types of leave
DESCRIPTION
part of employment performanceTRANSCRIPT
Topics
Types of Leave Encashment of Leave Gratuity EPF PPF
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`
Types of 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.
Sick 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
Casual 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.
Earned 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.
Maternity Leave
5 days with full pay Leave has to be taken within one month of the
birth of the child.
Paternity 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.
Transfer Leave
Sanctioned by the Head of the department Leave without pay A specific period of time as agreed between
the HOD and the staff.
Study/Sabbatical Leave
Encashment of Leave
Which leaves are eligible for encashment
Earned leave Privilege Leave Annual Leave
Encashment is done once a year Superannuation Resignation
Encashment of Leave
Basic Salary
____________________________26 x no of days to be en-cashed
Basic Salary /Gross Salary=> varies w.r.t organizations26 => no of working days in a month
Calculation
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.
Gratuity
Monthly Salary x 15days x No. of yrs of service
___________________________________________26
Monthly Salary => Last drawn15 days =>Salary26 days =>Total working days in a month
Max gratuity => Rs. 3,50,000
Calculation of Gratuity
Mr. X => Rs. 4256 (last drawn) Period of service => 2001-2006
Gratuity => 4256 x 15 x5 ____________
26=>Rs. 12,276.9
Example
Imprisonment => 2 years Fine => Rs. 20,000
Gratuity Penal Provision
Employee Provident Fund
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
What is EPF?
EPF&MP(Miscellaneous Provision Act) 1952
EPF-Employee Provident fund EPS-Employee Pension Scheme EDLI-Employee Deposit Linked Insurance
EPF
Scheme Name Employee
contributionEmployercontribution
Employee provident fund
12% 3.67%
Employees’ Pension scheme
0 8.33%
Employees Deposit linked insurance
0 0.5%
EPF Administrative charges
0 1.1%
EDLIS Administrative charges
0 0.01%
Rates in India
12%
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/-)
Calculation of EPF
The employer is liable to pay contribution only
on 6500/- Whatever is the basic salary
>Ceiling Limit
Contribution Towards
Calculation Amount
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/-)
Method 1
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/-)
Method 2
Contribution Towards
Calculation Amount
EPF Employees share
6500 x 12% 780
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/-)
Method 3
Public Provident Fund
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
PPF
EPF : 8.5 % per annum PPF : 8% per annum
Return on investment
Accumulated sum is repayable after 15 yrs This period can be extend to another 5 yrs.
How long is the money Blocked?
Thank you