How Do I Calculate My PF Amount with Interest After Leaving a Job?

Dear All,

Can anyone tell me how we can calculate the final amount of PF? My last basic was 6000, and 12% of this was PF, i.e., 720. I worked there for 9 months. I had also submitted the PF withdrawal form. But I want to know how to calculate the final amount for PF, including interest. If anyone knows this, please let me know.

Dear All,

I have received the cheque of the amount Rs 8970.00 with interest.

Thanks & Regards,
Darshan Palkar

[quote=darshan.palkar;487641]
Dear All,

12% on basic + 13.61% on basic is the employer's contribution. The PF office gives me an interest on that, finally totaling to 6%. So, you get 14659/- Rs. :icon1:

PF calculation is as follows:

Employee Contribution = 720 * 9 (Number of months worked) ---- A

Employer Contribution = 720 * 9 (Number of months worked) ---- B

Interest Rate = Approximately 8% ---- C

The total of all the above (A + B + C) gives you the approximate PF amount.

Sorry for the late reply. The employer contributes the same percentage as the employee, but the remaining 1.61% goes towards administrative charges.

Dear all,

Please offload this file to citehr. It is easier for everyone to download and use.

Regards,
Mahesh

Hi Darshan,

The details are given below:

Your contribution (6000 x 12% i.e. 720 per month) for 9 months: 9 x 720 = 6480

Employer Contribution (6000 x 3.67% i.e. 220.20 per month) for 9 months: 9 x 220.20 = 1981.80

Interest for 9 months: (6480 + 220.20) x 8% x 9/12 = 507.71

TOTAL: (6480 + 1981.80 + 507.71 = 8969.51) rounded to 8970

NB: You still have a contribution in the Employee Pension Fund (6000 x 8.33% x 9 months = 4500/-). You can withdraw the same or obtain a scheme certificate.

With regards,

Jishnu V. Nair

Tax & EPF Consultant

Kerala

Email: infomanimangalam@gmail.com

If basic is more than 6500, the P.F. will be Rs. 780, or it is 12% of basic + 780.

Can anyone help with this?

Dear Darshan,

I have calculated your PF for 9 months of working with a Rs. 6000 basic salary at a 12% PF contribution rate. The PF interest rate is 8.5% per annum, compounded cumulatively.

| Month | Sum | Days | Interest | Cumulative |
|-------|-----|------|----------|------------|
| April | 720 | 364 | 61 | 781 |
| May | 720 | 335 | 117 | 1618 |
| June | 720 | 304 | 166 | 2504 |
| July | 720 | 274 | 206 | 3429 |
| August | 720 | 243 | 235 | 4384 |
| September | 720 | 212 | 252 | 5356 |
| October | 720 | 182 | 258 | 6334 |
| November | 720 | 151 | 248 | 7302 |
| December | 720 | 121 | 226 | 8248 |
| January | 90 | 173 | 8421 |
| February | 59 | 116 | 8536 |
| March | 31 | 62 | 8598 |

If you received the amount immediately after 31st March, you should receive Rs. 8598, considering you started working from 1st April.

Please let me know if there are any corrections needed. Thank you.

Normally, 12% will be credited as employees' contribution and 12% as employers' contribution. Out of the employers' contribution, 8.33% will go to the pension fund, subject to a ceiling of Rs. 541. The rest of the full amount will go to the individual PF account. Interest will be monthly compounded and rounded to the nearest rupee separately for employee and employer contributions.

I shall insert an excel sheet. This is applicable w.e.f. 16.11.95. The interest applicable thereafter is as follows:
- 16.11.95 to 31.3.2000 - 12%
- 1.4.2000 to 31.3.2001 - 11%
- 1.4.2001 to 31.3.2005 - 9.5%
- 1.4.2005 to 31.3.2010 - 8.5%
- 1.4.2010 onwards - 9.5%

The ceiling limits applicable are:
- 16.11.95 to 31.5.2001 - 5000
- 1.6.2001 onwards - 6500

Kindly enter the salary details, ceiling limit, and annual interest applicable in the corresponding columns.

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