Dear All,
I have a doubt regarding EPS withdraw. Please help me out with your valuable suggestions.
I am working as a HR Executive. One of our employee having basic salary of Rs. 30000/- PM. He is contributing EPF & EPS on higher wages. So his monthly deductions is 30000*12/100=3600.(EPF: Rs. 1101 & EPS: Rs. 2499).
Few days back he was resigned and given forms to withdraw his PF amount. He got short amount than he expected. He went to PF office and ask the same and they replied as you have contribute higher than wages so we will consider your EPS contribution of Rs. 541/-. and the rest of the amount will not pay.
Is it correct??? Please suggest me...
I have a doubt regarding EPS withdraw. Please help me out with your valuable suggestions.
I am working as a HR Executive. One of our employee having basic salary of Rs. 30000/- PM. He is contributing EPF & EPS on higher wages. So his monthly deductions is 30000*12/100=3600.(EPF: Rs. 1101 & EPS: Rs. 2499).
Few days back he was resigned and given forms to withdraw his PF amount. He got short amount than he expected. He went to PF office and ask the same and they replied as you have contribute higher than wages so we will consider your EPS contribution of Rs. 541/-. and the rest of the amount will not pay.
Is it correct??? Please suggest me...