PF Amount - Pf Contributions - CiteHR
Ramesh64974
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Samz5000
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Syamannan1980
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Anil_dohare_citehr
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Satishwr
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Khimo88
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Sri Ram Hospital
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EE amt Rs. 37862/-
ER amt Rs. 11816/-
as on 10-12-12
Acc\' updated upto 31-03-12.
Can sum1 let me know why is ER amount less thn EE amount, i understand it is equal contribution?
Also a rough estimate of my total amount will be appreciated.
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Dear Mr. Samz5000, You need to give us the breakup of the amount for our calculation in order to extend our views. Please specify to enable answer your query.
Hello,
The contribution is always EQUAL do not worry.
Let me explain it to you how it goes; Employers contribution is divided in 2 parts viz. PF & Pension. The ER amount of Rs. 11,816/- is only the PF part & you can assume that Pension part is EE - ER i.e. 37862 - 11816 = 26046/- & hence the total amount of PF = Rs. 37862/- + 37862 = 75724/-
Hope you understood.
Dear Sir,
The employer contribution is equal but 8.33% of employees salary on which PF contribution is made is paid into Pension Fund Account and only 3.67% of employees salary out of employer share remains with Provident Fund. The difference is due to this fact. Thus EE shows more because it shows total 12% of employee share and Employer share is shown whic is 3.67% only.
S. Hoda
Hi,
I second Hiral Mehta. However, you will not have the exact amount shown in Employee share = Employer share + Pension Fund as there is one more element which is Interest. The amount you get on employee portion will be high as the amount does not get split and the pension amount will not gain interest.
For example employee contrubuted 1500 pm for a period of 1 years = 12x1500 = 18000 where in the employer contrubuted 1000 as employer share and 500 towards Pension fund. The one for pension amount will not fetch you any interest. Hence, the total amount employee get will not be equal to the amount employee has contributed.
Hope this helps to understand better.
Avi
Hi Friends;
Out of employers contribution 8.33% or Rs.541/- whichever is less will go to your pension account, for which you will not get any statement. You can try online PF passbook wherein you will able to see your pension accumelation. Pension amount is always calculated on Rs.6500/-. For example if your basic wages is Rs.10000/-, you still contribute Rs.541/- and balance amount will be added to your PF contribution. Wheras if your basic wages are less than 6500 than 8an amount of 8.33% of basic wages will go to pension fund.
Dear Friend,
As per EPF Rule, now the rate of deduction is 12% from Employees .The Employer share to PF A/c is 3.67 % and balance 8.33% will go to Family Pension A/c. Normally, the Account statement received every year from the PF department is only PF contribution account. Family Pension amount is not reflected in that statement.
Shaji George.
whether 8.33 % portion will be given to the employee at the time of withdrawal of PF seniors pl help Syama sundara das achari
Dear ...your calculation is as follow
Since your EE contribution is Rs. 37862 means your Salary (calculation for PF) must be Rs.315517/-
Now your EE contriution @ 12% on Rs.315517/- is Rs.37862/- (yr.EE figure is Rs. 37862/-)
In ER Contribution:
Pension Scheme @ 8.33% is Rs. 26282/-
PF @ 3.67% i.e.................. Rs. 11580/- (yr.given ER PF is Rs. 11816/-)
I thik now it is clear to you.
Regards.
Sanjeev
Dear Friend,
first of all i will appreciate our friends for their responses. Here would like to add some more information related PF.
Employee Contribution:12%
Employer Contribution:12%
coming to employer contribution: 8.33% Pension fund, 3.67% PF
But as per ceiling 6500/- we can make it 6500*8.33%=541. if any one having the basic more than 6500 then remaining amount can be posted into PF account.
one important note i.e for EPF we can get interest amount but for pension fund no interest will be added to the account.
as per our seniors said please take statement of account of yours. in that you can find all the information.
I hope it will be useful for you.
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