Dear All, Can anyone tell me about PF’s interest rate i.e. on pension, continuation etc. Regards Anjana
From India, Bhubaneswar
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11From India, Bhubaneswar
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First of all, you should know that the 12% contribution is from the employee's side, and 12% contribution is from the employer's side, excluding administrative charges. The bifurcation of 24% is as follows: 12% + 3.67% = 15.67%, which should be EPF on which an interest of 8.75% is provided. The remaining 8.33% should be EPS, on which no interest is provided, but a contribution of 1.16% was provided by EPFO.
Thanks & Regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Thanks & Regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Dear Sumit, Thank you, But is the 8.75% is constant is it apply from the day one of contribution and what is that 1.16% epfo contribution. Regards Anjana
From India, Bhubaneswar
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From India, Bhubaneswar
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Interest rates are declared every year by EPFO board & may vary from year to year.
From India, Thane
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From India, Thane
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Dear Sumit, What about the 1.16%. Please clarify it . Regards Anjana
From India, Bhubaneswar
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From India, Bhubaneswar
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Dear Anjana,
The Central Government shall also contribute at the rate of 1.16% of the pay of the members of the Employees' Pension Scheme and credit the contribution to the Employees' Pension Fund.
Thanks & Regards,
Sumit Kumar Saxena
From India, Ghaziabad
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The Central Government shall also contribute at the rate of 1.16% of the pay of the members of the Employees' Pension Scheme and credit the contribution to the Employees' Pension Fund.
Thanks & Regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Dear Sumit,
Greetings of the day. First of all, I would like to say thank you for your valuable contribution. It is now clear to me that the central government pays 1.16% to the EPS fund of every employee. One more thing I would like to know is that our company is calculating PF based on BASIC+HRA, but the Act states it should be on BASIC+DA. Is it possible, and if so, how can this be implemented?
Regards,
Anjana
From India, Bhubaneswar
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Greetings of the day. First of all, I would like to say thank you for your valuable contribution. It is now clear to me that the central government pays 1.16% to the EPS fund of every employee. One more thing I would like to know is that our company is calculating PF based on BASIC+HRA, but the Act states it should be on BASIC+DA. Is it possible, and if so, how can this be implemented?
Regards,
Anjana
From India, Bhubaneswar
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Provident Fund interest Calculation Tool -97-03.xls
Provident Fund - Excluded Employee - Definition.pdf