% of basic salary of ctc for pf calculation ?
lokshkumar (article) (25 Points)
23 December 2015
I Have Gross salary of Rs. 14,000/- P.M. How Much Basic Salary(%) would be ?
6 Replies
KAVIRAJA ADDANGADI
(PROPRIETOR)
(16002 Points)
Replied 23 December 2015
It depends on Company Policy , While Calculating Basic Salary we have to consider Minimum Salary for Each Designation / Industry/Zone normally 50% of Gross considered as Basic it should not less than minimum Basic wages Prescribed by the state of Law. 40% of Basic HRA , CA-1600 Rest OA. Finally Each company have there Own Policy for calculating Basic , but they have to pay minimum Basic prescribed by Mimimum Wages Act.
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 23 December 2015
Your basic could be as low as Minumum wages notidied bu your State..
Thanks
@ VaibhavJ
KAVIRAJA ADDANGADI
(PROPRIETOR)
(16002 Points)
Replied 23 December 2015
Sorry, basic wages should not be the minimum wage. Other wise minimum wage act loose its significance.
bikram ray
(accounts executive)
(25 Points)
Replied 24 December 2015
Nice but sir. Please give details information.
bikram ray
(accounts executive)
(25 Points)
Replied 24 December 2015
Nice but sir. Please give details information.
N. Rajendran
(Manager - Accounting)
(40 Points)
Replied 24 December 2015
Hi,
In my view for EPF Calculation share the CTC as per below.
60% Basic and 40% HRA. as per your CTC PA is 14000*12=168000
Basic salary for EPF PM 60% of 14000 is Rs. 8400 your EPF amount is 12% of 8400 Rs. 1008 PM
Thanks
N. Rajendran
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