{"id":2773,"date":"2015-08-02T14:02:04","date_gmt":"2015-08-02T10:02:04","guid":{"rendered":"http:\/\/nayarweb.com\/blog\/?p=2773"},"modified":"2015-08-02T16:59:47","modified_gmt":"2015-08-02T12:59:47","slug":"why-cant-we-pay-national-pension-fund-npf-and-craps-ourselves","status":"publish","type":"post","link":"https:\/\/nayarweb.com\/blog\/2015\/why-cant-we-pay-national-pension-fund-npf-and-craps-ourselves\/","title":{"rendered":"Why can&#8217;t we pay National Pension Fund (NPF) and craps ourselves?"},"content":{"rendered":"<p>NPF, the minimum rate is 3% payable from our salary (limit Rs 15,710) i.e. we are the &#8220;employee&#8221;. Our bosses pay 6% of the salary (once again, limit of Rs 15,710).<\/p>\n<p>As for NFS (National Savings Fund), the rate is 1% from us and 2.5% from the bosses.<\/p>\n<p><a href=\"https:\/\/nayarweb.com\/blog\/wp-content\/uploads\/2015\/08\/IMG_20150802_1354193.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nayarweb.com\/blog\/wp-content\/uploads\/2015\/08\/IMG_20150802_1354193.jpg\" alt=\"IMG_20150802_135419\" width=\"2560\" height=\"1920\" class=\"aligncenter size-full wp-image-2787\" srcset=\"https:\/\/nayarweb.com\/blog\/wp-content\/uploads\/2015\/08\/IMG_20150802_1354193.jpg 2560w, https:\/\/nayarweb.com\/blog\/wp-content\/uploads\/2015\/08\/IMG_20150802_1354193-300x225.jpg 300w, https:\/\/nayarweb.com\/blog\/wp-content\/uploads\/2015\/08\/IMG_20150802_1354193-1024x768.jpg 1024w, https:\/\/nayarweb.com\/blog\/wp-content\/uploads\/2015\/08\/IMG_20150802_1354193-1272x954.jpg 1272w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/a><\/p>\n<p>Let&#8217;s say you earn Rs 10,000 as salary. <\/p>\n<p>NPF payable by YOU : 3% of Rs 10,000 = Rs 300 \ud83d\ude41<br \/>\nNPS payable by YOU : 1% of Rs 10,000 = Rs 100 :'(<br \/>\nNPF payable by boss: 6% of Rs 10,000 = Rs 600 (meh)<br \/>\nNFS payable by boss: 2.5% of Rs 10,000 = Rs 250 (meh, don&#8217;t care)<\/p>\n<p>Total NPF + NFS: Rs 1250. <\/p>\n<p>However, if you earn <strong>more than<\/strong> Rs 15,710, the NPF and NFS is calculated only on Rs 15,710:<br \/>\nNPF payable by YOU : 3% of Rs 15,710 = Rs 471 \ud83d\ude41<br \/>\nNSF payable by YOU : 1% of Rs 15,710 = Rs 157 :'(<br \/>\nNPF payable by boss: 6% of Rs 15,710 = Rs 943 (who cares)<br \/>\nNSF payable by boss: 2.5% of Rs 15,710 = Rs 393 :'(<\/p>\n<p>Total NPF + NSF: Rs 1,964<\/p>\n<p>Here&#8217;s a graph of the NPF and NFS paid as per monthly salaries.<\/p>\n<p><iframe loading=\"lazy\" width=\"600\" height=\"371\" seamless frameborder=\"0\" scrolling=\"no\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/1eGcSraY49YBwuKytMsg2M78_c_ngvoVbvkiiowE5aqo\/pubchart?oid=1855815227&amp;format=interactive\"><\/iframe><\/p>\n<p>I can&#8217;t really understand the logic between NPF\/NSF paid by me (employee) and NPF\/NSF paid by my employer (boss). Where do our bosses get money from? They make us work for it!<\/p>\n<p>We work for our bosses to be able to:<br \/>\n&#8211; pay our travel allowances<br \/>\n&#8211; pay for company air-conditioners<br \/>\n&#8211; pay for company computers<br \/>\n&#8211; pay for company furniture<br \/>\n&#8211; pay for company coffees<\/p>\n<p>All these come from our sweat. Else the company would be running on losses. Is it really our bosses paying the extra 8.5% of the NPF and NFS?<\/p>\n<p>I work for my employer to be able to give Rs 1,335 to the government on top of what is deducted already! Why not be frank and just cut the 12.5% from the salary and write it on my payslip? You too scared of &#8220;transparency&#8221; Mr The Government? <\/p>\n<p>Ref: <a href=\"http:\/\/socialsecurity.govmu.org\/English\/Employers\/Pages\/Remuneration-on-which-NPF--NSF-are-payable.aspx\">[1]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NPF, the minimum rate is 3% payable from our salary (limit Rs 15,710) i.e. we are the &#8220;employee&#8221;. Our bosses pay 6% of the salary (once again, limit of Rs 15,710). As for NFS (National Savings Fund), the rate is 1% from us and 2.5% from the bosses. Let&#8217;s say you earn Rs 10,000 as &hellip; <a href=\"https:\/\/nayarweb.com\/blog\/2015\/why-cant-we-pay-national-pension-fund-npf-and-craps-ourselves\/\" class=\"continue-reading\">Continue reading <span class=\"screen-reader-text\">Why can&#8217;t we pay National Pension Fund (NPF) and craps ourselves?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[211],"tags":[],"class_list":["post-2773","post","type-post","status-publish","format-standard","hentry","category-government"],"_links":{"self":[{"href":"https:\/\/nayarweb.com\/blog\/wp-json\/wp\/v2\/posts\/2773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nayarweb.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nayarweb.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nayarweb.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nayarweb.com\/blog\/wp-json\/wp\/v2\/comments?post=2773"}],"version-history":[{"count":13,"href":"https:\/\/nayarweb.com\/blog\/wp-json\/wp\/v2\/posts\/2773\/revisions"}],"predecessor-version":[{"id":2790,"href":"https:\/\/nayarweb.com\/blog\/wp-json\/wp\/v2\/posts\/2773\/revisions\/2790"}],"wp:attachment":[{"href":"https:\/\/nayarweb.com\/blog\/wp-json\/wp\/v2\/media?parent=2773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nayarweb.com\/blog\/wp-json\/wp\/v2\/categories?post=2773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nayarweb.com\/blog\/wp-json\/wp\/v2\/tags?post=2773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}