Hi Paul,
The admin charges percentage rate remains the same as before, but the value has increased due to a change in the slab. The increase will occur if you had restricted PF to Rs. 6500/- only, even if your basic would have been more than Rs. 6500/-. If you were to be paying PF on the full basic, then admin charges would not differ.
For example, if your basic were Rs. 20000/-, but you were paying PF on Rs. 6500/-, then admin charges were Rs. 6500 * 1.61%. Now it will be Rs. 15000 * 1.61%. If you were paying PF on the full Rs. 20000/-, then your admin charges would have been Rs. 20000 * 1.61%. Now it will also be Rs. 20000 * 1.61%. Only EPS will change from Rs. 541/- to Rs. 1250/-.
Thanks,
Mahesh.H.M.M
From India, Bangalore
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7The admin charges percentage rate remains the same as before, but the value has increased due to a change in the slab. The increase will occur if you had restricted PF to Rs. 6500/- only, even if your basic would have been more than Rs. 6500/-. If you were to be paying PF on the full basic, then admin charges would not differ.
For example, if your basic were Rs. 20000/-, but you were paying PF on Rs. 6500/-, then admin charges were Rs. 6500 * 1.61%. Now it will be Rs. 15000 * 1.61%. If you were paying PF on the full Rs. 20000/-, then your admin charges would have been Rs. 20000 * 1.61%. Now it will also be Rs. 20000 * 1.61%. Only EPS will change from Rs. 541/- to Rs. 1250/-.
Thanks,
Mahesh.H.M.M
From India, Bangalore
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EPF ON LINE REGN. USER MANUAL.pdf