Contribution Rate For PF
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Dear MONJITA,Both ESI & EPF contributions are calculated on a round-off basis. In EPF, if the calculation results in more than .25 Paise, then it should be rounded to the next Rupee. Whereas, in ESI Calculation, if the calculation results in more than .01 Paise,...
The current PF contribution rate has been changed or not? I found in Google a PDF file (link epfindia.com/pdf/contributionsRate.pdf) where 0.05% is being calculated on an individual round-off basis. Is it correct or not? Please confirm the same.
Hello Monjita,There is no change in the PF rate, the bifurcation is as below:a) A/C No. 1 EPF (3.67% of employer share & 12% of employee contribution)b) A/C No. 2 Administrative Charges (1.1% of salary on which EPF is deducted)c) A/C No. 10 FPF (8.33% of employe...
Thank you, Ashish,But my query is not that. Actually, I want to know the procedure for calculating PF, which the file I am enclosing herewith explains. The PDF file can be found at epfindia.com/sites/pdf/contributionRate.pdf, and the Excel file that I am using f...
May I know the latest EDLI expenses?
Hi,Please find below the break -up - w.e.f. June,2018Contribution Rate (%) Employee’s Contribution Rate (%) Employer’s Contribution Rate (%)A/c No. 1: PF Contribution Account* 12.00 3.67A/c No. 2: PF Admin Charges Account – 0.50A/c No. 10: EPS Contribution Accou...
Dear Mr. Baburao,Please verify the PF Code Number Allotment letter to determine the rate of EPF contribution based on the type of industry. Kindly confirm if your industry falls under the 10% EPF rate of contribution.Thank you.
Dear Friends,I think our learned friend Nairji needs to reconsider his answer.The statutory rate of PF is 12% from 22.09.1997 onwards.The statutory rate of 10% is applicable to certain establishments only. I am not going into detail on that.You cannot opt for a ...
Once you have opted to contribute to the Fund at a higher rate (both employees and employer), you cannot reduce the contribution on your own.In this connection, please also refer to Sec-12 of the Employees Provident Fund & Miscellaneous Provisions Act, 1952.No e...
Whether your establishment falls under Schedule II, which permits a contribution of 10% to EPF.