Dear Friends A lots of thanx to Bhandavi, Chris and Abbas. I am now clear about PF Contribution. thanx once again janmejay
From India, Delhi
From India, Delhi
whats the mininmum employees rate to contribute the PF. How many minimum employees should be there in a company to deduct PF? Pls explain
From India, Madras
54From India, Madras
Dear All,
Can any one tells me how we can calculate FINAL amount of PF?
My last basics was 6000 & 12% of this was PF i e 720.
I worked there for 9 months.
I had also submitted the PF withdrawal form.
But i want to know how to calculate/credited how mush the final amount for PF including interest.
If any one knows this then please let me know.
Thanks & Regards
Darshan Palkar
Dear Darshan,
According to your Basic Salary Rs. 6000.00 P.M.
Your Provident Fund deducted is Rs. 720.00 P.M.
and Total Amount Deposited to P. F. Department Rs. 1.440.00 P.M.(720.00 deducted from your salary and Rs. 720.00 from the Employer)
For the Nine Month Your Total Amount Deposited in PF Departement is Rs. 1440.00 x 9 = 12960.00
Interest Rate is there 8.5 persent P. A. Calculated every Six month. That would be around 550.00
That means You will get Rs. 13510.00.
It will take 45 days or more to clear and will come directly in your saving bank account from the SBI Bank.
Hope this information will help you
With Regards
Akhilesh
Dear Mr.Darshan,
You are not applicable for Pension Right now.
When your account exits upto 9 yrs, then only the PF account bifurcated into two categories
1. EPF and 2.Pension.
EPF is 15.67% and 8.33% is pension.
So if your account is below 9 yrs, then with drawl amount is 24%.
(means amount Rs. ?)
With Regards,
G.R.Vishaka Guru
Please clear Vishakhar Guru ?
Thanks
On Exiting query anybody want to add something coz my query is same friends
Darshil will get aprrox Rs. 13510.
---
Re: PF Contribution Amount Calculation
Hi Chris,
As peryour Basic
Your Contribution is (12% ) - 1200 Rs
Employer Contribution - ( 3.67% ) - 367 Rs
Total - 1567 Rs
You might be thinking what about the rest of Employer contribution out of 12%. Well the rest will be deposited into Pension A/c which you can withdraw on retirement only.
Retirement means exactly what? that means he can not withdrawl bothside 12%+12%=24% +8.5%=? after one/two year of service...when he will get/calim remaining 8.67%.....please clear these its confusion thats why i posted existing referances..
thnks
Nushad
From India, Mumbai
Can any one tells me how we can calculate FINAL amount of PF?
My last basics was 6000 & 12% of this was PF i e 720.
I worked there for 9 months.
I had also submitted the PF withdrawal form.
But i want to know how to calculate/credited how mush the final amount for PF including interest.
If any one knows this then please let me know.
Thanks & Regards
Darshan Palkar
Dear Darshan,
According to your Basic Salary Rs. 6000.00 P.M.
Your Provident Fund deducted is Rs. 720.00 P.M.
and Total Amount Deposited to P. F. Department Rs. 1.440.00 P.M.(720.00 deducted from your salary and Rs. 720.00 from the Employer)
For the Nine Month Your Total Amount Deposited in PF Departement is Rs. 1440.00 x 9 = 12960.00
Interest Rate is there 8.5 persent P. A. Calculated every Six month. That would be around 550.00
That means You will get Rs. 13510.00.
It will take 45 days or more to clear and will come directly in your saving bank account from the SBI Bank.
Hope this information will help you
With Regards
Akhilesh
Dear Mr.Darshan,
You are not applicable for Pension Right now.
When your account exits upto 9 yrs, then only the PF account bifurcated into two categories
1. EPF and 2.Pension.
EPF is 15.67% and 8.33% is pension.
So if your account is below 9 yrs, then with drawl amount is 24%.
(means amount Rs. ?)
With Regards,
G.R.Vishaka Guru
Please clear Vishakhar Guru ?
Thanks
On Exiting query anybody want to add something coz my query is same friends
Darshil will get aprrox Rs. 13510.
---
Re: PF Contribution Amount Calculation
Hi Chris,
As peryour Basic
Your Contribution is (12% ) - 1200 Rs
Employer Contribution - ( 3.67% ) - 367 Rs
Total - 1567 Rs
You might be thinking what about the rest of Employer contribution out of 12%. Well the rest will be deposited into Pension A/c which you can withdraw on retirement only.
