Confused About PF Contributions and Interest Calculations – Can Anyone Clarify?

I am really thankful for the quick response to my query. However, I need further clarification on parts B and C.

Clarification on Employer's Contributions

If the Basic Salary is Rs. 1206 per month, then:

- B) Employer's 12 months PF contribution will be - Rs. 7980 (i.e., 665 X 12)
- C) Employer's 12 months EPS contribution will be - Rs. 6492 (i.e., 541 X 12)

How were Rs. 7980 (i.e., 665*12) and Rs. 6492 (i.e., 541*12) calculated, and what percentage was applied to calculate this?

Calculation of Total Provident Fund Amount

If the total amount in PF will be (A+B) or (14472+7980), that should be Rs. 22452, including interest. However, the amount received for the Employee Provident Fund is not correct, i.e., Rs. 21518, as interest is not included in it.

If it is correct, then how was it calculated? If not, then what should be the actual amount for the Provident Fund, including the interest?

Interest Rate for PF Account

What is the rate of interest for the PF account? Is it compound or simple?

Thanks and regards,

Kanchan

Once you provide me with the details of your deposited amount against the employee's PF contribution and the employer's contribution, I will explain the accurate calculation with the amount.

Calculation of EPS

The calculation of EPS is based on a salary ceiling limit of Rs. 6500/- per month, and the maximum EPS contribution on this ceiling is Rs. 541/- per month. In your case, your monthly PF is Rs. 1206/-. Then, the employer's monthly PF and EPS will be Rs. 665/- and Rs. 541/- (i.e., 665+541=1206).

If your employer is contributing as per the ceiling limit, then the employer's monthly PF and EPS on Rs. 6500/- will be Rs. 239/- and Rs. 541/- (i.e., 239+541=780).

Regards,
P.C. Lohar

Pending E-Passbook Request and Contribution Discrepancy

With reference to the last email by Nundun Negi regarding my PF A/C TN/TAM/30027/24240, I have sent a request for an E-passbook to the EPF Office. I sent this request on 18/08/2012; however, it is still pending. Can I send a reminder to them? If yes, please tell me the procedure.

I also contacted my company's shared service, and according to them, my contribution to the Employee Provident Fund is Rs. 22,378. It is Rs. 860 less than the actual amount credited, i.e., (14,472 + 7,980) or 12% of the employee and 3.67% of the employer, as deducted from my basic salary, i.e., Rs. 1,206/PM.

The details provided by the company's shared service for contribution are given in the file attached.

Hence, it is quite clear from the given data that in the amount received (Rs. 21,518), Rs. 860 is less than the actual contribution, and no interest was paid by the EPF office for this account.

Please let me know what I need to do to receive the remaining balance, including interest, from the EPF office.

Please also let me know what the actual amount should be, including the interest, if the contribution is Rs. 22,378.

Regards.

Thank you for addressing my query. The copy of the file for contribution to the PF, provided by the company's shared service, is attached here for your review. Please check the attachment and let me know the actual amount I am supposed to receive. I submitted a request for an E-passbook on 18/08/2012. It is still pending with the PF office. Can I send a reminder for it? If yes, then how should I proceed?

Steps to Obtain Remaining Balance from EPF Office

What steps should I take to obtain the remaining balance from the EPF Office? Please advise.

Regards,
Kanchan

If your claim was settled in the month of July 2012, then the total EPF amount with interest will be Rs. 23,764 (approximately). With regular reminders/follow-ups (i.e., through email and fax) on your end, you will receive advice from the PF office regarding your balance.

In the context above, you may directly talk telephonically to the RPFC/APFC of the office.