Types of leave
- 1. Types of Leave Encashment of Leave Gratuity EPF PPF
- 3. Types of Leave Sick leave : 12 days Casual Leave : 12days Earned Leave/PL : 15 days Sectional/National Leave : 12 days Maternity Leave : 135 days Paternity Leave : 15 days Transfer Leave : 3 days Study/Sabbatical Leave`
- 4. Sick Leave Max 12 days Considered for 2 days Beyond 2 days, furnish medical certificate. Un availed SL, carry forward to next year. Max. accumulation of SL is 30days Cannot be clubbed with any other leave.
- 5. Casual Leave Maximum 12 days Only two days at a stretch will be granted Can be prefixed/suffixed with weekly off Not with PL/SL Unauthorized absence If holiday falls between CL=> Earned leave
- 6. Earned Leave Leave entitlement =>30 working days Each completed year of service After 12 months of service. Can accumulated up to 60 days. Cannot avail more than 3 times a year.
- 7. Maternity Leave 3 calendar months Full pay granted Post-natal complications ,the approval of the Head of the Department is required. 3 months on half pay Beyond 3 months , no pay.
- 8. Paternity Leave 5 days with full pay Leave has to be taken within one month of the birth of the child.
- 9. Transfer Leave Availed at one stretch Within three months of transfer It can neither be accumulated nor carried forward Travel time from point to point is not a part of this leave.
- 10. Study/Sabbatical Leave Sanctioned by the Head of the department Leave without pay A specific period of time as agreed between the HOD and the staff.
- 12. Encashment of Leave Which leaves are eligible for encashment Earned leave Privilege Leave Annual Leave Encashment is done once a year Superannuation Resignation
- 13. Calculation Basic Salary ____________________________ 26 x no of days to be en-cashed Basic Salary /Gross Salary=> varies w.r.t organizations 26 => no of working days in a month
- 15. Gratuity Money given in return for service. Payment of Gratuity Act,1972 Eligibility: Any person employed on wage/salary more than 5 years of continuous service. In case of death Payable Even if 5 years are not complete.
- 16. Calculation of Gratuity Monthly Salary x 15days x No. of yrs of service ___________________________________________ 26 Monthly Salary => Last drawn 15 days =>Salary 26 days =>Total working days in a month Max gratuity => Rs. 3,50,000
- 17. Example Mr. X => Rs. 4256 (last drawn) Period of service => 2001-2006 Gratuity => 4256 x 15 x5 ____________ 26 =>Rs. 12,276.9
- 18. Gratuity Penal Provision Imprisonment => 2 years Fine => Rs. 20,000
- 20. What is EPF? PF is a long term investment Low risk investment area Backed by the government Each month a certain percentage of your salary is invested. % varies from company to company. Between 8% and 12% Retirement benefit scheme
- 21. EPF EPF&MP(Miscellaneous Provision Act) 1952 EPF-Employee Provident fund EPS-Employee Pension Scheme EDLI-Employee Deposit Linked Insurance
- 22. Rates in India Scheme Name Employee contribution Employer contribution Employee provident 12% 3.67% fund 12% Employees’ Pension 0 8.33% scheme Employees Deposit 0 0.5% linked insurance EPF Administrative 0 1.1% charges EDLIS Administrative 0 0.01% charges
- 23. Calculation of EPF Contribution Towards Calculation Amount EPF Employees share 3500 x 12% 420 EPS Employer share 3500 x 8.33% 292 EPF employer share 3500 x 3.67% 128 EDLI charges 3500 x 0.5% 18 EPF Admin charges 3500 x 1.1% 39 EDLI Admin charges 3500 x 0.01% 0.35 ( round up to Rs 1/- )
- 24. >Ceiling Limit The employer is liable to pay contribution only on 6500/- Whatever is the basic salary
- 25. Method 1 Contribution Calculation Amount Towards EPF Employees share 7500 x 12% 900 EPS Employer share 6500 x 8.33% 541 EPF employer share 7500 x 12% (-) 541 359 EDLI charges 6500 x 0.5% 32.5 EPF Admin charges 6500 x 1.1% 71.5 EDLI Admin charges 6500 x 0.01% 0.65 ( Round up to Rs 1/-)
- 26. Method 2 Contribution Towards Calculation Amount EPF Employees share 7500 x 12% 900 EPS Employer share 6500 x 8.33% 541 EPF employer share 6500 x 3.67% 239 EDLI charges 6500 x 0.5% 33 EPF Admin charges 6500 x 1.1% 72 EDLI Admin charges 6500 x 0.01% 0.65 ( Round up to Rs 1/-)
- 27. Method 3 Contribution Calculation Amount Towards EPF Employees 6500 x 12% 780 share EPS Employer share6500 x 8.33% 541 EPF employer share 6500 x 3.67% 239 EDLI charges 6500 x 0.5% 33 EPF Admin charges 6500 x 1.1% 72 EDLI Admin 6500 x 0.01% 0.65 ( Round up to Rs charges 1/-)
- 29. PPF Established by the central government Voluntary decision to open an account Need not be salaried individual Minimum deposit every year is Rs.500 Account can be opened in Nationalized bank Head post office Or Selected post offices
- 30. Return on investment EPF : 8.5 % per annum PPF : 8% per annum
- 31. How long is the money Blocked? Accumulated sum is repayable after 15 yrs This period can be extend to another 5 yrs.