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How to Calculate the ESI,PF?it is basic Salary or Gross Salary?
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Answer Posted / madhusmita pal
Hi friends!
After viewing the very good efforts from your side I think
I should also contribute something.
Well...
Any organization having minimum 10 employees, PF
registration is must and less than that the company will go
for a volunteer registration.
PF (Provident Fund)can be calculated on 12% of Basic+DA.
for example: If Basic+DA=6500/-
Then 12% of 6500=780/- can be deducted
Both employer and employee contribute 12% for PF.
From 12% of employer's contribution 8.33% goes for EPS
(Employee Pension Scheme) & 3.67% goes for EPF (Empoyee
Provident Fund).
And the Basic+DA should not exceed standard basic
i.e.,6500/- per month for employer's contribution of 12%.
If it exceeds then the employer can take exemption on his
whole 12% contribution.But in some cases the companies opt
to contribute but the contribution should be restricted to
12% of 6500/- (standard basic) only.
But the employee contribution of 12% is based on actual
Basic+DA.
For example: If Basic+DA=7000/- (exceeds standard basic of
6500/-)
Then, Employer's 12% contribution is
calculated on 6500/- (standard basic)
& employee's 12% calculation is calculated on
7000/- (actual basic)
And ESI (Employee State Insurance)is deducted every month
for employees, whose gross salary is not more than 10,000/-
Employee's contribution=1.75% of gross salary
Employer's contribution=4.75/% of gross salary
| Is This Answer Correct ? | 24 Yes | 5 No |
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