Hi Everybody, I joined an MNC as a contract employee. While joining, management informed me that my contract period is 5 months, and they extended it for one more month, meaning it's a total of 6 months and 1 week. My basic salary was 6346/-. This is my first job, and I don't know about the calculations of PF. Could anyone tell me the PF amount I will receive after finishing the contract?
Regards, Daya
From India, Hyderabad
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Regards, Daya
From India, Hyderabad
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I doubt that contract employees get the PF benefit. But if it is mentioned in your contract then it would be 12% of your basic salary.
From India, Mumbai
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148From India, Mumbai
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Thanks for your reply, 762/- (12%) was deducted as a PF amount every month. However, I am unsure about the total amount I will receive by the end of the contract. Is it 12% of all 6 months, 1 week, or less than that?
From India, Hyderabad
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From India, Hyderabad
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In that case you shall receive Employee Contribution – 12% on Basic Employer Contribution - 12% on Basic Rate of interest on it of 8.5 % on it.
From India, Mumbai
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From India, Mumbai
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Dear All, Calculation is as per rules but You can get all details like bank statement in epf e-passbook so visit members.epfoservices.in and go a head. Thanks Ramesh
From India, Rourkela
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From India, Rourkela
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Hi Guys, Employee Contribution – 12% on Basic. Employer Contribution - 12% on Basic. This contribution is directed to the two contributions, i.e., EPF (8.5%) and EPS (3.5%) schemes.
Thanks and best regards,
Kannan SL
From India, Madras
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Thanks and best regards,
Kannan SL
From India, Madras
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All the employees, whether contractual or permanent, will have PF benefits. The breakdown is as follows:
- Employee Contribution PF: 12%
- Employer Contribution PF: 3.67%
- Employer Contribution EPS: 8.33%
You may claim your PF amount.
Regards,
Starlet
From India, Madras
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- Employee Contribution PF: 12%
- Employer Contribution PF: 3.67%
- Employer Contribution EPS: 8.33%
You may claim your PF amount.
Regards,
Starlet
From India, Madras
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PF Deduction and Contribution Details
Your basic salary is Rs. 6346/-, and on this amount, the PF deduction is Rs. 762/- per month, which will also be contributed by the employer. This means that the total amount of PF+EPP is Rs. 1523/- per month. Over 6 months, this will amount to Rs. 9138/-, plus some interest on the contributed amount at 8.25% from the PF government side.
Thanks & Regards,
Laxman Bhekare
From India, Mumbai
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Your basic salary is Rs. 6346/-, and on this amount, the PF deduction is Rs. 762/- per month, which will also be contributed by the employer. This means that the total amount of PF+EPP is Rs. 1523/- per month. Over 6 months, this will amount to Rs. 9138/-, plus some interest on the contributed amount at 8.25% from the PF government side.
Thanks & Regards,
Laxman Bhekare
From India, Mumbai
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Employee Benefits.doc
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