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Types of leave

The document discusses various types of leaves including sick leave, casual leave, earned leave, maternity leave and paternity leave. It also discusses encashment of leave, gratuity, EPF and PPF. For leaves, it provides details on eligibility periods and calculations. For gratuity, it explains the calculation based on salary and years of service. For EPF, it explains contribution rates for employees and employers and calculation methods. PPF is described as a voluntary long-term investment with minimum deposit and interest rate.

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 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`
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.
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
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.
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.
Paternity Leave   5 days with full pay  Leave has to be taken within one month of the birth of the child.
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.
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.
Encashment of Leave   Which leaves are eligible for encashment  Earned leave  Privilege Leave  Annual Leave  Encashment is done once a year  Superannuation  Resignation
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
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.
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
Example   Mr. X => Rs. 4256 (last drawn)  Period of service => 2001-2006  Gratuity => 4256 x 15 x5 ____________ 26 =>Rs. 12,276.9
Gratuity Penal Provision   Imprisonment => 2 years  Fine => Rs. 20,000
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
EPF   EPF&MP(Miscellaneous Provision Act) 1952  EPF-Employee Provident fund  EPS-Employee Pension Scheme  EDLI-Employee Deposit Linked Insurance
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
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/- )
>Ceiling Limit   The employer is liable to pay contribution only on 6500/- Whatever is the basic salary
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/-)
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/-)
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/-)
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
Return on investment   EPF : 8.5 % per annum  PPF : 8% per annum
How long is the money Blocked?   Accumulated sum is repayable after 15 yrs  This period can be extend to another 5 yrs.
Types of leave