If one employee draws more than 15000 basic salary, if he resigned between the months or is absent then what will be the EPF salary calculation.
Maximum basic salary 15000 will be calculated to present days or the original basic salary which is under 15000 in that month.
From India, Kochi
1Maximum basic salary 15000 will be calculated to present days or the original basic salary which is under 15000 in that month.
From India, Kochi
PROVIDENT FUND (PF)
Employees’ Provident Fund is a small saving scheme that is offered to Indian workers as well as international workers through the EPFO of India. The scheme allows accumulation of funds as well as accrual of interest on the accumulated funds. The funds thus collected are made of contributions partly from employees and partly from their employers.
Contributions from employees as well as employers add to the EPF. However, unlike what is commonly thought to be, the entire portion of contribution from an employer doesn’t go exclusively towards the Employees Provident Fund.
Division of funds
1. 12% of Basic Salary and standard allowance of Employee goes directly towards Employees’ Provident Fund.
2. 13% of Basic Salary and standard allowance of Employer is divided as follows –
o 3.67% of contribution towards Employees’ Provident Fund
o 0.5% of contribution towards EPF Administration Charges
o 0.5% of contribution towards EDLI Administration Charges
o 8.33% of contribution towards Employees’ Pension Scheme
Minimum salary limits: Employees with monthly salaries less than or equal to INR 15,000 now have to contribute mandatory towards EPF. PF amount is calculated for the basic amount. PF will be calculated as 12% of the basic.
Provident Fund Calculator
Basic Pay
25000 /Month
PF Contribution
Employee
12% of 15,000: ₹1,800.00
Employer
13% of 15,000: ₹1,950.00
Total
₹3,750.00
From India
Employees’ Provident Fund is a small saving scheme that is offered to Indian workers as well as international workers through the EPFO of India. The scheme allows accumulation of funds as well as accrual of interest on the accumulated funds. The funds thus collected are made of contributions partly from employees and partly from their employers.
Contributions from employees as well as employers add to the EPF. However, unlike what is commonly thought to be, the entire portion of contribution from an employer doesn’t go exclusively towards the Employees Provident Fund.
Division of funds
1. 12% of Basic Salary and standard allowance of Employee goes directly towards Employees’ Provident Fund.
2. 13% of Basic Salary and standard allowance of Employer is divided as follows –
o 3.67% of contribution towards Employees’ Provident Fund
o 0.5% of contribution towards EPF Administration Charges
o 0.5% of contribution towards EDLI Administration Charges
o 8.33% of contribution towards Employees’ Pension Scheme
Minimum salary limits: Employees with monthly salaries less than or equal to INR 15,000 now have to contribute mandatory towards EPF. PF amount is calculated for the basic amount. PF will be calculated as 12% of the basic.
Provident Fund Calculator
Basic Pay
25000 /Month
PF Contribution
Employee
12% of 15,000: ₹1,800.00
Employer
13% of 15,000: ₹1,950.00
Total
₹3,750.00
From India
query...
As per provisions of EPF (MP) Act, 1952 a member /worker earns more than Rs 15000 wages in a month are exempted for the coverage of PF and MP Act 1952 by submitting form 11 duly singed by the concerned worker.
However in certain cases the employee was working about 5 to 10 days in a to month and drawing wages approx.10000/-per month and the employer contractor is hesitating to remit the pf dues in respect of that worker with plea that the worker has already filed form 11. what is the legal position.
query
is there any guidelines with regard to exemption for the workers who are drawing wages less than 15000/- per month.
whether contractor has to remit PF of such worker or not? in case of drawing wages about 10000/- per month.
In a salary month how many days the worker has to work for availing the benefit of exemtion ( form 11)
yr valuable reply is awaited. P Muralidharan Baroda.
From India, Vadodara
As per provisions of EPF (MP) Act, 1952 a member /worker earns more than Rs 15000 wages in a month are exempted for the coverage of PF and MP Act 1952 by submitting form 11 duly singed by the concerned worker.
However in certain cases the employee was working about 5 to 10 days in a to month and drawing wages approx.10000/-per month and the employer contractor is hesitating to remit the pf dues in respect of that worker with plea that the worker has already filed form 11. what is the legal position.
query
is there any guidelines with regard to exemption for the workers who are drawing wages less than 15000/- per month.
whether contractor has to remit PF of such worker or not? in case of drawing wages about 10000/- per month.
In a salary month how many days the worker has to work for availing the benefit of exemtion ( form 11)
yr valuable reply is awaited. P Muralidharan Baroda.
From India, Vadodara
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