Dear All,
Recently, I was going through my PF slip and noticed that the admin charges of 1.61% have not been added, although the same amount has been deducted every month from my salary. When I withdraw the PF, will I not receive the 1.61% in addition to the 24%, i.e., 12% from the employer and 12% from the employee?
Could you also please provide me with the format for calculating the PF and interest? Since our company does not calculate DA, it would be helpful for me to understand how the amount is calculated.
I am looking forward to a positive reply from your end.
Regards,
Sapna
From India, Bangalore
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5Recently, I was going through my PF slip and noticed that the admin charges of 1.61% have not been added, although the same amount has been deducted every month from my salary. When I withdraw the PF, will I not receive the 1.61% in addition to the 24%, i.e., 12% from the employer and 12% from the employee?
Could you also please provide me with the format for calculating the PF and interest? Since our company does not calculate DA, it would be helpful for me to understand how the amount is calculated.
I am looking forward to a positive reply from your end.
Regards,
Sapna
From India, Bangalore
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Dear Spana,
I am wondering why your company is deducting Administration charges from your salary. Companies have to pay the Administration charges; maybe your company is doing the same. Anyway, check with your Finance/H.R. Dept about the same.
I want to inform you that P.F. administration charges will not appear in Payslips. It is not an income of the employee; it is an administrative cost to the company. You can see only the Provident Fund amount, which is Employee (12%) + Employer (3.67%) totaling 15.67% on your payslip out of 24%. The balance of 8.33% goes to the FPF amount, and this will not appear in Payslip; it will be paid at the time of retirement.
Please note that P.F. Interest differs from year to year; it depends on the government decision. Currently, the P.F. department is giving an 8.5% interest on the Provident Fund amount.
Thank you.
From India, Hyderabad
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I am wondering why your company is deducting Administration charges from your salary. Companies have to pay the Administration charges; maybe your company is doing the same. Anyway, check with your Finance/H.R. Dept about the same.
I want to inform you that P.F. administration charges will not appear in Payslips. It is not an income of the employee; it is an administrative cost to the company. You can see only the Provident Fund amount, which is Employee (12%) + Employer (3.67%) totaling 15.67% on your payslip out of 24%. The balance of 8.33% goes to the FPF amount, and this will not appear in Payslip; it will be paid at the time of retirement.
Please note that P.F. Interest differs from year to year; it depends on the government decision. Currently, the P.F. department is giving an 8.5% interest on the Provident Fund amount.
Thank you.
From India, Hyderabad
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Hi dear,
You are eligible for administrative charges i.e., 1.60%. The PF calculation will be done in the following manner: basic + DA = 6500. If below 6500, PF should be deducted compulsorily (or) basic less than 6500 also DA the same. When you withdraw your PF, you will be getting 12% + 12% + 1.60%.
Thanking you,
Priyanka.
From India, Hyderabad
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You are eligible for administrative charges i.e., 1.60%. The PF calculation will be done in the following manner: basic + DA = 6500. If below 6500, PF should be deducted compulsorily (or) basic less than 6500 also DA the same. When you withdraw your PF, you will be getting 12% + 12% + 1.60%.
Thanking you,
Priyanka.
From India, Hyderabad
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Dear Priyanka,
When you withdraw your PF from the EPF department, you will receive only 12% of the employee's share and 3.67% and 8.33% of the employer's share. If you complete less than 6 months of continuous service, you will not receive the 8.33% of the employer's share.
Thank you,
Vipul Johri
From India, Delhi
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When you withdraw your PF from the EPF department, you will receive only 12% of the employee's share and 3.67% and 8.33% of the employer's share. If you complete less than 6 months of continuous service, you will not receive the 8.33% of the employer's share.
