Hello,
In my previous company I have worked for 18 months i.e., Jan 2009 to Aug 2010. During that period every month I had paid Rs.1900 as PF contribution from my side.Here I paid a total of Rs.32,400 from my side. While leaving the company I had opted for PF withdrawal. Today I got the PF withdrawal amount (due to late PF withdrawal processing by HR team in my previous company ). To my surprise it is only Rs.26,777 where I expected minimum of Rs.60,000 (as per my knowledge).
So,experts please let me know the calculation is done by PF office is correct or wrong. Otherwise I can expect Rs.60,000 amount. Whom to contact for remaining amount if calculation was wrong. Please help me out guys.
Thanks
Anki
From India, Bangalore
In my previous company I have worked for 18 months i.e., Jan 2009 to Aug 2010. During that period every month I had paid Rs.1900 as PF contribution from my side.Here I paid a total of Rs.32,400 from my side. While leaving the company I had opted for PF withdrawal. Today I got the PF withdrawal amount (due to late PF withdrawal processing by HR team in my previous company ). To my surprise it is only Rs.26,777 where I expected minimum of Rs.60,000 (as per my knowledge).
So,experts please let me know the calculation is done by PF office is correct or wrong. Otherwise I can expect Rs.60,000 amount. Whom to contact for remaining amount if calculation was wrong. Please help me out guys.
Thanks
Anki
From India, Bangalore
Dear Anki, If possible reproduce your first and last salary slip. or tell us what was your basic+da during these days? S.Sethupathy
From India, Coimbatore
54From India, Coimbatore
I think you company could have taken the maximum ceiling amount of Rs.780 per month deduction and the same amount could have been contributed by them. Suresh
From India, Madras
From India, Madras
Thanks Sethu and gimsur for quick reply.
@sethu- My first month basic was 15833/- and PF deduction was 1900/-
and last month basic was also same and PF deduction was also same (here I got salary hike in Special allowance component with basic remaining unchanged). Please let me know if you need anymore details.
@gimsur - I'm unaware about those things. If it was what happened then the amount I got was perfect? Don't I need to cross check further??
Thanks
From India, Bangalore
@sethu- My first month basic was 15833/- and PF deduction was 1900/-
and last month basic was also same and PF deduction was also same (here I got salary hike in Special allowance component with basic remaining unchanged). Please let me know if you need anymore details.
@gimsur - I'm unaware about those things. If it was what happened then the amount I got was perfect? Don't I need to cross check further??
Thanks
From India, Bangalore
Dear Anki,
Please ensure that you have opt for WB in Form 10C and received both EPF(15.67%) and EPS(8.33%). Check the letter you have received.
As the total amount of Rupees 26,777 consists of both EPF and EPS and Ins. Then roughly your EPF contribution will be 17485 and the rest(9000+) is from EPS.
Let us calculate out in few different propositions
Option 1
You have calculate out for only 17 months (1900X17=32300)
let us assume that the employer had contributed only statutory amount of 780 only (12% of max Basic of 6500) for all 17 months for both contribution.
780+780 X 17= 26520 This approx equal to the amount you have received (and of course with ins) as the other member pointed out.
Option 2
Your contribution 1900 may entered as 780 as regular and rest as VPF (Voluntary PF) and employer contributed for 780 then,
1900 X 17 + (780x17)=45560 out of which 29750 as EPF and rest as EPS and in the case you opted for Scheme Certificate,
the EPF amount is approximately equal to the amount received.
Please check the letter you have received from EPFO and come back to us.
S.Sethupathy
From India, Coimbatore
Please ensure that you have opt for WB in Form 10C and received both EPF(15.67%) and EPS(8.33%). Check the letter you have received.
As the total amount of Rupees 26,777 consists of both EPF and EPS and Ins. Then roughly your EPF contribution will be 17485 and the rest(9000+) is from EPS.
Let us calculate out in few different propositions
Option 1
You have calculate out for only 17 months (1900X17=32300)
let us assume that the employer had contributed only statutory amount of 780 only (12% of max Basic of 6500) for all 17 months for both contribution.
780+780 X 17= 26520 This approx equal to the amount you have received (and of course with ins) as the other member pointed out.
Option 2
Your contribution 1900 may entered as 780 as regular and rest as VPF (Voluntary PF) and employer contributed for 780 then,
1900 X 17 + (780x17)=45560 out of which 29750 as EPF and rest as EPS and in the case you opted for Scheme Certificate,
the EPF amount is approximately equal to the amount received.
Please check the letter you have received from EPFO and come back to us.
S.Sethupathy
From India, Coimbatore
Dear Anki,
Have you received your form-23 or not for the year you have worked. pls. see that statement and give the figures for the same then it will be useful for everyone to understand your problem.Mr.Sethupathy have given you correct picture.
Pls. let us know about your Form-23(account statement) from PF to get clarity better.
regards,
From India, Mumbai
Have you received your form-23 or not for the year you have worked. pls. see that statement and give the figures for the same then it will be useful for everyone to understand your problem.Mr.Sethupathy have given you correct picture.
Pls. let us know about your Form-23(account statement) from PF to get clarity better.
regards,
From India, Mumbai
Dear Anki
As per the info provided by you , on the basic salary, deduction @12% 1900/- is correct. This is the employee's contribution to which an equal contribution or statutory contribution of 12% i.e 780/- has to be there from the employer too. The contribution made by the employee and employer gets divided as follows :
Employee - Entire 12% goes into the Providend Fund
Employer - 8.33% goes into pension fund and the balance 3.67% to providend fund.
In your case ee+er contributions for the period 17months would app amount to:(ER contribution is assumed to be 780/-)
(1900 * 17) + (780 * 17) = 45560
Even if you have received 15.67% , the amount should be little more than what you received.
Above calculations are without interest component. As other members said if you provide Form 23 for the period 2009-2010 & 2010-2011, it would help you and others too.
JMK
From India, Hyderabad
As per the info provided by you , on the basic salary, deduction @12% 1900/- is correct. This is the employee's contribution to which an equal contribution or statutory contribution of 12% i.e 780/- has to be there from the employer too. The contribution made by the employee and employer gets divided as follows :
Employee - Entire 12% goes into the Providend Fund
Employer - 8.33% goes into pension fund and the balance 3.67% to providend fund.
In your case ee+er contributions for the period 17months would app amount to:(ER contribution is assumed to be 780/-)
(1900 * 17) + (780 * 17) = 45560
Even if you have received 15.67% , the amount should be little more than what you received.
Above calculations are without interest component. As other members said if you provide Form 23 for the period 2009-2010 & 2010-2011, it would help you and others too.
JMK
From India, Hyderabad
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