Hi I have quit from a company in the month of dec 08,which I joined in feb 06. I applied for pf withdrawal in feb 08. how to calculate the total pf amount? Regards Caroline M.
From India, Coimbatore
2From India, Coimbatore
Hi found this article myself
Provident Fund
For all employees who work in an organized sector, following is the PF contribution every month.
PF contribution by Employee = 12% of basic salary.
PF contribution by Employer = 12% of basic salary.
Employer Pension Scheme
Out of 12% contribution from employer, 8.33% of the contribution (subject to maximum of 541 rs/month) is invested in employer pension scheme.
Lets take an example and understand this.
Ram’s basic salary per month = 15,000
Ram’s contribution to PF = 12% of 15,000 = 1,800
Ram’s Employer contribution = 12% of 15,000 = 1,800
Employer’s contribution to EPS = 8.33% of 15,000 = 1250
This 1250 is higher than the max limit of Rs 541/month and hence
Employer’s contribution to EPS = 541
Employer contribution to PF = 1800-541 = 1259
So Total PF contribution to Ram’s PF account per month = 1800 + 1259
= 3059
How to calculate your PF balance?
Lets say Ram worked in a firm from April 2007 to March 2008.Let us find out what is his balance as on April 1st 2008.
Interest Rate on PF account = 8.5% (fixed by central govt)
So monthly contribution of 3059 for one year @ 8.5% =~ 40,000 (not exact figure)
So in this way you can calculate your return for ‘n’ number of years for your PF contribution, provided you know your monthly contribution.
I would insist to get to know your monthly contribution towards PF from your pay slip and also collect your PF account statement every year.
Regards
Caroline M.
From India, Coimbatore
Provident Fund
For all employees who work in an organized sector, following is the PF contribution every month.
PF contribution by Employee = 12% of basic salary.
PF contribution by Employer = 12% of basic salary.
Employer Pension Scheme
Out of 12% contribution from employer, 8.33% of the contribution (subject to maximum of 541 rs/month) is invested in employer pension scheme.
Lets take an example and understand this.
Ram’s basic salary per month = 15,000
Ram’s contribution to PF = 12% of 15,000 = 1,800
Ram’s Employer contribution = 12% of 15,000 = 1,800
Employer’s contribution to EPS = 8.33% of 15,000 = 1250
This 1250 is higher than the max limit of Rs 541/month and hence
Employer’s contribution to EPS = 541
Employer contribution to PF = 1800-541 = 1259
So Total PF contribution to Ram’s PF account per month = 1800 + 1259
= 3059
How to calculate your PF balance?
Lets say Ram worked in a firm from April 2007 to March 2008.Let us find out what is his balance as on April 1st 2008.
Interest Rate on PF account = 8.5% (fixed by central govt)
So monthly contribution of 3059 for one year @ 8.5% =~ 40,000 (not exact figure)
So in this way you can calculate your return for ‘n’ number of years for your PF contribution, provided you know your monthly contribution.
I would insist to get to know your monthly contribution towards PF from your pay slip and also collect your PF account statement every year.
Regards
Caroline M.
From India, Coimbatore
Hi Caroline
Thanks! for the explaination
I have one more query you have explained about PF balance i just wanted to know in that when somebody withdraw their PF then does they get Pension fund amount?
From India, Thana
Thanks! for the explaination
I have one more query you have explained about PF balance i just wanted to know in that when somebody withdraw their PF then does they get Pension fund amount?
From India, Thana
Hi All
Continuing the thread could someone also tell us how long does it take to withdraw the PF amount. I have heard some horrible stories but as per the SOP it should be within 38 days of reciept of forms.
Please enlighten.
Best regards
Gyanu
From India, New Delhi
Continuing the thread could someone also tell us how long does it take to withdraw the PF amount. I have heard some horrible stories but as per the SOP it should be within 38 days of reciept of forms.
Please enlighten.
Best regards
Gyanu
From India, New Delhi
Hi Gyanu,
Regarding the timeline for PF withdrawal, its 45 to 60 days.. But in some cases where inter state PF offiices gets involved, it may take much time..
Even I have heard stories in delay in PF amount withdrawal.. but its really difficult and tedious to get into the details of how much efficiently these offices work ????:confused::confused::confused: :(
From India, Madras
Regarding the timeline for PF withdrawal, its 45 to 60 days.. But in some cases where inter state PF offiices gets involved, it may take much time..
