Hello all, I wanted to know about the deduction of pf from ctc whether where does PF and Pension fund gets collected? In same account or different? And what is the on hand pay to an employee after deduction of pf? Is it after total 24% or 12%?
If someone could help me with an example of salary bifurcation. And help me know whether what is received by an employee.
From India, undefined
If someone could help me with an example of salary bifurcation. And help me know whether what is received by an employee.
From India, undefined
Hello Sharddha,
PF is deducted 12% of basic from employees gross salary and 12% is paid by employer (which is part of CTC). Now, the entire amount of 12% of employee's contribution will go into PF account and from employer's share 3.67% will go into PF account and 8.33% will go into pension account. If you need any further details then please provide your ctc breakup so that I can tell you what will be your net salary after all deductions.
Regards,
Manish
From India, Ahmedabad
49PF is deducted 12% of basic from employees gross salary and 12% is paid by employer (which is part of CTC). Now, the entire amount of 12% of employee's contribution will go into PF account and from employer's share 3.67% will go into PF account and 8.33% will go into pension account. If you need any further details then please provide your ctc breakup so that I can tell you what will be your net salary after all deductions.
Regards,
Manish
From India, Ahmedabad
Dear members,
The PF deduction depends upon what is gross payable salary is considered by the employer.
The CTC sheet generally splitted into two parts.
1 - Month Payable Salary (Containing all payable emoluments like Basic, DA, HRA, Allow. Incentives etc. of which only deductions made like PF, ESI, PT, Absent days, advance etc.).
2 - Gross Salary (containing employer's contributions towards PF, ESI, PT, Annual Bonus etc.).
While processing the salary if No. 1 salary is considered than employer PF contribution should not be deducted, but if the gross salary processed as per 2, than employer PF Contribution can be deducted.
I would like to give the proper breakup to your CTC and detail of your monthly salary, than only fellow member can give correct (desirable) comment on it.
From India, Delhi
The PF deduction depends upon what is gross payable salary is considered by the employer.
The CTC sheet generally splitted into two parts.
1 - Month Payable Salary (Containing all payable emoluments like Basic, DA, HRA, Allow. Incentives etc. of which only deductions made like PF, ESI, PT, Absent days, advance etc.).
2 - Gross Salary (containing employer's contributions towards PF, ESI, PT, Annual Bonus etc.).
While processing the salary if No. 1 salary is considered than employer PF contribution should not be deducted, but if the gross salary processed as per 2, than employer PF Contribution can be deducted.
I would like to give the proper breakup to your CTC and detail of your monthly salary, than only fellow member can give correct (desirable) comment on it.
From India, Delhi
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PF guidleines for Pension fund.pdf