The PF contribution is 12% of Basic salary from both employee and employer. For the calculation the maximum limit of Basic is Rs 6500/-. It means even if the employee's basic salary is above Rs 6500/- the employer is liable to contribute only on Rs 6500/-, that is Rs 780.
However if an employee so desires he may voluntarily contribute more than 12%. Apart from it an employer also has to pay some administration charges. I explain you the various accounts of PF challan.
A/c No 1: PF contribution Account
A/c No 2: PF Admin account
A/c No 10: EPS account
A/c No 21: EDLIS account
A/c No 22: EDLIS admin account
PF admin charge = Employer has to pay 1.1 % of basic
EDLIS: Employer has to pay 0.5% of basic
EDLIS admin charge:Employer has to pay 0.01% of basic
Total additional percentage employer has to pay: 1.61% of basic
So employer has actually to pay 13.61 % of Basic and employee has to pay only 12% of basic.
Employees complete 12% goes to PF account while employer contributions' 8.33% goes to Pension fund and 3.67% goes to PF fund.
1.75% of gross salary from employee side and 4.75% of the same from employer's side.
Gratuity is calculated in India on the following formula :-
15 days x no.of years worked x last drawn salary
Divided by 26 days
gross salary=net salary+deduction
what is the percentage of organised oan unorganised retail in india
status of gatuitry payment act after 6th pay commission (Maxm limit of 3.5 lacs to rs---10.00 Lacs. I want to know the details
83 % of people in india practicing hinduism.
19%
The percentage of gratuity can vary in different parts of the country. Many people pay a 15 percent gratuity while in bigger cites people pay 20 or 25 percent. Unless a restaurant adds the gratuity to the bill, it is the choice of the customer as to what they pay.
45 years
According to two judgments of the Lahore High Court Lahore, Gratuity Fund itself is not liable to zakat. However, when payment is made to its members, it will deduct zakat if the payee is sahib-e- nisab.
You certainly can ... many people do just that all the time. Some restaurants automatically add a certain percentage gratuity for parties of eight or more.
YES
Gratuity a/c dr Provision for gratuity a/c
A restaurant can charge 15 percent gratuity automatically. Twenty percent is considered exceptional service and cannot be charged automatically by a restaurant.
Deduction from employees, Earnings for employees, Employee statutory deductions, Employers statutory contributions, Gratuity, Loans and advances and Reimbursement to employees are the types of payroll deductions
Yes
gratificación - gratuity
gross salary=net salary+deduction
most places figure in a 18% gratuity to your final bill