What is the formula for calculating NPS?
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The formula for calculating the NPS (National Pension System) contribution is as follows:
NPS Contribution = (Basic Salary + Dearness Allowance) x (Employee Contribution Rate).
Sure, I can help you with that! The formula for calculating the NPS (National Pension System) contribution is as follows:
NPS Contribution = (Basic Salary + Dearness Allowance) x (Employee Contribution Rate)
The employee contribution rate is typically set at 10% of the basic salary and dearness allowance. It’s important to note that the employer also contributes an equal amount to the NPS account, making the total contribution 20% of the basic salary and dearness allowance.
Remember, this formula is a general guideline, and specific rules and rates may vary based on individual circumstances and employer policies. 😊📈💰