Thank you,
Vipul Johri
From India, Delhi
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Dear Sapna, The Admin charges has to be paid by the company and not by the employee... And the point by Mr.telikepalli is right. Admin charges are not the income of employee.. Rgds, Stalin.P
From India, Madras
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From India, Madras
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Dear sir,
The charge of 1.61% is the government inspection fee. These charges do not constitute the income of the employee; instead, they are the responsibility of the employer. You will not incur these charges at the time of PF withdrawal. Instead, you will receive 12% of the employee's share, 12% of the employer's share, and interest.
Regards,
R.D. Sharma
From India, Jalandhar
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The charge of 1.61% is the government inspection fee. These charges do not constitute the income of the employee; instead, they are the responsibility of the employer. You will not incur these charges at the time of PF withdrawal. Instead, you will receive 12% of the employee's share, 12% of the employer's share, and interest.
Regards,
R.D. Sharma
From India, Jalandhar
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Please solve my problem. I am in BSNL, and my EPF from my side is 2754 (12% of my present basic 16900). It's only 1 year and 8 months in BSNL. I wish to leave BSNL, so on leaving, how much amount will I get from EPF? According to our account section, from the employer's contribution 3.67% is added to my EPF account, and the rest 8% is added to the pension scheme, which I can benefit from only after 10 years of service. Can I continue my EPF account after leaving the job? If my new employer does not contribute, can I contribute from both sides to maintain my EPF account?
In other words, how can I get the complete amount (mine and the employer's) from the EPF office?
27-4-2009 to 1-01-2009 EPF 2576/- (employees) onwards Jan 2009 to till date - EPF 2754/- (employees)
From India, Ambala
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In other words, how can I get the complete amount (mine and the employer's) from the EPF office?
27-4-2009 to 1-01-2009 EPF 2576/- (employees) onwards Jan 2009 to till date - EPF 2754/- (employees)
From India, Ambala
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hello friends, this is santhosh, please give me the complete notes of pay roll and how to calliculate the pf and etc
From India, Hyderabad
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From India, Hyderabad
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In the PF slip, you will find only 12% + 3.67% and the rate of interest is also not 8.33% (EPS). As far as administrative charges are concerned, it is the liability of employers, not of employees.
Thanks & regards,
Sumit Kumar Saxena
+91-9899669071, 0120-4131277
From India, Ghaziabad
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Thanks & regards,
Sumit Kumar Saxena
+91-9899669071, 0120-4131277
From India, Ghaziabad
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Administratin charges of 1.61% need to be paid by company and it should not deduct from the employee’s salary. YOu can take up the issue with your HR/Finance department.
From India, Bangalore
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From India, Bangalore
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In your question please find attached. Hope it will be useful give reply...
From India, Surat
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From India, Surat
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Dear Sapna & Sumer,
First, I shall address Sapna's case. Regarding administration charges and interest rate, TELIKEPALLI has provided a clear explanation. Interest will be monthly compounded and rounded to the nearest rupee.
Regarding Sumer, your statutory contribution to the Pension Fund will be Rs. 541/-. i.e., 6500 x 8.33%. If you have already chosen to contribute based on your full salary (instead of 6500/-), then your contribution to EPS-95 will be 2754 x 25/36 = 1912. Although there is an option to select the actual salary exceeding 6500/-, I have not encountered such a scenario.
That is, out of the employer's share of 2754, only 541 will be allocated to EPS-95 (not the full 8.33%). The remaining 2213 along with the employee's share of 2754 (totaling 4967/-) will be deposited into your individual account.
If you leave BSNL now, your service of 1 year and 8 months will be rounded up to 2 years. Since you are not eligible for a pension, you will receive a withdrawal benefit. i.e., the last salary (capped at 6500) x 1.99 (factor per Table B) = 12935/-.
Both the above amounts (the sum in PF as well as EPS) can be processed immediately after leaving the current job. However, if you intend to secure a pension along with additional PF service in the future, you should apply for a scheme certificate.
If your new job is covered by PF, you can continue. Otherwise, it will be impossible to contribute to EPF as per your choice.
Abbas.P.S, ITI Ltd, PALAKKAD - 678 623
Ph. +91 9447 467 667.
