OK
Seema,
EPF( & EPS) deduction less then 6 months. The amount of EPF will be refunded to you and EPS will be forfeited. So do not try to withdraw when your service is less then 6 months.
EPF is 12% form employee + 3.67% from employer
EPS is 8.33% from employer only.
Now if salary is Rs.12000
then EPF 12%= 1440 + 3.67% = 440 + 459 = 2339 (459 from EPS share, reason being EPS has a ceiling on Rs.6500, i.e., 6500*8.33% = Rs.541 )
& EPS 8.33% = 541 (excess amount is adjusted in EPF 3.67% share)
to your question how much amount of EPF for 3 months 2339 * 3 = 7017. & EPS 541*3 = 1623
Note: to everything above if the employer implemented a ceiling Rs. 6500 (basic) then even though you are getting basic Rs. 12000 the employer is not bound to pay EPF upto Rs.12000. He can restrict his share to Rs.6500 i.e., 6500 * 12% = 780 not 12000*12% = 1440.
I hope you understood..
Stay Cool,
Atom
Seema,
EPF( & EPS) deduction less then 6 months. The amount of EPF will be refunded to you and EPS will be forfeited. So do not try to withdraw when your service is less then 6 months.
EPF is 12% form employee + 3.67% from employer
EPS is 8.33% from employer only.
Now if salary is Rs.12000
then EPF 12%= 1440 + 3.67% = 440 + 459 = 2339 (459 from EPS share, reason being EPS has a ceiling on Rs.6500, i.e., 6500*8.33% = Rs.541 )
& EPS 8.33% = 541 (excess amount is adjusted in EPF 3.67% share)
to your question how much amount of EPF for 3 months 2339 * 3 = 7017. & EPS 541*3 = 1623
Note: to everything above if the employer implemented a ceiling Rs. 6500 (basic) then even though you are getting basic Rs. 12000 the employer is not bound to pay EPF upto Rs.12000. He can restrict his share to Rs.6500 i.e., 6500 * 12% = 780 not 12000*12% = 1440.
I hope you understood..
Stay Cool,
Atom