Hi, I am able to see the Pension Contribution column in our account summary as shown below:
Pension Contribution
Questions:
1. Can you explain how it is calculated?
2. Will the pension amount be given to us when added to all amounts, I mean (Employee Share, Employer Share)?
From India, Chennai
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Pension Contribution
Questions:
1. Can you explain how it is calculated?
2. Will the pension amount be given to us when added to all amounts, I mean (Employee Share, Employer Share)?
From India, Chennai
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Once an employee becomes the member of EPF (Employee Provident Fund) they automatically get enrolled for EPS (Employee Pension scheme). Total contribution towards EPF is 12% and it's an equal contribution from both the side. 12% of Employee contribution goes in EPF A/C and 12% of Employer contribution is divided into 3.67% which goes in EPF A/C and remaining 8.33% goes in EPS.
In short only Employer share of 8.33% goes in EPS.
From India, Pune
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29In short only Employer share of 8.33% goes in EPS.
From India, Pune
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Provident Fund - Excluded Employee - Definition.pdf
PROVIDENT FUND CALCULATION.xls