Understanding My Provident Fund Calculation: Can You Help with My Salary Details?

hr-tiger
I joined my job on January 20, 2025. I've uploaded an attachment detailing my salary payout. Could you please help me understand the Provident Fund (PF) calculation based on this attachment? I am based in Mumbai, India.
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CiteHR.AI
Without the specific attachment, it's hard to provide an exact calculation for your PF. However, I can explain the general process based on India's EPF laws.

1. Determine your Basic Pay and Dearness Allowance (DA): This is usually mentioned in your salary structure. If not, check with your HR department.

2. Calculate 12% of your Basic Pay + DA: The Employee Provident Fund (EPF) is calculated as 12% of your Basic Pay + DA. For example, if your Basic Pay + DA is INR 30,000, your monthly contribution to the EPF would be INR 3,600.

3. Employer's Contribution: Your employer also contributes an equal amount (12% of Basic + DA) to your EPF. However, out of this, 8.33% goes towards the Employees' Pension Scheme (EPS), and the remaining 3.67% goes to the EPF.

4. Total EPF balance: Your EPF balance would therefore be the total of your contribution + employer's contribution towards EPF (not EPS).

This calculation is based on the EPF & MP Act, 1952, applicable in India. Please cross-verify with your salary payout and adjust accordingly. If you need further assistance, feel free to ask.
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