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HR Zone » General Awareness » Self Improvement Series - PF Scheme

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Self Improvement Series - PF Scheme
Janani
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Posted 05-10-2010Reply

Dear Friends,





A detailed PPT on PF Scheme..







May be slight changes in the recent past like...







ESI minimum wage limit hiked from 6500/- to 7500/-

Entire 9.5% interest paid by the dept. to be income tax exempted..





Hope its useful...







Best regards,

Janani

Attached Files
Provident Fund.ppt (118.0 KB, 63 views)
Sudhakar
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  Rated 0 | Posted 05-10-2010

hi madam it is nice and i have one doubt can u tell me the how to calculate the EMP;P.F

Raj Narayan
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  Rated 0 | Posted 05-10-2010

Dear Janani,

Good Stuff and useful presentation for every one working and for employee who want to know EPF

Janani
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121 Posts
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  Rated 0 | Posted 05-10-2010

hi madam it is nice and i have one doubt can u tell me the how to calculate the EMP;P.F


In case of person whose salary would comprise of components like basic, DA (dearness allowance), employee retention allowance in that case it would be a total 10% of all the three components of the salary.

Again in case the salary of the employee is comprised only of basic, and no DA (dearness allowance), employee retention allowance in the salary. In that case it would be a total 12% deduction from the basic components of the salary.

In both the case the employer would contribute an equal amount to the employee’s contribution and the same is deposited to the Provident Fund account for the employee

Kartheka
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  Rated 0 | Posted 05-10-2010

HI Janani

Very useful PPT on PF....................thanks for sharing


Rgds

Kartheka R

Sreegith
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  Rated 0 | Posted 11-01-2011

hi madam it is nice and i have one doubt can u tell me the how to calculate the EMP;P.F


hi sudhakar if ur looking for calculation regarding employee pf and employer pf.....then check this out


Note :PF always calculated on BASIC + DA
Total PF contribution : 25.61%

Employers Contribution :12% (3.67% PF +8.33%Pension) +1.61%Administrative charges (1.10% Adm charges +.50 % EDLIF Charges) =13.61%

Note: Pension value 8.33% is always constant whther PF value can be variable depending on the Basic & DA
Pls study following cases:

Case :1 if Basic + Da = 6500 then then contri wil be like ths Pension 8.33% ( 541) and PF value wil be (239)


Case II 1 if Basic + Da > 6500 then then contri wil be like ths Pension 8.33 %( constant value 541) and PF will be : exess amount - 541 as exp IF Basic + DA is 12000/- then it wil be like ths Pension will be 541/- and PF will be 899/-
( cal.: 12000*12% -541 = 899/-)

Case III : if Basic + Da < 6500 then then contri wil be like ths Pension 8.33% and PF 3.67% of basic +DA
Exp : if basic is 5500/- then Pension wil be 5500*8.33% =458 and PF will be 5500*3.67% = 202/-

Employess Contribution:12% goes to PF amount only.

PF Calculation Sheet:
1.Mention your location name if existing
2.No of empls elidgible for PF
3.PF salary ths is Basic + DA amount
4.Emps contri 12% fix value
5.Emplrs contri for PF Variable ( calculation has defined above)
6.Emplrs contri 8.33% fix value
7.PF>6500 means Basic +DA >6500 ( See case II)

Some other useful info regarding PF:
Form No. Purpose

13 (revised) For transferring the Provident Fund account of a member from one establishment another establishment covered under the act / scheme


19 To be submitted by a member to withdraw his Provident Fund dues on leaving service/retirement/termination.
10-C For claiming - Refund of Employer share.( with form no.19)
10-D To be submitted by the first claimant i.e.- member or - widow/widower or- orphan nominee as the case may be
31 For the use of Provident Fund members to avail advances / withdrawals as provided in the scheme
Rate of Interest:8.5%

i hope this will work.....

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