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shiva shanker (Legal Officer)     15 May 2008

PF

 

Can any body suggest me about the calculation method of PF and Gratuity.



 7 Replies


(Guest)
12% of the Basic pay is to be compulsorily contributed by the employer and the employee towards Provident Fund. An employee becomes eligible to Gratuity after completion of 5 years of service. (I think, For every completed year of service 15 days salary is calculated as gratuity, but am not sure).

H. S. Thukral (Lawyer)     15 May 2008

Kindly calculate salary as Total no of years of servicex15/26xsalary

Akhil Gupta (Asst. Mgr.- HR & Administration)     16 May 2008

Hello Shiva Please find the answers-- 1-PF- 12% of Basic+DA from both the side (Employer & Employee).celling is 6500/month.above 6500 , employer can freez the valu by 780.(12% of 6500). 2-GRATUITY- Eliligibility after 5 year of services and the formula is - SALARY/26*15* completed year of services

Guest (n/a)     16 May 2008

I want to know the procedure of getting PF code. Is it necessary to have labour license to get PF code? If yes, is there any other way to get PF without labour license.

shiva shanker (Legal Officer)     16 May 2008

Thanx Thanx a lot to every body for providing the information.

Guest (n/a)     16 May 2008

pf is calculated @12 % from Employees share and 13.61 from employer share on basic + da payable

Tribikram Pati (Manager HR&Legal)     21 May 2008

Hi, Ashish you are right .the calculation is 12% from employee and 13.61% from employer on Basic+DA.Gratuity is paid after sucessful 5 years of service.The calculation is (Basic+DA)/26*15. The maximum amount is 350000/-.

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