hello sir, if pf deduction is part of CTC of employee and Bonus also being deduction of Part of CTC. Please assist.
From India
From India
Hi Ganesh,
I think you mean 'PF Deduction' is the amount what is being deducted from your gross salary (@12% or 10%) and remitted to the credit of your EPF a/c.
Pl.note while Bonus could be part of CTC, EPF contribution recovered from your gross salary cannot be part of CTC. Further any recovery made from one's salary cannot be components of CTC.
What we understand from practices being followed generally by employers who uses CTC mode, mostly MNC firms, the CTC comprises of -
i) Gross salary
ii) EPF Employer's contribution
iii) Contributions made by employer towards Gratuity and Pension funds (for final settlement)
iv) Empoyers sponsored mediclaim premium & accident insurance and/or medical expenses incurred/reimbursed
v) Bonus & incentive/performance bonus
vi) Leave contribution/encashment of leave
vii) LTA/LTC
viii)Prorata of tours/picnic exp.borne by employers and so on.
However, no law/rules has been enacted in India so far to define what's CTC nor any court has interpreted the term 'CTC'.
From India, Bangalore
1063I think you mean 'PF Deduction' is the amount what is being deducted from your gross salary (@12% or 10%) and remitted to the credit of your EPF a/c.
Pl.note while Bonus could be part of CTC, EPF contribution recovered from your gross salary cannot be part of CTC. Further any recovery made from one's salary cannot be components of CTC.
What we understand from practices being followed generally by employers who uses CTC mode, mostly MNC firms, the CTC comprises of -
i) Gross salary
ii) EPF Employer's contribution
iii) Contributions made by employer towards Gratuity and Pension funds (for final settlement)
iv) Empoyers sponsored mediclaim premium & accident insurance and/or medical expenses incurred/reimbursed
v) Bonus & incentive/performance bonus
vi) Leave contribution/encashment of leave
vii) LTA/LTC
viii)Prorata of tours/picnic exp.borne by employers and so on.
However, no law/rules has been enacted in India so far to define what's CTC nor any court has interpreted the term 'CTC'.
From India, Bangalore
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