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Dear Sapna & Sumer,
First I shall attend Sapna's case. Regarding administration charges and interest rate, TELIKEPALLI has made a clear picture. Interest will be monthly compounded and rounded to nearest rupee.
Rgarding Sumer, your statutory contribution to Pension Fund will be Rs. 541/-. i.e. 6500x8.33%. If you already opted to contribute for full salary (instead of 6500/-), then your cntribution to EPS-95 will be 2754x25/36 = 1912. Even though there is provision to opt for actual salary in excess of 6500/-, I didn't experienced such a case.
i.e. out of employer's share of 2754, 541 only will only go to EPS-95 (not 8.33% fully). Balance 2213 alongwith employee share 2754 (altogether 4967/-) will go to your individual account.
If you leave BSNL now, your service of 1yr 8 m will be rounded to 2yrs. As you are not eligible for pension, you will get a withdrawal benefit. i.e. last salary (restricted to 6500)x 1.99 (factor as per Table B) = 12935/-.
Withdrawal of both the above amounts (amount in PF as well as EPS) can be processed immediately after relieving the present job. But if you wish to avail pension with an additional PF service in future, apply for scheme certificate.
If the new job is covered with PF you can continue. Otherwise it will be impossible to contribute to EPF according to your option.
Abbas.P.S, ITI Ltd, PALAKKAD - 678 623
Ph. +91 9447 467 667.
From India, Bangalore
First I shall attend Sapna's case. Regarding administration charges and interest rate, TELIKEPALLI has made a clear picture. Interest will be monthly compounded and rounded to nearest rupee.
Rgarding Sumer, your statutory contribution to Pension Fund will be Rs. 541/-. i.e. 6500x8.33%. If you already opted to contribute for full salary (instead of 6500/-), then your cntribution to EPS-95 will be 2754x25/36 = 1912. Even though there is provision to opt for actual salary in excess of 6500/-, I didn't experienced such a case.
i.e. out of employer's share of 2754, 541 only will only go to EPS-95 (not 8.33% fully). Balance 2213 alongwith employee share 2754 (altogether 4967/-) will go to your individual account.
If you leave BSNL now, your service of 1yr 8 m will be rounded to 2yrs. As you are not eligible for pension, you will get a withdrawal benefit. i.e. last salary (restricted to 6500)x 1.99 (factor as per Table B) = 12935/-.
Withdrawal of both the above amounts (amount in PF as well as EPS) can be processed immediately after relieving the present job. But if you wish to avail pension with an additional PF service in future, apply for scheme certificate.
If the new job is covered with PF you can continue. Otherwise it will be impossible to contribute to EPF according to your option.
Abbas.P.S, ITI Ltd, PALAKKAD - 678 623
Ph. +91 9447 467 667.
From India, Bangalore
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
From India, Diu
Adm charges is on employer part why this charges deducted from your account? In no case 1.61% added in your account it is a administration expenses which company has to bear there is no question of addition or deletion on employees part.
Calculation of P.F. interest is very difficult because they count every day interest and in P.F. account every month amount added, so it is very very difficult
Your contribution share 12% deposit in your P.F. account but 12% of employer our of it 3.67% deposit in your P.F. account and 8.33% in your FPF (Family Pension Fund) and no interest given in FPF amount.
From India, Ahmadabad
Calculation of P.F. interest is very difficult because they count every day interest and in P.F. account every month amount added, so it is very very difficult
Your contribution share 12% deposit in your P.F. account but 12% of employer our of it 3.67% deposit in your P.F. account and 8.33% in your FPF (Family Pension Fund) and no interest given in FPF amount.
