How To Calculate EPF? || How PF Is Calculated In Excel? || HR Tutorials India || EPF Calculation || What is HR? Watch the video till the end to find out the full details. Stay connected to "HR Tutorials India" for more interesting videos.
How to Calculate EPF?
The Employee Provident Fund or the EPF is a retirement benefits scheme for salaried employees in the private sector. The Employees Provident Fund Organization (EPFO) manages the EPF. Any organization or firm with 20 or more employees gets covered under the EPFO. The Employees Provident Fund Organization operates three schemes.
= The EPF Scheme 1952
= The Pension Scheme 1995
= The Insurance Scheme 1976.
The employees who fall under the EPF scheme, make a fixed contribution of 12% of the basic salary and the dearness allowance, towards the scheme. The employer also makes an equal contribution to the EPF scheme. The EPFO Central Board of Trustees fixes the EPF interest rates after consulting the Ministry of Finance. The EPF Interest Rate is fixed at 7.1% for FY2021.
The employee would get a lump sum amount at retirement, which includes the contributions of both the employee and the employer with the interest payments. However, the entire 12% of the employer contribution does not go to the EPF account. Out of the 12% contribution, 8.33% goes towards the Employee Pension Scheme Account, and the remaining 3.67% goes to the employee EPF account.
It is compulsory for all employees who draw a basic salary of less than Rs 15,000 per month to become members of the EPF. You cannot opt-out of the EPF scheme, once you become a member of the scheme. An employee can make an enhanced contribution up to a maximum of 100% of the basic salary to the voluntary provident fund. The employer will not match the contribution.
The employers monthly contribution is restricted to a maximum amount of Rs 1,800. Even if the employee’s salary exceeds Rs 15,000, the employer is liable to contribute monthly only of Rs 1,800 (12% of Rs 15,000).
Example:
Employee Contribution = 12%*15,000 = 1,800 (EPF)Employer Contribution = 12%*15,000 = 1,800 (EPF + EPS) Employer Contribution = 1%*15000 = 150 (EDLI + Admin)
Total Contribution = 25%*15,000 = 3,750/-
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How To Calculate EPF?
How PF Is Calculated In Excel?
HR Tutorials India
Provident Fund Calculation
Employee Provident Fund
How EPF Is Calculated?
EPF Calculation
How To Calculate EPF In Excel?
How EPF Is Calculated In Excel?
EPF Calculation In Excel
How To Calculate PF?
How PF Is Calculated?
PF Calculation
How To Calculate PF In Excel?
PF Calculation In Excel
How To Calculate Provident Fund?
How Provident Fund Is Calculated?
How To Calculate Provident Fund In Excel?
How Provident Fund Is Calculated In Excel?
Provident Fund Calculation In Excel
How To Calculate Employee Provident Fund?
How Employee Provident Fund Is Calculated?
Employee Provident Fund Calculation
How To Calculate Employee Provident Fund In Excel?
How Employee Provident Fund Is Calculated In Excel?
Employee Provident Fund Calculation In Excel
What Is HR?
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