Dear All, Please guide me through a example is to how P.F is calculated.? Suppose, I worked with ABC for 20 years & my basic salary is 10000.How much money I get after 20 years
From Pakistan, Karachi
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From Pakistan, Karachi
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Hi Laugh,
Your question really made me laugh. Please collect your Form 23 annual slips from your HR. If they have not been submitted, file a complaint with your regional commissioner; this is the best course of action. Alternatively, the next step is to gather all 3A forms from the past 20 years and calculate the interest amount. Currently, the interest rate is 8.5%, previously it was 9.5% and 11%. The choice is yours.
Regards,
Ramnath
From India, Bangalore
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Your question really made me laugh. Please collect your Form 23 annual slips from your HR. If they have not been submitted, file a complaint with your regional commissioner; this is the best course of action. Alternatively, the next step is to gather all 3A forms from the past 20 years and calculate the interest amount. Currently, the interest rate is 8.5%, previously it was 9.5% and 11%. The choice is yours.
Regards,
Ramnath
From India, Bangalore
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Dear colleague, please add up all the amounts of PF deducted from your pay slip since the past 20 years. The total should include both your contribution and your employer's contribution. This total amount will then accrue interest from the government. Every month, 12% of your actual salary is deducted as PF.
Thank you.
From India, Mumbai
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Thank you.
From India, Mumbai
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Hi,
I have a similar doubt. The pension contribution limit is 6500, so the maximum will be 541 Rs if the pension basis is 6500. Now, in the case of two employees, X joined on 1st Dec and Y joined on 15 Dec. The basic (on which PF is deducted) is 20000. For X, the PF is 2400, and for Y, it will be 1200 on a proration basis.
Now, my question is: Will the pension contribution be 541 for both of them, or as Y joined in the middle, will it be prorated for 15 days and come down to, let's say, 270 Rs, and the remaining 241 will get added to PF? Simply put, should the 8.33% pension contribution be prorated according to the number of working days?
Regards,
Nalla
From India, Bangalore
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I have a similar doubt. The pension contribution limit is 6500, so the maximum will be 541 Rs if the pension basis is 6500. Now, in the case of two employees, X joined on 1st Dec and Y joined on 15 Dec. The basic (on which PF is deducted) is 20000. For X, the PF is 2400, and for Y, it will be 1200 on a proration basis.
Now, my question is: Will the pension contribution be 541 for both of them, or as Y joined in the middle, will it be prorated for 15 days and come down to, let's say, 270 Rs, and the remaining 241 will get added to PF? Simply put, should the 8.33% pension contribution be prorated according to the number of working days?
Regards,
Nalla
From India, Bangalore
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Provident Fund - Excluded Employee - Definition.pdf
PROVIDENT FUND CALCULATION.xls