Retirement means exactly what? that means he can not withdrawl bothside 12%+12%=24% +8.5%=? after one/two year of service...when he will get/calim remaining 8.67%.....please clear these its confusion thats why i posted existing referances..
thnks
Nushad
From India, Mumbai
Dear Nushad,
Somany quotings are furnished by you. Accordingly it is difficult to understand that, what do you aim by this.However I shall comment on the PF deposit cited above.
Here only final salary is given as Rs. 6000. From the final salary, PF statement preparation is not possible. We have to get monthly salary details through out his service.
Assuming that salary for the 9 months is uniform viz. Rs. 6000, after 9th month remittance employee contribution with interest will be Rs. 6666 & employer contribution with interest will be Rs. 2038. (Note that interest is monthly compounding). I shall insert an excel sheet for this calculation. Entry of corresponding monthly salaries will give the out put.
In addition he is eligible to get a withdrawal benefit of Rs. 6120. i.e Factor as per Table D for service x last drawn salary. Here 9 months will be rounded up as 1 year. It's equivalent factor is 1.02. 6000x1.02 = 6120.
Now what are the remaining doubts. Please make clear.
Abbas.P.S, ITI LTD, PALAKKAD - 678 623
From India, Bangalore
Somany quotings are furnished by you. Accordingly it is difficult to understand that, what do you aim by this.However I shall comment on the PF deposit cited above.
Here only final salary is given as Rs. 6000. From the final salary, PF statement preparation is not possible. We have to get monthly salary details through out his service.
Assuming that salary for the 9 months is uniform viz. Rs. 6000, after 9th month remittance employee contribution with interest will be Rs. 6666 & employer contribution with interest will be Rs. 2038. (Note that interest is monthly compounding). I shall insert an excel sheet for this calculation. Entry of corresponding monthly salaries will give the out put.
In addition he is eligible to get a withdrawal benefit of Rs. 6120. i.e Factor as per Table D for service x last drawn salary. Here 9 months will be rounded up as 1 year. It's equivalent factor is 1.02. 6000x1.02 = 6120.
Now what are the remaining doubts. Please make clear.
Abbas.P.S, ITI LTD, PALAKKAD - 678 623
From India, Bangalore
Please explain in detail..
who not the exacts...
Case 1 : Your Cotribution - 12% (Max 6500) - 780
Employer Contribution - 3.76% (Max 6500) - 239
Total - 1019
what amount credited in my bank account only 1019 0r total 1560 ?
if 1019 than when it will get remaining 541 ? i am not qualify for pension...please anyone explain..thanks
candidates are confused coz not exactly know how much amount credited in there bank acount 12%+3.67% or Total 24% at a time..
From India, Mumbai
who not the exacts...
Case 1 : Your Cotribution - 12% (Max 6500) - 780
Employer Contribution - 3.76% (Max 6500) - 239
Total - 1019
what amount credited in my bank account only 1019 0r total 1560 ?
if 1019 than when it will get remaining 541 ? i am not qualify for pension...please anyone explain..thanks
candidates are confused coz not exactly know how much amount credited in there bank acount 12%+3.67% or Total 24% at a time..
From India, Mumbai
Thanks abbas...
Please explain in detail..
Case 1 : Your Cotribution - 12% (Max 6500) - 780
Employer Contribution - 3.76% (Max 6500) - 239
Total - 1019
?what amount credited in my bank account only 1019 0r total 1560 ?
if 1019 than when it will get remaining 541 ? i am not qualify for pension...please anyone explain..thanks
candidates are confused coz not exactly know how much amount credited in there bank acount 12%+3.67% or Total 24% at a time..
From India, Mumbai
Please explain in detail..
Case 1 : Your Cotribution - 12% (Max 6500) - 780
Employer Contribution - 3.76% (Max 6500) - 239
Total - 1019
?what amount credited in my bank account only 1019 0r total 1560 ?
if 1019 than when it will get remaining 541 ? i am not qualify for pension...please anyone explain..thanks
candidates are confused coz not exactly know how much amount credited in there bank acount 12%+3.67% or Total 24% at a time..
From India, Mumbai
Dear Nushad,
In the above case employee contribution is Rs. 780 & employer contribution is Rs. 239 (total Rs. 1019) to PF account. This accumulation can be withdrawn through Form 19.
Balance Rs. 541 will go to pension account. If you are not eligible for pension due to insufficient minimum service either you can apply for scheme certificate or for withdrawal benefit. Scheme certificate can be used later either to add with future service or to get withdrawal benefit.
Note that the accumulation in PF and in pension fund are computed in different method. In PF present annual interest of 8.5% will be monthly compounded and rounded to nearst rupee seperately for both employee and employer contributions. But in EPS, withdrawal benenefit is calculated by multiplying a factor stipulated in Table D x last drawn salary. For 1 to 9 years, now the factors are 1.02, 1.99, 2.98, 3.99, 5.02, 6.07, 7.13, 8.22, 9.33 respectively.
For example if your service is 6years and 7 months and last drawn salary is Rs. 6500; your service will be rounded to 7 years. Factor as per table D, 7.13 will be mutiplied with the salary of 6500 to result 46345.
i.e the withdrawal benefit is Rs. 46345/-.
Abbas
From India, Bangalore
In the above case employee contribution is Rs. 780 & employer contribution is Rs. 239 (total Rs. 1019) to PF account. This accumulation can be withdrawn through Form 19.
Balance Rs. 541 will go to pension account. If you are not eligible for pension due to insufficient minimum service either you can apply for scheme certificate or for withdrawal benefit. Scheme certificate can be used later either to add with future service or to get withdrawal benefit.
Note that the accumulation in PF and in pension fund are computed in different method. In PF present annual interest of 8.5% will be monthly compounded and rounded to nearst rupee seperately for both employee and employer contributions. But in EPS, withdrawal benenefit is calculated by multiplying a factor stipulated in Table D x last drawn salary. For 1 to 9 years, now the factors are 1.02, 1.99, 2.98, 3.99, 5.02, 6.07, 7.13, 8.22, 9.33 respectively.
For example if your service is 6years and 7 months and last drawn salary is Rs. 6500; your service will be rounded to 7 years. Factor as per table D, 7.13 will be mutiplied with the salary of 6500 to result 46345.
i.e the withdrawal benefit is Rs. 46345/-.
Abbas
From India, Bangalore
Thanks you got my point thanks Lot...
your comment- Balance Rs. 541 will go to pension account. If you are not eligible for pension due to insufficient minimum service either you can apply for scheme certificate or for withdrawal benefit. Scheme certificate can be used later either to add with future service or to get withdrawal benefit
dear abbas
? scheme certificate understand but withdrawl form mean form 10c if i am not wrong..and if not qualify for pension due to insuffcient service so i can withdraw the same pension contribution to fill form 10c and it will get interest on it or not?
pf are credited within 2-3 month but how much period pension acount fund will get to credited.(not qualifing pension)
regrds
Nushad
From India, Mumbai
your comment- Balance Rs. 541 will go to pension account. If you are not eligible for pension due to insufficient minimum service either you can apply for scheme certificate or for withdrawal benefit. Scheme certificate can be used later either to add with future service or to get withdrawal benefit
dear abbas
? scheme certificate understand but withdrawl form mean form 10c if i am not wrong..and if not qualify for pension due to insuffcient service so i can withdraw the same pension contribution to fill form 10c and it will get interest on it or not?
pf are credited within 2-3 month but how much period pension acount fund will get to credited.(not qualifing pension)
regrds
Nushad
From India, Mumbai
Dear Nushad,
1. Fot both Scheme certificate & withdrawal benefit from EPS, for 10-C has to be used.
For withdrawal benefit, calculation is not interest accumulation basis like PF amount. There is a factor stipulated in Table D which will be multiplied the last salary drawn (subject to ceiling). The factor from 1 to 9 years are 1.02, 1.99, 2.98, 3.99, 5.02, 6.07, 7.13, 8.22 & 9.33 respectively. This I have already cited an example. Please go through.
2. As per rule PF is entitled from the very first day in employment. If there any delay, it may be due to the procedural delay followed by the employer.
Abbas
From India, Bangalore
1. Fot both Scheme certificate & withdrawal benefit from EPS, for 10-C has to be used.
For withdrawal benefit, calculation is not interest accumulation basis like PF amount. There is a factor stipulated in Table D which will be multiplied the last salary drawn (subject to ceiling). The factor from 1 to 9 years are 1.02, 1.99, 2.98, 3.99, 5.02, 6.07, 7.13, 8.22 & 9.33 respectively. This I have already cited an example. Please go through.
2. As per rule PF is entitled from the very first day in employment. If there any delay, it may be due to the procedural delay followed by the employer.
Abbas
From India, Bangalore
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