From India, Bangalore
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First, I shall address Sapna's case. Regarding administration charges and interest rate, TELIKEPALLI has provided a clear explanation. Interest will be monthly compounded and rounded to the nearest rupee.
Regarding Sumer, your statutory contribution to the Pension Fund will be Rs. 541/-. i.e., 6500 x 8.33%. If you have already chosen to contribute based on your full salary (instead of 6500/-), then your contribution to EPS-95 will be 2754 x 25/36 = 1912. Although there is an option to select the actual salary exceeding 6500/-, I have not encountered such a scenario.
That is, out of the employer's share of 2754, only 541 will be allocated to EPS-95 (not the full 8.33%). The remaining 2213 along with the employee's share of 2754 (totaling 4967/-) will be deposited into your individual account.
If you leave BSNL now, your service of 1 year and 8 months will be rounded up to 2 years. Since you are not eligible for a pension, you will receive a withdrawal benefit. i.e., the last salary (capped at 6500) x 1.99 (factor per Table B) = 12935/-.
Both the above amounts (the sum in PF as well as EPS) can be processed immediately after leaving the current job. However, if you intend to secure a pension along with additional PF service in the future, you should apply for a scheme certificate.
If your new job is covered by PF, you can continue. Otherwise, it will be impossible to contribute to EPF as per your choice.
Abbas.P.S, ITI Ltd, PALAKKAD - 678 623
Ph. +91 9447 467 667.
From India, Bangalore
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Pl. give format of fillup form for allotment of business number (bn) Our basic + da = salary Rs.10000/- how to calculate pf. Pl. give knowledge of PF
From India, Diu
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From India, Diu
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Dear All,
Recently, I was going through my PF slip and noticed that the admin charges of 1.61% have not been added, although the same amount has been deducted from my salary every month. When withdrawing the PF, will I not receive the 1.61% in addition to the 24% (12% Employer & 12% Employee)?
Could you also please provide me with the format for calculating the PF and interest? Since our company does not calculate DA, understanding the calculation process would be beneficial for me.
I am looking forward to a positive response from your end.
Regards,
Sapna
Admin charges are the responsibility of the employer, so why are these charges deducted from the employee's account? The 1.61% is an administration expense that the company should bear; there is no involvement from the employee's end in terms of addition or deduction.
Calculating P.F. interest can be quite complex as interest is calculated daily, with monthly additions to the P.F. account. Your contribution consists of a 12% deposit into your P.F. account. Of the employer's 12% contribution, 3.67% is deposited into your P.F. account, and 8.33% goes into your FPF (Family Pension Fund) with no interest provided on the FPF amount.
From India, Ahmadabad
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Recently, I was going through my PF slip and noticed that the admin charges of 1.61% have not been added, although the same amount has been deducted from my salary every month. When withdrawing the PF, will I not receive the 1.61% in addition to the 24% (12% Employer & 12% Employee)?
Could you also please provide me with the format for calculating the PF and interest? Since our company does not calculate DA, understanding the calculation process would be beneficial for me.
I am looking forward to a positive response from your end.
Regards,
Sapna
Admin charges are the responsibility of the employer, so why are these charges deducted from the employee's account? The 1.61% is an administration expense that the company should bear; there is no involvement from the employee's end in terms of addition or deduction.
Calculating P.F. interest can be quite complex as interest is calculated daily, with monthly additions to the P.F. account. Your contribution consists of a 12% deposit into your P.F. account. Of the employer's 12% contribution, 3.67% is deposited into your P.F. account, and 8.33% goes into your FPF (Family Pension Fund) with no interest provided on the FPF amount.
From India, Ahmadabad
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Hi, I am Harsh Sharma. I worked 17 and 1/2 years in a pharma company. When I resigned from the company, I withdrew my PF money. However, I haven't received my pension certificate to date, even after one month of withdrawing my PF amount. I would like to know when I can expect to receive my pension certificate.
Thank you.
From India, Jaipur
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Thank you.
