Hello Everyone,
I have a query related to my current CTC. In that 760 Rs. is deducted from my salary for PF contribution. But the company contribution the same amount is deducted from the special allowance. Basically my salary is 15833 Rs, after all deductions I am getting 14113. Which means 760 is deducted twice. Once from the PF contribution and secondly from the special allowances. In my previous company their was no such deduction happened. Previous employer did not mention the company contribution amount for PF in salary structure, then also I was getting the benifit.
Here is my CTC:
A. Fixed Compensation
Basic Salary 6333
House Rent Allowances 2533
Conveyance Allowances 800
Special Allowances 4157
Medical Allowances 1250
PF 760
From India, Bangalore
I have a query related to my current CTC. In that 760 Rs. is deducted from my salary for PF contribution. But the company contribution the same amount is deducted from the special allowance. Basically my salary is 15833 Rs, after all deductions I am getting 14113. Which means 760 is deducted twice. Once from the PF contribution and secondly from the special allowances. In my previous company their was no such deduction happened. Previous employer did not mention the company contribution amount for PF in salary structure, then also I was getting the benifit.
Here is my CTC:
A. Fixed Compensation
Basic Salary 6333
House Rent Allowances 2533
Conveyance Allowances 800
Special Allowances 4157
Medical Allowances 1250
PF 760
From India, Bangalore
Ideally and Legal, the amount of Employer Contribution toward PF can not be part of your salary sturcture, but due to MNC culture and globlisation, this new concept of CTC is very decievable. Employer show you, they are paying big pakage. In fact in CTC contains all part inculding payable by employer statutory contribution, gratuity etc etc.
Because the definition of CTC is provided anywhere.
Regards
Sanjay
87Because the definition of CTC is provided anywhere.
Regards
Sanjay
CTC means cost to company, and hence it will include all the payments made on you behalf. The PF amount Rs. 760 shown in sheet is the contribution from Company. Your PF contribution is deducted from your Basic.
Hence the amount of Rs. 760 is deducted twice from your CTC.
Regrads,
Joy
From India, Gwalior
Hence the amount of Rs. 760 is deducted twice from your CTC.
Regrads,
Joy
From India, Gwalior
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PF Contribution on Leave Encashment - Clarification by EPFO.pdf