Hi, I just checked my PF balance online. My total deduction, both employee and employer, is 1560 per month for three years. The EPF account online balance shows EE around 30000 and ER around 9000, whereas the actual amount without interest comes to 56000. I am confused as to why my online account is showing such a low balance. Please advise.
From India, Gurgaon
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From India, Gurgaon
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Here, you said your contribution is 780, and the employer's contribution is also 780 per month. In the employer's contribution, 2/3rd goes to the pension fund, so the remaining 1/3rd is 260. The total PF in your account per month is 780 + 260 = 1040/-.
Per annum = 1040 * 12 = 12480 (interest @ 8.5%). For three years, this amounts to 12480 * 3 = 37440 without interest. With interest, it comes to 44k, subject to your date of joining in the fund.
The remaining amount = 520 * 12 * 3 = 18720 will be in your pension scheme (without interest). With interest, it comes around 20k. I hope my answer satisfies you.
From India, Warangal
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7Per annum = 1040 * 12 = 12480 (interest @ 8.5%). For three years, this amounts to 12480 * 3 = 37440 without interest. With interest, it comes to 44k, subject to your date of joining in the fund.
The remaining amount = 520 * 12 * 3 = 18720 will be in your pension scheme (without interest). With interest, it comes around 20k. I hope my answer satisfies you.
From India, Warangal
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Provident Fund - Excluded Employee - Definition.pdf