provident fund calculation in public and pvt sector of pakistan
TRANSCRIPT
How to calculate provident fund in Public and Private Sector?
Provident Fund
• Amount of money to facilitates employees at their maturity or retirement.
• In case of unexpected death the beneficial for their dependents.
History Of The Fund
• It is firstly introduced in Holland or Belgium in the year 1820s.
• After that Switzerland started in the year 1849.
• The First Modern Fund started in US in the year 1924.
Formalities
• The company must be 3 years old.
• Minimum no of employee must be 20.
• Employee drawing basic salary up to Rs 6500.
• Every employee should submit in Form 5A (in duplicate) to the commissioner
Sui Southern Gas Company
Employee Basic Salary 12,000
Provident Fund 7.5% 900
Employer contribution 900
Provident Fund / Month 1,800
Provident Fund / Year 21,600
United Bank Limited
Employee Basic Salary 12,000
Provident Fund 8.33% 1,000
Employer Contribution 1,000
Provident Fund / Month 2,000
Provident Fund / Year 24,000
Unilever
Employee Net Salary / Month 25,000
Net Salary / Year 300,000
Employer Contribution 6% / year 18,000
Bibliography
CHRM. (n.d.). Retrieved 12 10, 2010, from chrmglobal:http://www.chrmglobal.com/Briefcase/75/1/What-is-Provident-Fund-and-how-is-it-calculated-.Html eHow. (n.d.). Retrieved 12 10, 2010, from eHow, Inc: http://www.ehow.com/about_5426376_first-mutual-fund-established.htmlFinancial Times Lexicon. (n.d.). Retrieved 12 05, 2010, from The Financial Time Ltd 2010:http://lexicon.ft.com/term.asp?t=provident-fundUnilever. (n.d.). Googlle Documents. Retrieved 12 05, 2010, from Google: http://docs.google.com/viewer?a=v&q=cache:mb2bdMfENkkJ:www.unilever.pk/Images/Unilever%2520Pakistan%2520Limited%2520Consolidated_tcm96-215206.pdf+provident+fund+unilever&hl=en&gl=pk&pid=bl&srcid=ADGEESjLcJCcW-PdSPxUgp3L7v7U7Q_uuqlHb3v7BRuG5j0XAaUb4cP2Bs1l