Greetings,
This question was raised by N. Murali:
If an employee leaves the job from the organization after completion of his 11 months and applies for PF refund by completing forms 19 and form 10c, where his basic salary is 10000, I want to know how much amount he will get and what the calculation part for this is.
Regards,
Murali
Management Trainee
From India, Mumbai
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1893This question was raised by N. Murali:
If an employee leaves the job from the organization after completion of his 11 months and applies for PF refund by completing forms 19 and form 10c, where his basic salary is 10000, I want to know how much amount he will get and what the calculation part for this is.
Regards,
Murali
Management Trainee
From India, Mumbai
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If the employee is subscribed to EPF, kindly view this thread and look at the replies given by Ashok Kumar Mishra for a refund of EPF PF: [CiteHR Link](https://www.citehr.com/53350-provident-fund-pension.html).
If the company has its own trust where it's only PF and no pension part, then the full PF amount along with interest is refunded. I guess so ;)
From India, Madras
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If the company has its own trust where it's only PF and no pension part, then the full PF amount along with interest is refunded. I guess so ;)
From India, Madras
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In Form 19, there will be a column stating, "Whether required EPS Certificate or not?" In that column, the applicant has to make a tick mark in the NO box. Then he will get his full 24% PF (Employee 12% and Employer 12%). If he marks the YES box, he will be issued an EPS Certificate and an additional 15.67% (12% employee and 3.67% employer). If the EPS amount exceeds Rs. 541 per month, the excess amount above Rs. 541, along with 3.67%, will be added and given to the individual.
From India, Kumbakonam
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From India, Kumbakonam
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Dear 1979,
Greetings for the day,
Since you have mentioned that you have completed 11 months of your service and then filed a withdrawal claim for PF accumulation, you will receive a full refund of your EPF & EPS accumulation, including the current interest rate i.e., 12% + current interest rate + 3.67% + current interest rate - Through Cheque 1. Additionally, 8.33% (EPS) will be refunded through Cheque 2. The accumulation will be directly credited to your account through 2 cheques within the stipulated time.
Thanks & Regards,
Sumit Kumar Saxena
9899669071, 0120-4131277
From India, Ghaziabad
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Greetings for the day,
Since you have mentioned that you have completed 11 months of your service and then filed a withdrawal claim for PF accumulation, you will receive a full refund of your EPF & EPS accumulation, including the current interest rate i.e., 12% + current interest rate + 3.67% + current interest rate - Through Cheque 1. Additionally, 8.33% (EPS) will be refunded through Cheque 2. The accumulation will be directly credited to your account through 2 cheques within the stipulated time.
Thanks & Regards,
Sumit Kumar Saxena
9899669071, 0120-4131277
From India, Ghaziabad
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I understand that the total contribution to PF is 1200+1200 = Rs. 2400, out of which Rs. 541 go to EPS and the balance Rs. 1859 will be credited to the PF account.
Towards EPS, the withdrawal benefit will be 6500 x 1.02 = Rs. 6630 - (A).
The details of PF contribution are as follows: Employee Contribution - 13200, interest @ 9.5% - 627, Subtotal - 13827. Employer Contribution - 7249, interest @ 9.5% - 344, Subtotal - 7593. Total 13827 + 7593 = Rs. 21420 - (B).
Those who join EPF on or after 16.11.95 or join the Family Pension under EPF before 16.11.95 have no option to get exempted from EPS.
Abbas.P.S
From India, Bangalore
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Towards EPS, the withdrawal benefit will be 6500 x 1.02 = Rs. 6630 - (A).
The details of PF contribution are as follows: Employee Contribution - 13200, interest @ 9.5% - 627, Subtotal - 13827. Employer Contribution - 7249, interest @ 9.5% - 344, Subtotal - 7593. Total 13827 + 7593 = Rs. 21420 - (B).
Those who join EPF on or after 16.11.95 or join the Family Pension under EPF before 16.11.95 have no option to get exempted from EPS.
Abbas.P.S
From India, Bangalore
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Dear Abbas,
Please clarify the EPF/EPS calculation done so far. Secondly, the rate of interest is paid on EPF only, i.e., 12% + 3.67%, not on 8.33% i.e., EPS.
Thanks & Regards,
Sumit Kumar Saxena
9899669071, 0120-4131277
From India, Ghaziabad
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Please clarify the EPF/EPS calculation done so far. Secondly, the rate of interest is paid on EPF only, i.e., 12% + 3.67%, not on 8.33% i.e., EPS.
Thanks & Regards,
Sumit Kumar Saxena
9899669071, 0120-4131277
From India, Ghaziabad
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To calculate interest on PF: (1) add the monthly accumulations, (2) divide by 12, and (3) then calculate the interest at the prevailing rates. For EPS withdrawal, there is a multiplying factor stipulated in Table D which is to be multiplied by the last drawn salary. No other interest will be considered.
Abbas.P.S
From India, Bangalore
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Abbas.P.S
From India, Bangalore
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Hi,
My Employee share is 37917, which has a variable VPF contribution every month. My Employer Share is 4836. The amount in the pension fund is 10574. So the above amount is after 21 months.
I am planning to quit the company in the next two months. The sole reason why I contributed to VPF is to save tax. Now, I read somewhere that the pension amount will attract tax since it is not for 5 years. I am planning to withdraw that amount. How much tax will be deducted on the said figures? Was it just a waste contributing every month to save tax?
Thanks for your help.
From India, Bangalore
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My Employee share is 37917, which has a variable VPF contribution every month. My Employer Share is 4836. The amount in the pension fund is 10574. So the above amount is after 21 months.
I am planning to quit the company in the next two months. The sole reason why I contributed to VPF is to save tax. Now, I read somewhere that the pension amount will attract tax since it is not for 5 years. I am planning to withdraw that amount. How much tax will be deducted on the said figures? Was it just a waste contributing every month to save tax?
Thanks for your help.
From India, Bangalore
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Hi, I am Yogesh. I am working in an MNC for the last 3.5 years. When I joined, my PF was deducted as Rs. 780 on a basic salary of Rs. 4500. However, since last October, my PF deduction has been Rs. 1054 on the same basic salary. Can you please help me understand this?
From India, Pune
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From India, Pune
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In the instant case, there is no certificate. The full amount on account of PF will be refunded, including pension benefits. Unless one completes 10 years of service to receive the certificate towards pension (countable service), otherwise, the amount will be refunded.
From India, Arcot
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From India, Arcot
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