Even I have heard stories in delay in PF amount withdrawal.. but its really difficult and tedious to get into the details of how much efficiently these offices work ????:confused::confused::confused: :(
From India, Madras
Dear Seniors,
Is there any tax deductions from the PF amount? As in my company, if a person's contribution is less than 5 years than there is 33% tax deduction from the PF amount..
Thanks & regards
Pushty
From India, Jaipur
Is there any tax deductions from the PF amount? As in my company, if a person's contribution is less than 5 years than there is 33% tax deduction from the PF amount..
Thanks & regards
Pushty
From India, Jaipur
Hi All
I found this information, hope this is helpful...
Responsibility of the EPFO to settle the claims within 30 days.
The Employees’ Provident Funds Scheme, 1952 has a very unique provision casting the responsibility to settle claims within 30 days on the Regional Provident Fund Commissioner concerned. It is contained in para 72(7) of the Scheme. It is as follows:
72(7): The claims, complete in all respects submitted along with the requisite documents shall be settled and benefit amount paid to the beneficiaries within 30 days from the date of its receipt by the Commissioner. If there is any deficiency in the claim, the same shall be recorded in writing and communicated to the applicant within 30 days from the date of receipt of such application. In case the Commissioner fails without sufficient cause to settle a claim complete in all respects within 30 days, the Commissioner shall be liable for the delay beyond the said period and penal interest at the rate of 12 per cent per annum may be charged on the benefit amount and the same may be deducted from the salary of the Commissioner.
Hence, this provision can also be used by members while making representation under RTI to settle the claim quickly. They may ask whether necessary deduction as provided in the Scheme for delayed settlement has been made from the salary of the Commissioner.
Best Regards
Gyanu
From India, New Delhi
I found this information, hope this is helpful...
Responsibility of the EPFO to settle the claims within 30 days.
The Employees’ Provident Funds Scheme, 1952 has a very unique provision casting the responsibility to settle claims within 30 days on the Regional Provident Fund Commissioner concerned. It is contained in para 72(7) of the Scheme. It is as follows:
72(7): The claims, complete in all respects submitted along with the requisite documents shall be settled and benefit amount paid to the beneficiaries within 30 days from the date of its receipt by the Commissioner. If there is any deficiency in the claim, the same shall be recorded in writing and communicated to the applicant within 30 days from the date of receipt of such application. In case the Commissioner fails without sufficient cause to settle a claim complete in all respects within 30 days, the Commissioner shall be liable for the delay beyond the said period and penal interest at the rate of 12 per cent per annum may be charged on the benefit amount and the same may be deducted from the salary of the Commissioner.
Hence, this provision can also be used by members while making representation under RTI to settle the claim quickly. They may ask whether necessary deduction as provided in the Scheme for delayed settlement has been made from the salary of the Commissioner.
Best Regards
Gyanu
From India, New Delhi
Dear pushty i dont thing there is any tax on the PF amount its totally tax free. if such cases are there kindly approach to the commissioner or concent PF sec officer. Ramnath
From India, Bangalore
From India, Bangalore
Dear Ms Caroline,
as u have mentioned 3059/- monthly but wht abt the pension fund amnt? i.e 541/- so if the employee as completed 10yrs of service than the amnt goes to pension fund but if the employee leaves the service before that than the employee will get that amnt also.
Ramnath
From India, Bangalore
as u have mentioned 3059/- monthly but wht abt the pension fund amnt? i.e 541/- so if the employee as completed 10yrs of service than the amnt goes to pension fund but if the employee leaves the service before that than the employee will get that amnt also.
Ramnath
From India, Bangalore
Hi Caroline
Thanks! for the explaination
I have one more query you have explained about PF balance i just wanted to know in that when somebody withdraw their PF then does they get Pension fund amount?
The EPS calculated will be refunded first, if the yrs of service is less than 10 yrs.
PF shud b applied on the 60th day from date of leaving marked in form 9, action shud be taken with in 25 days by the PF department. first eps will be issued then one week from then epf will be issued provided the documents shud b correct and complete.
Guys i got my PF and it was the exact amount calculated.:icon4:
From India, Coimbatore
Thanks! for the explaination
I have one more query you have explained about PF balance i just wanted to know in that when somebody withdraw their PF then does they get Pension fund amount?
The EPS calculated will be refunded first, if the yrs of service is less than 10 yrs.
PF shud b applied on the 60th day from date of leaving marked in form 9, action shud be taken with in 25 days by the PF department. first eps will be issued then one week from then epf will be issued provided the documents shud b correct and complete.
Guys i got my PF and it was the exact amount calculated.:icon4:
From India, Coimbatore
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