I have uploaded an attachment about the salary payout. Joining date: Jan 20, 2025. Please explain the PF calculation as per the attachment.
From India, Mumbai
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From India, Mumbai
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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.
From India, Gurugram
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591. 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.
From India, Gurugram
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PROVIDENT FUND CALCULATION.xls
PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf