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author's profile photo Former Member
Former Member

Pension fund contribution and FPF Bais amount...

Hi Team,

I have a issue with PF at my client place.

As you know Pension contribution conditon is that employee whose basic is less then 6500 then the pension contribution ( /3F4) will be 8.33% of actual basic and if the basic salary of employee is >= 6500 then the Pension contribution (/3F4) should be 8.33% of 6500.

Here at my client place it is calculating in a different way .For employee whose basic salary >=6500 pension fund conribution is calculating on the actual amounts only.

Eg: Emplyees basic salary is 15000 and when i run payroll for this employee the results are like this:

/3F4= 1250

/3FC=15000

Kindly let me know what is the problem and what is the solution.

In IT0587 i am maintinaing only PF Trust id not Pension Trust id.Is this the problem?

Regards,

Vimal

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    author's profile photo Former Member
    Former Member
    Posted on Oct 29, 2010 at 06:03 AM

    Hi Team,

    Any solution for my query ........please update....

    Regards,

    Vimal

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    • Former Member

      Hi

      Try this out

      IT 0587, Make the correction as below

      Employers details

      Basis for contribution :Radio button Select PF Basis

      Pension Tick the Contribution towards Pension scheme

      Basis for contribution:select the radio button Eligible pay or PF Basis whichever is less

      then run the payroll

      with regards

      partha

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