From India, Jaipur
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Dear all,
Please let me know if there is any time limit (i.e., length of service) for withdrawing pension. I mean, why was Sumer not eligible to withdraw the pension amount before 10 years? I am a bit new to the organization and am in the learning stage. Please help!
Regards,
Neha
From India, Vijayawada
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Please let me know if there is any time limit (i.e., length of service) for withdrawing pension. I mean, why was Sumer not eligible to withdraw the pension amount before 10 years? I am a bit new to the organization and am in the learning stage. Please help!
Regards,
Neha
From India, Vijayawada
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I shall respond to HR practice, har77, & Neha Gupta regarding PF interest calculation. I have already mentioned that it is monthly compounding and rounded to the nearest rupee. I shall insert an Excel sheet in this regard. You can extend the rows (as per your requirement) and enter the salary applicable for PF.
Regarding the processing of Pension or Scheme Certificate, it normally takes one month. If you do not receive it after one month, there may be some clarifications required by the PF Authorities. In such cases, please contact them with details.
For Withdrawal benefit, only one year is required (even 6 months will be rounded up as 1 year). However, for pension, a minimum of 10 years' service is required.
Abbas. P. S
From India, Bangalore
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Regarding the processing of Pension or Scheme Certificate, it normally takes one month. If you do not receive it after one month, there may be some clarifications required by the PF Authorities. In such cases, please contact them with details.
For Withdrawal benefit, only one year is required (even 6 months will be rounded up as 1 year). However, for pension, a minimum of 10 years' service is required.
Abbas. P. S
From India, Bangalore
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Provident Fund Calculation:
- 12% contribution by Employee
- 3.67% contribution to PF by Employer
- 8.33% contribution to Pension by Employer
This contribution is taken by the employer in which amount:
- 0.5% towards EDLI contribution
- 1.11% towards administrative charges
Please let me know if you need further assistance or clarification on the Provident Fund contributions.
From India, Diu
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- 12% contribution by Employee
- 3.67% contribution to PF by Employer
- 8.33% contribution to Pension by Employer
This contribution is taken by the employer in which amount:
- 0.5% towards EDLI contribution
- 1.11% towards administrative charges
Please let me know if you need further assistance or clarification on the Provident Fund contributions.
From India, Diu
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Dear Sachin Singh,
The Family Pension Scheme-1971, under EPF, is replaced by the Employees' Pension Scheme - 1995. If you are an existing member of this scheme, there is no salary limit to be exempted.
Regarding scorpionehal's statement that 8.33% will go to the pension fund and 3.67% will go to the PF as an employer contribution; please note that for EPS, practically the contribution is limited up to a salary of Rs. 6500/-. Beyond that, it will also go to PF as the employer's contribution.
In this regard, you may use my Excel sheet cited above.
Note: Interest on PF will be compounded monthly. The 8.5% interest is annual. To calculate the monthly interest, divide this 8.5% by 12. Initially, in my Excel sheet, annual interest was used for monthly compounding. Now, I have edited and corrected it.
If there is any error or suggestion, please notify me.
Abbas.P.S
From India, Bangalore
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The Family Pension Scheme-1971, under EPF, is replaced by the Employees' Pension Scheme - 1995. If you are an existing member of this scheme, there is no salary limit to be exempted.
Regarding scorpionehal's statement that 8.33% will go to the pension fund and 3.67% will go to the PF as an employer contribution; please note that for EPS, practically the contribution is limited up to a salary of Rs. 6500/-. Beyond that, it will also go to PF as the employer's contribution.
In this regard, you may use my Excel sheet cited above.
Note: Interest on PF will be compounded monthly. The 8.5% interest is annual. To calculate the monthly interest, divide this 8.5% by 12. Initially, in my Excel sheet, annual interest was used for monthly compounding. Now, I have edited and corrected it.
If there is any error or suggestion, please notify me.
Abbas.P.S
From India, Bangalore
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls
Employee Benefits.doc