Employee’s contribution to PF = 12% of Basic Salary subject to a maximum of Rs.780/- per month.
Employer’s contribution to PF = 12% of Basic Salary subject to a maximum of Rs.780/- per month.
12 % Employer contribution is segregated in to 2 parts
8.33 % in Pension
3.67% in PF
But Employees contribution of 12 % each month goes to PF.
Gratuity calculation = Monthly Salary * 15/26 * number of years of service
Maximum amount payable under the act is Rs. 3,50,000 (w.e.f. 24/9/1997)
if the employee wants to with draw the pf amount on or before 9 yrs, then what is the amount he is going to get, how the calculation will be done. Do the employee get any interest on pf amount.
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