Exact Calculation Of P.f In Full & Final Settlement

Dear all,

Hope you all are doing well. I have one query about how to calculate the PF in full and final settlement exactly. The details are as below:

- Date of Joining: 26.08.2011
- Last working day: 16.11.2012
- Basic salary before increment: 6849/-
- Basic salary after increment: 7363/- (w.e.f 01.04.2012)

Can anybody help me to calculate my PF in final dues?

Dear Member,

At the time of full and final settlement for a departed employee, the accumulated PF contributions will be withdrawn from the PF department by the concerned employees. There is no need to include this calculation in the full and final settlement sheet. The withdrawal forms, i.e., Form 19 and 10C, must be duly filled and signed by the employer and submitted at the respective PF office.

Regards,
Shivnendra K

Hi, I was working in a gold loan company, and now I have resigned. I would like to know if there is any way to get my PF without contacting my employer.

Dear Shivnendra,

Thank you for your email. Yesterday, while posting a query somewhere, I was expecting such a reply. My concern, shared with you and all other Cite HR members, is that after the submission of the PF withdrawal, we are left with no control over the process, and we have to accept whatever calculations are made by the concerned individuals. Often, people are dissatisfied and left guessing about these calculations. That's why I am raising this topic, hoping that our community can provide clarity on this issue.

Regards

Amit,

To calculate your PF, please check your salary slip (if available) for the monthly deduction (usually 12% of the basic pay). Also, verify if your employer is contributing 12% to your PF account (as mandatory) or if the employer's contribution is deducted from your salary (as some companies do). You can then multiply the PF amount (your contribution + your employer's contribution) by the number of months you worked in the company. The PF office pays interest on the deposited PF money. Currently, I believe it is 8.5% per annum, but this may vary. Other members can confirm this, please.

If you do not have a salary slip, you should consult your HR to understand the employer's PF contribution. Without this information, you cannot accurately calculate the final PF amount.

Hope you understood my explanation.

Hemanth

It's 8.25% per annum for 2011-12, and next year it will be increased to 8.6% per annum. Once you have the total PF contribution calculated and the interest, you will have your final figure. Or even better, log on to epfindia.com and check your PF balance there.

Dear members,

For more clarification about the accumulation of PF amount, you may log in to the EPF website and register your membership where you would find the PF contribution passbook. The PF department updates PF contribution details every month.

Regards,
Shivnendra Kr.

Dear Team Members,

I recently left the job and completed the exit formalities. As part of the exit procedures, I have also filled out Form 19 and Form 10. I have calculated my PF dues. Could you please review the attachment and confirm if the calculations are correct? Please find the enclosed attachment.

Thank you.