I have heard that the employer share is equal to the employee share and hence, at the time of withdrawal, I'll get double the amount of the employee share. However, when I received an SMS from the EPFO website, it stated that EE is 44,000 and ER is 18,000. How is this possible? Why is ER so much less than EE, and how much will I get when I request a withdrawal now?
Please, someone, clarify this.
From India, Delhi
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1Please, someone, clarify this.
From India, Delhi
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This is quite a genuine question. The ER share of 12% is divided into two parts: 3.67% to EPF and 8.33% to EPS. The amount that is shown to you is your employer's contribution towards EPF. The rest, which is 8.33%, is contributed towards your pension. This amount is not calculated by EPF when you check online.
Regards, Vallabh
From India, Mumbai
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Regards, Vallabh
From India, Mumbai
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Calcu. pf Emp.eps.epf sample sheet for HR site..xls
EPF-Circular-da ted-23-May-2011 -Splitting-of-M inimum-Wages-fo r-the-Purpose-o f-PF-Contributi on-Not.pdf