I worked in a company for exactly 1 year(12months) My Basic salary was 120600 and deduction for PF from my salary was 1206 P/M.
As I know equal deduction should be include by the employer. However I was told at the time of joining that the deduction of employer will also be deduct from your salary and It will be not displayed in your salary slip.
The PF amount I received against the EPF A/C is 21518+6630=28148 i.e however less then the actual amount credited as a pf contribution including both employee and employer that should be 28948.
I send a Grievance and I did not get a valid response of my query.
SO please let me know how much amount should I get against the EPF including pension and provident fund and how do we calculate the PF. Is it correct amount I received or should I received a balance amount.
I am also sending the details of grievance here:
"This is with reference to your Grievance registered vide Registration Number SRTAM/E/2012/00835.
It is informed that after processing your grievance, the following action(s) has been taken:
There is no physical balance available as such under the Pension Fund (EPS a/c) of the members since no running balance is being maintained as in the case of EPF a/c. Thus the withdrawal benefit has got no relation with the contribution made towards the EPS a/c. It is being calculated based on the wage as on date of exit and the service rendered by the member (as per Table-'D' under para 14 of the Employees Pension Scheme 1995 of EPF and MP Act, 1952 which is available in the public domain)."
Please suggest!
As I know equal deduction should be include by the employer. However I was told at the time of joining that the deduction of employer will also be deduct from your salary and It will be not displayed in your salary slip.
The PF amount I received against the EPF A/C is 21518+6630=28148 i.e however less then the actual amount credited as a pf contribution including both employee and employer that should be 28948.
I send a Grievance and I did not get a valid response of my query.
SO please let me know how much amount should I get against the EPF including pension and provident fund and how do we calculate the PF. Is it correct amount I received or should I received a balance amount.
I am also sending the details of grievance here:
"This is with reference to your Grievance registered vide Registration Number SRTAM/E/2012/00835.
It is informed that after processing your grievance, the following action(s) has been taken:
There is no physical balance available as such under the Pension Fund (EPS a/c) of the members since no running balance is being maintained as in the case of EPF a/c. Thus the withdrawal benefit has got no relation with the contribution made towards the EPS a/c. It is being calculated based on the wage as on date of exit and the service rendered by the member (as per Table-'D' under para 14 of the Employees Pension Scheme 1995 of EPF and MP Act, 1952 which is available in the public domain)."
Please suggest!