From India, Ahmadabad
sir,i am harsh sharma I WORKED 17 AND 1/2 YEARS IN A PHARMA COMPANY.WHEN I RESIGNED COMPANY THEN I WITHDRAW MY PF MONEY.I DIDN'T GET TILL DATE MY PENSION CERTIFICATE AFTER 1 MONTH OF WITHDRAW MY PF AMOUNT.I WOULD LIKE TO KNOW TILL WHEN I RECEIVE MY PENSION CERTIFICATE.THANKS
From India, Jaipur
From India, Jaipur
Dear all,
please let me know is there any time limit( i.e length of service) for withdrawing Pension? i mean why sumer was not eligible to withdraw the pension amt. before 10 years? bit new to the orgazination. i am in learning stage, plz help!
regards-
Neha
From India, Vijayawada
please let me know is there any time limit( i.e length of service) for withdrawing Pension? i mean why sumer was not eligible to withdraw the pension amt. before 10 years? bit new to the orgazination. i am in learning stage, plz help!
regards-
Neha
From India, Vijayawada
I shall respond to HR practic, har77 & Neha Gupta,
Regarding PF interest calculation I have already cited that it is monthly compounding and round to nearest rupee. However I shall insert an Excel Sheet in this regard. You extend the rows (as per your requirement) and enter the the salary applicable for PF.
Regarding processing of Pension or Scheme Certificate, normally it will take one month. In case you are not getting after one month, there may be some clarifications required by the PF Authorities. In such cases please contact them with details.
Regarding Withdrawal benifit only one year is required. (Even 6 months will be rounded up as 1yr). But for pension minimum 10 yrs' service is required.
Abbas.P.S
From India, Bangalore
Regarding PF interest calculation I have already cited that it is monthly compounding and round to nearest rupee. However I shall insert an Excel Sheet in this regard. You extend the rows (as per your requirement) and enter the the salary applicable for PF.
Regarding processing of Pension or Scheme Certificate, normally it will take one month. In case you are not getting after one month, there may be some clarifications required by the PF Authorities. In such cases please contact them with details.
Regarding Withdrawal benifit only one year is required. (Even 6 months will be rounded up as 1yr). But for pension minimum 10 yrs' service is required.
Abbas.P.S
From India, Bangalore
Provident Fund Calculate
12% contribution by Employee
3.67% contribution PF by Employer
8.33% contributino Pension by Employer
This contribution take employer in which amt.
0.5% towards EDLI contribution
1.11% towards administative charges
From India, Diu
12% contribution by Employee
3.67% contribution PF by Employer
8.33% contributino Pension by Employer
This contribution take employer in which amt.
0.5% towards EDLI contribution
1.11% towards administative charges
From India, Diu
Dear Sachin Singh,
The Family Pension Scheme-1971, under EPF is replaced by Employees' Pension Scheme - 1995. If you are an existing member in this scheme, there is no salary limit to get exempted.
Regarding scorpionehal's statement that 8.33% will go to pension fund and 3.67% will go to PF as employer contribution; please note that for EPS, practically the contribution is for a limit upto a salary of Rs. 6500/-. Beyond that it will also go to PF as Employer's contribution.
In this regard you may use my excel sheet cited above.
Note : Interest on PF will be monthly compounded. 8.5% interest is annually. To get monthly interest this 8.5% is to be divided by 12. Initially in my excel sheet, annual interest was taken for monthly compounding. Now I have edited and corrected.
If any error or suggestion, please make notice to me.
Abbas.P.S
From India, Bangalore
The Family Pension Scheme-1971, under EPF is replaced by Employees' Pension Scheme - 1995. If you are an existing member in this scheme, there is no salary limit to get exempted.
Regarding scorpionehal's statement that 8.33% will go to pension fund and 3.67% will go to PF as employer contribution; please note that for EPS, practically the contribution is for a limit upto a salary of Rs. 6500/-. Beyond that it will also go to PF as Employer's contribution.
In this regard you may use my excel sheet cited above.
Note : Interest on PF will be monthly compounded. 8.5% interest is annually. To get monthly interest this 8.5% is to be divided by 12. Initially in my excel sheet, annual interest was taken for monthly compounding. Now I have edited and corrected.
If any error or suggestion, please make notice to me.
Abbas.P.S
From India, Bangalore
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls