Hloo All, plzz help me in knowing that why pf which is 12% of basic is divided in two forms (one is 8.33% and second is 3.67%).... where it goes ???? plzzz explain it.....
From India, Chandigarh
From India, Chandigarh
Hi rithika Employee contribution -pf-12% Employer contribution -pf-3.67% Employees family pension fund is 8.33% Regards M.Dhanasekar
From India, Chennai
4From India, Chennai
Apart from the above admin charges -1.10% of basic 0.5% of basic 0.01 of basic Altogether pf is 13.61% for employers
From India, Chennai
From India, Chennai
thnksss Mr. DHANA.M .....WILL u plzzz elaborate the 2nd one u have explained.............I need more clarification....
From India, Chandigarh
From India, Chandigarh
Hi See,for employers total pf contribution with family pension fund is 13.61% Inclusive of all the above charges
From India, Chennai
From India, Chennai
Now PF admin charges were changed from 1.10% to 0.85%. So, Altogether PF is 13.36% for employers
From India, Hyderabad
From India, Hyderabad
Dear Ritika,
When u deducted PF from employee salary it is 12%. But when u deposit the PF there are certain other fields.
In challan they are shown as A/c No. 01, 10, 2, 21 & 22.
1 Employee Contribution (A/c No 1) @ 12% of Basic and DA.
2 Employer Contribution 12% which further divided into two parts (a) Pension Fund (A/c No 10)- @ 8.33% and (b) EPF (A/c No. 1) @ 3.67%. The (b) is deposited under EPF like employee contribution.
3 Admin Charges (A/c No. 02) @ 1.1% of Basic and DA or Rs. 500/- whichever is higher.
4 EDLI Charges (A/c No 21) @ .50%. (Employee Deposit-Linked Insurance)
5 Inspection Charges (A/c No. 22) @ .01% or Rs. 200/- whichever is higher.
Pls note if any employee drawing basic salary more than Rs. 15000/-. In that case under A/c No. 10 (Pension Fund) maximum Rs. 1250/- can be deposited, the difference amount of employer contribution will be shifted to A/c No 01 (EPF).
Like if the Basis is Rs. 20000/- Rs. 2400 (Employeer Contribution- No. 01), Rs. 1250 (Employer Contribution, A/c-10, being maximum limit) and Rs. 1150 (Employer contribution-A/c 01).
However, the other heads will be deposited at per % and minimum limit criteria.
Hope ur basics for EPF now cleared.
From India, Delhi
When u deducted PF from employee salary it is 12%. But when u deposit the PF there are certain other fields.
In challan they are shown as A/c No. 01, 10, 2, 21 & 22.
1 Employee Contribution (A/c No 1) @ 12% of Basic and DA.
2 Employer Contribution 12% which further divided into two parts (a) Pension Fund (A/c No 10)- @ 8.33% and (b) EPF (A/c No. 1) @ 3.67%. The (b) is deposited under EPF like employee contribution.
3 Admin Charges (A/c No. 02) @ 1.1% of Basic and DA or Rs. 500/- whichever is higher.
4 EDLI Charges (A/c No 21) @ .50%. (Employee Deposit-Linked Insurance)
5 Inspection Charges (A/c No. 22) @ .01% or Rs. 200/- whichever is higher.
Pls note if any employee drawing basic salary more than Rs. 15000/-. In that case under A/c No. 10 (Pension Fund) maximum Rs. 1250/- can be deposited, the difference amount of employer contribution will be shifted to A/c No 01 (EPF).
Like if the Basis is Rs. 20000/- Rs. 2400 (Employeer Contribution- No. 01), Rs. 1250 (Employer Contribution, A/c-10, being maximum limit) and Rs. 1150 (Employer contribution-A/c 01).
However, the other heads will be deposited at per % and minimum limit criteria.
Hope ur basics for EPF now cleared.
From India, Delhi
Thnkuu so much fr making the concept clear............have one more question and posted till yesterday...bt didnt get any answer...plsss answer..is there any need of deducting pf and esi iof employee who is on contract basis ...hired by company on its own ....not by contractor....is it official here or mandatory?????
From India, Chandigarh
From India, Chandigarh
Dear Ritika
The Contract Employees when recruited by company and taking them in to their pay roll after that contract employees will be the onroll employee there is no any act is there to make a contract employee to an onroll employee.
if you have contract employees in your factory then you may not pay the ESI and EPF for them directly but you need to regulaize their company paying the same for them or not.If you have an employees lot then you must refer the CLRA contract labour regulation act and regulize all the rules as per the act.
From India, Mumbai
The Contract Employees when recruited by company and taking them in to their pay roll after that contract employees will be the onroll employee there is no any act is there to make a contract employee to an onroll employee.
if you have contract employees in your factory then you may not pay the ESI and EPF for them directly but you need to regulaize their company paying the same for them or not.If you have an employees lot then you must refer the CLRA contract labour regulation act and regulize all the rules as per the act.
From India, Mumbai
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls