Payroll Software - FactoHR
Payroll Software Provider
Balakimill
Perssonnel Asst
Loginmiraclelogistics
Asso.prof.(commerce & Management) Pg
Srinath Sai Ram
Hr Manager
Abbasiti
Assistant Engineer, Indian Telephone Industries,
Vidyadhar Bhat
Consultancy In Pf
Samuel R
Digital Marketing
Amitsinghak2020
Provident Found
Mrunali Khade
Hr Intern

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Hi Seniors, I have a doubt bases on Calculation of Interest Rate 8.65%
Per Month Contribution:
Employee Share PF Contribution - Rs. 672
Employer Share PF Contribution - Rs. 206
Pension Contribution - Rs. 466
Even after 5 months of contribution I got below interest amount.
Interest Updated upto 31.03.2017
Employee Share Interest amount Rs.48
Employer Share Interest amount Rs.15
Interest Amount for Pension Contribution is Rs.0
Why no interest for Pension Contribution?
Kindly guide me for calculating Interest Amount.
Thank You.

From India, Chennai
Dear Ranjeetha MP,
Employer & employee shares in PF belongs to the Member. Hence when it is deposited with EPFO, they have to give interest to members. But members have no claim on pension fund. It is EPFO's property. Members can claim either pension or withdrawal benefit, as the case may be. It have no connection with the deposit; but depends upon the service, last drawn average salary etc.
Abbas.P.S

From India, Bangalore
Dear Ranjeetha, The interest calculation is shown in the attached sheet, as per details provided by you. Mr. Abbas has already intimated you other details. Thanks, Vidyadhar Bhat
From India, Pune

Attached Files
File Type: xls EPF Interest calculation.xls (30.5 KB, 1879 views)

Anonymous
Dear Sir, Thank you so much Abbas Sir and Vidyadhar Bhat Sir for your explanation through Excel sheet. Thanks, Ranjeetha.MP
From India, Chennai
Anonymous
Dear Sir, Thank you so much Abbas Sir and Vidyadhar Bhat Sir for your explanation through Excel sheet. Thanks
From India, Chennai
Dearsir My name Anit kumar s/o Ratan singh My company. India Yamaha motor surajpur greater noida up My UAN. 100978944644 MY FATHER’S NAME MYSTIC SHWO. Ravindra PLEAS WRITE HELP
From India, Delhi
In the EPF calculator, we have used the 1st method for computing the employee and the employer contribution. Just to understand our methodology, let us take the following case:
1. Employees' Basic Pay + DA: Rs 25000
2. Employee contribution towards EPF: 12%*25000 = Rs 3000
3. Employer contribution towards EPF = 3.67% of 25000 = 3.67%*25000 = Rs 917.50.....(A)
4. Employer contribution in Employee Pension Scheme (EPS): 8.33% * 15000 = Rs 2082.50 .....(I)
ID – Paytek, a payroll software designed by experts keeping in mind the essential needs of organizations is a very powerful HR management tool that takes care of all core HR activities in an organization.
Regards
Abid
https://www.idbssoftware.com/hr-payroll-software.php

From India, Bengaluru
Dear Sir,
There should be few corrections towards contribution.
EPS contribution is to be restricted to Rs. 1250/- ( Max . wages Rs. 15000 ) and diff amount will go to Company contribution.
In the specimen you are writing EPS wages as 15000, but calculatiog on 25000/- as Rs. 2082.50
Rest all will be entered in the excel file in EPF Interest calculation.
Thanks,
Vidyadhar Bhat

From India, Pune
Nice question. Payroll Software
From India, Rajkot
For detailed answer visit:
https://factohr.com

From India, Rajkot

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