Dear Members,
Recently I have joined a manufacturing company in the Mumbai location.
Company didn't deduct the Provident Fund since September 2014 ( when the Govt rule for PT changed)
Now the company wants to restart the PF process and calculate the entire amount
I have a few queries regarding the same. Kindly provide your inputs.
For calculating monthly PF, the formula shall be
(Basic Salary * Number of days present in a month ) * 12%
= ________________________________________
No of days in a month
1. What is the correct formula for calculating number of days present in a month?
2. Do we add weekly offs, Paid holiday , Paid leave, Casual Leave, Sick leave in calculating present days in a month?
Thank you
Recently I have joined a manufacturing company in the Mumbai location.
Company didn't deduct the Provident Fund since September 2014 ( when the Govt rule for PT changed)
Now the company wants to restart the PF process and calculate the entire amount
I have a few queries regarding the same. Kindly provide your inputs.
For calculating monthly PF, the formula shall be
(Basic Salary * Number of days present in a month ) * 12%
= ________________________________________
No of days in a month
1. What is the correct formula for calculating number of days present in a month?
2. Do we add weekly offs, Paid holiday , Paid leave, Casual Leave, Sick leave in calculating present days in a month?
Thank you