Hello all, can anyone explain to me how bifurcation works with PF and Pension Funds? In my previous organization, there was a Rs. 572 PF deduction from my end, and the same amount was paid from the employer's side as well. I worked there for 2.7 years.
When I am calculating the PF, should I multiply 572 by 2 per month for 2.7 years? Or are the Pension fund calculations also included in this? Please confirm.
From India, Ulhasnagar
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When I am calculating the PF, should I multiply 572 by 2 per month for 2.7 years? Or are the Pension fund calculations also included in this? Please confirm.
From India, Ulhasnagar
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To calculate the PF amount and remittance to the pension fund, first, you have to specify your salary. I think it will be around Rs. 4770. Then, 12% of 4770 will be 572.4, which will be rounded to 572. Then 8.33% of 4770, resulting in 397, would be paid to the pension fund. The balance share of the employer, which is 175 (572-397), and the entire share of the employee, which is 572, would be credited to the PF account. Hence, the amount in the PF would be (572+175) x 12 x 2.7 with interest.
Regards,
Abbas.P.S
From India, Bangalore
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530Regards,
Abbas.P.S
From India, Bangalore
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PF guidleines for Pension fund.pdf