Can't see the Govt contribution of 1.16% of basic wages any where under EPS column of EPF passbook - CiteHR
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Hi Seniors,
Good Evening!
I have a small query. I know that GoI contributes 1.16% of my basic salary to my EPS account. But whenever I download my EPF passbook I found no contribution from G0I.
Earlier it used to show only Rs. 541/- perhaps since last 4 odd years it is showing Rs. 1250/- credited to my EPS account every month.
I know this is my employer contribution. Rest of the employer contribution goes to my EPF account only 1250/- comes to EPS account.
No contribution from GoI is mentioned in my passbook, why is that?
Does that mean GoI doesn't give me 1.16% of my basic? Or I'm not entitled to get it? Or they give it at the end of my career, how does it work?
Can any of the industry experts give me an idea on it?
Thanks in anticipation.
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Looking forward to your help. Does anyone know how it's calculate. Please let me know your ideas.
pension fund is managed by an independent trust body and 1.16% contribution of GOI is payable to them only as their respective admin charges
up to aug 2014 EPS eligible salary was 6500/- so the contribution was 541/- ( 8.33% of 6500) and from sept 2014 on wards it is 15000/- so the contribution is 1250/- (8.33% of 15000) and GOI bears the administration charges of the trust body up to this ceiling limit
in case of additional or enhanced pension over the EPS ceiling limit of (15000 now) or private trust body pension, such EPS contributions have to pay 1.16% of EPS eligible wages towards admin fees of trust body for maintaining the account corpus
regarding the payback, NO, it is not displayed in account but your account accrue interest that is reflected , no charges is deducted as service fees or fund manager charges .
However on completion of 20 yrs of EPS contribution an additional 2 yrs bonus is added to the employee
Though the fund is 8.33% corpus , the pension fund accumulation is 8.33+1.16 = 9.49 % and it is not reflected in passbook but payable at the time pension calculation,
for more details please read this article https://economictimes.indiatimes.com...w/53386514.cms
Ok sir. That means I'm also getting 1.16% from govt every month.
In case I ask my employer to remit more pension towards EPS from my salary then the govt will no longer give me this 1.16% subsidy.
Is my understanding right?
One more question - Does the govt pay this amount to everyone irrespective of his/her salary?. I mean those who earn less than 15K or above both are entitled to get this subsidy?
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