Types of leave

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    18-Dec-2014
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part of employment performance

Transcript of Types of leave

  • 1. Types of Leave Encashment of Leave Gratuity EPF PPF

2. 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` 3. 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. 4. 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 5. 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. 6. Maternity Leave 3 calendar months Full pay granted Post-natal complications ,the approval of the Head ofthe Department is required. 3 months on half pay Beyond 3 months , no pay. 7. Paternity Leave 5 days with full pay Leave has to be taken within one month of the birthof the child. 8. 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 thisleave. 9. Study/Sabbatical Leave Sanctioned by the Head of the department Leave without pay A specific period of time as agreed between the HODand the staff. 10. Encashment of Leave Which leaves are eligible for encashment Earned leave Privilege Leave Annual Leave Encashment is done once a year Superannuation Resignation 11. Calculation Basic Salary____________________________26 x no of days to be en-cashedBasic Salary /Gross Salary=> varies w.r.t organizations26 => no of working days in a month 12. 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. 13. Calculation of Gratuity Monthly Salary x 15days x No. of yrs of service___________________________________________ 26Monthly Salary => Last drawn15 days=>Salary26 days=>Total working days in a monthMax gratuity => Rs. 3,50,000 14. Example Mr. X => Rs. 4256 (last drawn) Period of service => 2001-2006 Gratuity=> 4256 x 15 x5____________26=>Rs. 12,276.9 15. Gratuity Penal Provision Imprisonment => 2 years Fine => Rs. 20,000 16. 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 isinvested. % varies from company to company. Between 8% and 12% Retirement benefit scheme 17. EPF EPF&MP(Miscellaneous Provision Act) 1952 EPF-Employee Provident fund EPS-Employee Pension Scheme EDLI-Employee Deposit Linked Insurance 18. Rates in India Scheme NameEmployee contribution Employer contributionEmployee provident 12% 3.67%fund 12%Employees Pension 08.33%schemeEmployees Deposit0 0.5%linked insuranceEPF Administrative 0 1.1%chargesEDLIS Administrative 00.01%charges 19. Calculation of EPFContribution Towards Calculation AmountEPF Employees share 3500 x 12% 420EPS Employer share3500 x 8.33% 292EPF employer share3500 x 3.67% 128EDLI charges3500 x 0.5%18EPF Admin charges 3500 x 1.1%39EDLI Admin charges3500 x 0.01% 0.35 ( round up to Rs 1/- ) 20. >Ceiling Limit The employer is liable to pay contribution only on6500/- Whatever is the basic salary 21. Method 1 ContributionCalculation AmountTowardsEPF Employees share 7500 x 12%900EPS Employer share 6500 x 8.33% 541EPF employer share 7500 x 12% (-) 541 359EDLI charges 6500 x 0.5%32.5EPF Admin charges6500 x 1.1%71.5EDLI Admin charges 6500 x 0.01% 0.65 ( Round up to Rs1/-) 22. Method 2 Contribution Towards CalculationAmountEPF Employees share 7500 x 12%900EPS Employer share 6500 x 8.33% 541EPF employer share 6500 x 3.67% 239EDLI charges 6500 x 0.5%33EPF Admin charges6500 x 1.1%72EDLI Admin charges 6500 x 0.01% 0.65 ( Round up to Rs1/-) 23. Method 3ContributionCalculation AmountTowardsEPF Employees 6500 x 12%780shareEPS Employer share6500 x 8.33%541EPF employer share 6500 x 3.67% 239EDLI charges 6500 x 0.5%33EPF Admin charges 6500 x 1.1% 72EDLI Admin 6500 x 0.01% 0.65 ( Round up to Rscharges 1/-) 24. 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 25. Return on investment EPF : 8.5 % per annum PPF : 8% per annum 26. How long is the money Blocked? Accumulated sum is repayable after 15 yrs This period can be extend to another 5 yrs.