what is ESI and PF and how they calculate?
what is ESI and PF and how they calculate ,if i have got 10000 as a salery how much they deduct ?
- Anonymous8 years agoBest Answer
PF = Provident fund. (12% of employee's share & 13.61% of employer's share on basic)
3.67% = Provident Fund (A/c No.1)
8.33% = Pension Fund (A/c No.10)
0.5% = EDLIS -Employees Direct Linked Insurance Scheme (A/c No.21)
1.10% of emoluments = Provident Fund (A/c No.2)
0.01% of emoluments = EDLIS (A/c No.22)
Employee Contribution: 12%
ESI = Employees state insurance. (1.75% of employee's share & 4.75% of employer's share on total salary)
Employees covered under the scheme are persons whose monthlygross salary is of less than Rs.10, 000
Ø By the eligible employees --1.75% of Gross wages
Ø By the employer -- 4.75% of Gross wages including administrative chargesSource(s): http://www.providentfundstatus.org/
- 4 years ago
ESI is a scheme who cover the Employee under in life insure,medical insure and clam........ PF is an account thats grow-up to Employees and full fill his some need, Employers (Comp.) pay you fund money through this account.......................
- 8 years ago
ESI is used for free medical service...and pf is a government account where u save ur money and ur company will pay in ur account.....