Hello all,
Can anyone explain me how does bifurcation works with PF & Pension Funds? My previous organization had Rs. 572 PF deduction from my end, same was paid through employers side as well. I worked there for 2.7 years.
When I am calculating the PF, should I calculate 572*2 per month for 2.7 years? Or the Pension fund calculations are also included? Pls confirm.
From India, Ulhasnagar
Can anyone explain me how does bifurcation works with PF & Pension Funds? My previous organization had Rs. 572 PF deduction from my end, same was paid through employers side as well. I worked there for 2.7 years.
When I am calculating the PF, should I calculate 572*2 per month for 2.7 years? Or the Pension fund calculations are also included? Pls confirm.
From India, Ulhasnagar
Dear Manali Kulkarni,
To calculate PF amount and remittance to pension fund, first you have to specify your salary. I think it will be around Rs. 4770. Then 12% of 4770 will be 572.4, which will be rounded to 572. Then 8.33% of 4770, resulting to 397 would be paid to pension fund. Balance share of employer viz. 175 (572-397) and entire share of employee viz. 572 would be credited to PF account. Hence the amount in PF would be (572+175)x12x2.7 with interest.
Abbas.P.S
From India, Bangalore
517To calculate PF amount and remittance to pension fund, first you have to specify your salary. I think it will be around Rs. 4770. Then 12% of 4770 will be 572.4, which will be rounded to 572. Then 8.33% of 4770, resulting to 397 would be paid to pension fund. Balance share of employer viz. 175 (572-397) and entire share of employee viz. 572 would be credited to PF account. Hence the amount in PF would be (572+175)x12x2.7 with interest.
Abbas.P.S
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
PF & Pension Amdmt Scheme 2010 for IW.pdf