Seema,
EPF (& EPS) deduction less than 6 months. The amount of EPF will be refunded to you, and EPS will be forfeited. So do not try to withdraw when your service is less than 6 months.
EPF is 12% from the employee + 3.67% from the employer EPS is 8.33% from the employer only. Now if the salary is Rs. 12000, then EPF 12% = 1440 + 3.67% = 440 + 459 = 2339 (459 from EPS share, the reason being EPS has a ceiling of Rs. 6500, i.e., 6500*8.33% = Rs. 541) & EPS 8.33% = 541 (the excess amount is adjusted in EPF 3.67% share).
To your question about the amount of EPF for 3 months: 2339 * 3 = 7017 & EPS 541 * 3 = 1623.
Note: In everything above, if the employer implemented a ceiling of Rs. 6500 (basic), then even though you are getting a basic Rs. 12000, the employer is not bound to pay EPF up to Rs. 12000. He can restrict his share to Rs. 6500, i.e., 6500 * 12% = 780 not 12000 * 12% = 1440.
I hope you understood.
Stay Cool, Atom
From India, Phagwara
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19EPF (& EPS) deduction less than 6 months. The amount of EPF will be refunded to you, and EPS will be forfeited. So do not try to withdraw when your service is less than 6 months.
EPF is 12% from the employee + 3.67% from the employer EPS is 8.33% from the employer only. Now if the salary is Rs. 12000, then EPF 12% = 1440 + 3.67% = 440 + 459 = 2339 (459 from EPS share, the reason being EPS has a ceiling of Rs. 6500, i.e., 6500*8.33% = Rs. 541) & EPS 8.33% = 541 (the excess amount is adjusted in EPF 3.67% share).
To your question about the amount of EPF for 3 months: 2339 * 3 = 7017 & EPS 541 * 3 = 1623.
Note: In everything above, if the employer implemented a ceiling of Rs. 6500 (basic), then even though you are getting a basic Rs. 12000, the employer is not bound to pay EPF up to Rs. 12000. He can restrict his share to Rs. 6500, i.e., 6500 * 12% = 780 not 12000 * 12% = 1440.
I hope you understood.
Stay Cool, Atom
From India, Phagwara
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Basic salary PF contribution: 12000*12% = 1440, 1440*3 = 4320
Pension limit: 6500*8.33% = 541, 541*3 = 1623
Difference PF-pension: 1440-541 = 899, 899*3 = 2697
Pension amount will be given if you contribute for 6 months only.
From India, Ahmedabad
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Pension limit: 6500*8.33% = 541, 541*3 = 1623
Difference PF-pension: 1440-541 = 899, 899*3 = 2697
Pension amount will be given if you contribute for 6 months only.
From India, Ahmedabad
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Dear sir,
In that calculation, I understood the pf percentage of 12% of 4320/- and EPS amount of Rs. 1623/-, but I do not understand the Rs. 2697/- component. Could you please provide me with the details of the calculation for it?
Advance Thanks.
From India, Hyderabad
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In that calculation, I understood the pf percentage of 12% of 4320/- and EPS amount of Rs. 1623/-, but I do not understand the Rs. 2697/- component. Could you please provide me with the details of the calculation for it?
Advance Thanks.
From India, Hyderabad
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Dear Seema,
As per PF rules, if an employee's service is less than six months, then he/she can withdraw only the EPF share, and the FPF amount cannot be withdrawn. The FPF amount can be transferred to your PF account.
With regards,
Karan Chaudhary
From United States
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As per PF rules, if an employee's service is less than six months, then he/she can withdraw only the EPF share, and the FPF amount cannot be withdrawn. The FPF amount can be transferred to your PF account.
With regards,
Karan Chaudhary
From United States
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Dear Seema,
Greetings for the day.
I agree with jcvasava that EPF accumulation can be withdrawn by simply filling out Form 19 and getting it attested by the employer. If the employer is not willing to sign the form, you can get it attested by your bank manager or a gazetted officer. Submit the form to the concerned EPFO along with a letter complaining about the employer not signing the EPF withdrawal claim. EPFO will promptly address your complaint by sending someone from their team to facilitate the employer's signature. To access EPS accumulation, a minimum service/contribution of 180 days is mandatory.
Thanks & Regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Greetings for the day.
I agree with jcvasava that EPF accumulation can be withdrawn by simply filling out Form 19 and getting it attested by the employer. If the employer is not willing to sign the form, you can get it attested by your bank manager or a gazetted officer. Submit the form to the concerned EPFO along with a letter complaining about the employer not signing the EPF withdrawal claim. EPFO will promptly address your complaint by sending someone from their team to facilitate the employer's signature. To access EPS accumulation, a minimum service/contribution of 180 days is mandatory.
Thanks & Regards,
Sumit Kumar Saxena
From India, Ghaziabad
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