About EPF

BASNAIR (Manager-Accounts & IT Systems)   (138 Points)

18 March 2011  

Please explain the following EPF calculation/contributions is OK or NOT ?

Employees Contribution

a) Basic is Rs. 20,000/-  they decided to deduct EPF on Rs. 10,000 @ 12% Rs. 1,200/- or the minimum of Rs. 6,500/-

b) Basic is Rs. 20,000/-   @ 12%  Rs. 2,400/-

c) Basic is Rs. 20,000/-   @ 20% Rs. 4,000/- above Rs. 2,400/- is taxable

 

Employer Contribution

a) Basic is Rs. 20,000/-   @ 8.33% on Rs. 6,500/- = Rs. 541/-

b) Basic is Rs. 20,000/-   @ 8.33% on Rs. 7,500/- = Rs. 625/-

c) Basic is Rs. 20,000/-   @ 8.33%  Rs. 1,666/- 

How to round off 

if below 0.50 is 0 or above 0.50 is Rs. 1 

Thanks