23 December 2013
Pf Is Deducted On Basic Salary i.e. Basic + DA is Rs. 6500/- or less , (This contribution is only optional because some company may have their own policies ) 1) Employee a/c 12% (Basic + DA & food allowance retaining if any ) 2) Employer a/c 13.61% (Basic + DA & food allowance & retaining allowance if any) (PF 3.67% +pension scheme 8.33%+admin charges 1.10% of pf + EDLI 0.5%+ admin charges of EDLI 0.01%)
EPF : PF IS NORMALLY DEDUCTED FROM THE BASIC & DA 35% ON SALARY AS BAISC 15 % AS DA OUT OF GROSS SALARY For example gross salary of a person is 10,000/- pm Basic 35% @ 10,000 - i.e. 3500 DA 15% @ 10,000 - i.e. 1500 Total :- Basic +DA = 5000 /- pm Employee contribution = 5000*12/100 = 600/- Employer contribution = 5000*13.61/100= 680.5/- Employer contribution calculation:- 1. Epf a/c 1 = 5000*3.67/100 = 183.5/- 2. Epf admin charges i.e =5000*1.1/100 = 55.0/- 3. Pension fund a/c no 10 = 5000*8.33/100 = 416.5/- 4. a/c no 21 EDLI =5000*.05/100 = 25/- 5. EDLI ADMIN CHARGES = 5000*.01/100 = .5/-
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