF- 3.67% on 10000 = 367
EDLI charges- 0.5% on 10000 = 50
EPF Admin charges - 1.1% on 10000 = 110
EDLI Admin charges- 0.01% on 10000 = 1 .
Basic Salary Above 15000/-
It is not mandatory, to deduct PF, but it is mutual understanding between Employee and Employer.
If both agrees you can follow
Suppose Basic Salary is - 20,000/-
Employee Contriburtion - 12% on 20000 = 2400 or Employee Contriburtion - 12% on 15000 = 1800
Employer Contribution - EPS- 8.33% on 15000 = 1249.5 ( round off to 1250)
EPF- 3.67% on 15000 = 550.5 (round off to 551)
EDLI charges- 0.5% on 15000 = 75
EPF Admin charges - 1.1% on 15000 = 165
EDLI Admin charges- 0.01% on 15000 = 1.5 (round off to 2).
I hope I clarified your doubt, Please let me know if you need any clarification.
Thanks & Regards
T.Prathap,
HR Executive, Human Resource Department,
R L Jalappa Narayana Heart Centre,
Mobile:8884291530.
From India, Madras
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls