PF Amount Get Doubles

R/HR's

There is misconception or fact (I am also not aware) employee says that PF amount get doubles at the time of withdraw. can anyone guide me on it, and how can I calculate the person full PF i.e., ( govt.+employer) amount from his joining to till date.

Satish,
The contribution towards EPF by employer and employee is same i.e 12% is contributed by the employer and the same percentage do the employee contribution towards epf. that is what employee assume it amount become double
Calculations: P.F from Basic
Employee: 12% (P.F)
Employer: 3.67% Provident Fund (A/c 1) + 8.33% Pension (A/c 10) + 1.10% Admin Charges on
PF (A/c 2) + 0.50% EDLI (A/c 21) + 0.01% Admin Charges on EDLI (A/c 22)
=>13.61% on basic
* Pension (8.33% or 541/- which ever less)
every year Govt. declare the rate of interest for the epf amount. in 2008 -2009the rate of interest was 8.50% ,in2009-2010 the rate of interest is 8% .
this interest is given on PF amount and not on EPS..
regards
mohan

Dear all,
With the fixed deposit showing a wavering trend,
PF is one of the most safe ways of saving every year, without having to pay any income tax towards the interest!. So if you actually plan your PF (if Voluntary PF is also avaialble) then at one point of time, one may be earning 2-3 lakhs as interest in PF which gets added to one's corpus fund without realising it.
So if PF is a safe bet, which allows you to draw the amount based on emergency need like marriage, house building, religious functions etc. on recoverable/ non-recoverable basis. Thus acting as an emergency fund also!
Regards
Premson

Dear Mr.Sathish
For your kind information there is no such provisions in PF for doubling the amount, the employees say in their perception that is the 12% from their contribution and 12% from the employer contribution thats it dont be confused is it clear right now..
Regards,
R.Ramkishore