As we all know Provident Fund is applicable for all those Industries having more than 20 employee is eligible for taking PF registration by Law.You all must having it as a part of your CTC or salary,here CTC stand for Cost to Company.
The contribution which an organistaion deducted from salary need to be remit to Government in employee’s EPFO account which is generally known as UAN (Universal Account Number).
However it is option or voluntary to take PF registration having less than 20 number of employees.
For making the contribution to EPFO website to employees UAN account.We need to prepare ECR upload then we need to upload it on EPFO website. Please ensure that PF Contributions must be remitted on or before of 15th of every month.
Now as the topic above the bifurcation of PF Contributions,I will let you know that not only PF of employee has to remit to employee account but also we need to remit Employer PF,Pension fund and Admin charges as well.
In the below screen shot you will come to know the details of PF Contributions Bifurcation.
Here the points you need to take care while calculating the PF bifurcation.
- Employee PF Contributions will be 12% of Basic +Da
- EPS wages will not be greater than INR 15000
- EDLI basic will not be greater than INR 15000
- Employee Pension will 8.33% of EPS wages
- PF Admin will be 0.5% of EDLI Basic
- Admin charges will be 0.5% of PF basic
Here I have given the YouTube link which help you to understand the excel formula and the entire Bifurcation in step by step.