Deductions from Your Provident Fund (PF) Account
Deductions from your Provident Fund (PF) account can happen due to various reasons. Some common reasons for deductions from PF include:
Employee Provident Fund (EPF) Contribution
A portion of your salary, typically 12% of your basic pay, is deducted every month as your EPF contribution. This amount is deposited into your PF account.
Employee Pension Scheme (EPS) Contribution
If you are a member of the Employee Pension Scheme, a part of your salary goes towards the EPS contribution.
EPF Administrative Charges
A nominal administrative charge is deducted by the EPFO for managing your PF account.
EPF Insurance Scheme
If you are a member of the Employees' Deposit Linked Insurance (EDLI) scheme, a small portion of your salary is deducted for the insurance coverage.
EPF Withdrawal Charges
In some cases, if you withdraw your PF before a certain period, such as before the completion of 5 years of continuous service, a TDS (Tax Deducted at Source) may be applicable, which results in a deduction.
Any Outstanding Dues
If you had any outstanding loans or dues to your employer related to PF, they might have deducted the amount from your PF settlement.
To get a clear understanding of the specific deductions from your PF account, it is recommended to check your PF account passbook or statement. The passbook will provide a detailed breakdown of all transactions, including contributions and deductions.
Additionally, you can contact your employer's HR department or the regional Provident Fund Office for more information and clarification on the deductions from your PF account. They will be able to provide you with detailed information specific to your case.