#1
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Provident fund
Dear Members .
please find details for PF contirbution below. Regarding PF Contribution -Employer should pay 12% of Basic salary, in which 8.33% will goes to Pension Scheme balance 3.67 will goes to PF. While calculating the Pension Scheme employer should pay 8.33% of basic (limit is upto Rs.6500/ ie Rs.541/-) not more than that rest will goes to PF. For eg. If the employees is getting Basic salary of Rs.8000/- Rs.541/-(8.33%) will goes to pension scheme and Rs.419/- will goes to PF, however employer has to contribute 12% of basic, whatever be the amount. Regarding Employee Contribution of 12% from basic is unavoidable as per the PF act. Rate of Contribution What may it may be the company they have to contribute the below following Employee 12% (Basic wages, dearness allowance) Employer 13.61% Contribution: 3.67% = Provident Fund (A/c No.1) 8.33% = Pension Fund (A/c No.10) 0.5% = EDLIS -Employees Direct Linked Insurance Scheme (A/c No.21) Administrative Charges: 1.10% of emoluments = Provident Fund (A/c No.2) 0.01% of emoluments = EDLIS (A/c No.22) Total 25.61%
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PEOPLE FIRST |
#2
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Hello
I have a question. Employer will deduct from employee 12% And in my CTC employer part is given 13.61% Is this mean every month how much % is going to my PF Fund? 12+13.61 ? Thanks in advance |
#3
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Hii Dear,
In your PF acount it will not be going 12+13.61% coz 1.11% is administrative charge. But they are incluted in CTC
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PEOPLE FIRST |
#4
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Yes, that i know
I am asking not it showing in CTC |