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Types of leave

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Types of leave

  1. 1.  Types of Leave  Encashment of Leave  Gratuity  EPF  PPF
  2. 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. 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. 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. 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. 6. 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.
  7. 7. Paternity Leave   5 days with full pay  Leave has to be taken within one month of the birth of the child.
  8. 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 this leave.
  9. 9. 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.
  10. 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. 11. 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
  12. 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. 13. 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
  14. 14. Example   Mr. X => Rs. 4256 (last drawn)  Period of service => 2001-2006  Gratuity => 4256 x 15 x5 ____________ 26 =>Rs. 12,276.9
  15. 15. Gratuity Penal Provision   Imprisonment => 2 years  Fine => Rs. 20,000
  16. 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 is invested.  % varies from company to company.  Between 8% and 12%  Retirement benefit scheme
  17. 17. EPF   EPF&MP(Miscellaneous Provision Act) 1952  EPF-Employee Provident fund  EPS-Employee Pension Scheme  EDLI-Employee Deposit Linked Insurance
  18. 18. 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
  19. 19. 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/- )
  20. 20. >Ceiling Limit   The employer is liable to pay contribution only on 6500/- Whatever is the basic salary
  21. 21. 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/-)
  22. 22. 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/-)
  23. 23. 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/-)
  24. 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. 25. Return on investment   EPF : 8.5 % per annum  PPF : 8% per annum
  26. 26. How long is the money Blocked?   Accumulated sum is repayable after 15 yrs  This period can be extend to another 5 yrs.

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