I would really appreciate if you help me to resolve my queries.
I was working with an IT organization for exact 2 years and I have resigned in May 2012. I opted for PF option and 12% of my basic salary and same amount as employer's contribution was deducted as PF contributions.
For April' 2010 to April 2011,
PF Deduction = 1600.00 (Employee's contribution)
For April' 2011 to April 2012,
PF Deduction = 2076.00 (Employee's contribution)
While reading through some articles on the net, I came across that Employer's contribution is bifurcated into sub parts.
E.g. For April' 2010 to April 2011,
My Contribution P/M = 12% of Basic 1600
Company's Contribution P/M = 12% of Basic = 1600
Employer’s contribution to EPS = 8.33% of Basic = 1110.64
This 1110.64 is higher than the max limit of Rs 541/month and hence
Employer’s contribution to EPS = 541
My Contribution P/M = 12% of Basic = 1600
Employer contribution to PF = 1600-541 = 1058.96
So Total PF contribution to PF account per month = 2658.92 (i.e. 1600 + 1058.96)
1. Is the above method is correct to calculate my PF contribution per month?2. If yes, then employer's contribution is less than mine which is not correct.
3. In my company, employer's PF contribution was already included as a part of CTC i.e. 12% from employer was already paid to me, so I was contributing almost 24% from my salary. Since NOW I HAVE SUBMITTED THE WITHDRAWAL request of my PF, I should get those 24% monthly contribution back, but per above method, I am not getting it, correct
4. If my calculation is wrong, please send me the correct calculation and total amount I would receive as withdrawal.
Also, it would be great if you can let me know as how much time it would take if withdrawal from was submitted on 14th May 2012 and PF deduction was started on 1st April, 2010.
10th July 2012 From India, Pune
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