Hi all
Plz help me in calculating My PF amount that I am going to get in next month, as i am eager to know the same........ The question arised due to some logic which i tried to calculate, but my HR person says it is wrong........ so help me out
My total work in last co. was 4 years
I have submitted two form i.e form 10 C and 19 C, the PF co has released amount for my Form 10 c and the amount counts for Rs. 22,405 ( which is 3.67% of my employer contribution and rest 8.33% is towards PF (i.e out of 12%)
Now I want to know what will be my rest of the amount i.e PF amount
The logic applied by me to know was, which is told wrong is
3.67% of Pension amount is 22,405 which is part of 12% of employer contribution and putting it into ration the rest of 8.67% gives you an amount of Rs 51,851 (on prorata basis)
Now the question/ doubt I am having is if 22,405 (3.67) + 51,851 (8.67)= which is sum of 12%, (employer contribution) and will I get again the sum amount i.e 74256 (12% of employer) + 74256 of 12% which I have contributed i.e Employee contribution or is there any way of calcultion, or else plz tell what will be the amount I will get when as per Form10C amount is 22,405
Plz clear the doubt
From India, Madras
Plz help me in calculating My PF amount that I am going to get in next month, as i am eager to know the same........ The question arised due to some logic which i tried to calculate, but my HR person says it is wrong........ so help me out
My total work in last co. was 4 years
I have submitted two form i.e form 10 C and 19 C, the PF co has released amount for my Form 10 c and the amount counts for Rs. 22,405 ( which is 3.67% of my employer contribution and rest 8.33% is towards PF (i.e out of 12%)
Now I want to know what will be my rest of the amount i.e PF amount
The logic applied by me to know was, which is told wrong is
3.67% of Pension amount is 22,405 which is part of 12% of employer contribution and putting it into ration the rest of 8.67% gives you an amount of Rs 51,851 (on prorata basis)
Now the question/ doubt I am having is if 22,405 (3.67) + 51,851 (8.67)= which is sum of 12%, (employer contribution) and will I get again the sum amount i.e 74256 (12% of employer) + 74256 of 12% which I have contributed i.e Employee contribution or is there any way of calcultion, or else plz tell what will be the amount I will get when as per Form10C amount is 22,405
Plz clear the doubt
From India, Madras
Dear "shavalad",
I am giving hereunder the normal procedure for PF calculation as followed by the PF department.
Lets say your salary is 100 Rs. Then your contribution is Rs.12 and your employer matches yours by contributing another Rs.12. So, the total contribution to the PF office on your account is Rs.24.
But, out of the employer's contribution of Rs.12, 8.33% goes to the pension / gratuity fund and the rest, 3.67%, is only credited to your PF account.
Now, calculating the totals,
Your contribution == Rs. 12.00
Employer contribution PF Amount (3.67% of 12) == Rs. 0.44
Pension fund amount (8.33%) == Rs. 11.56
Now, whenever a PF account holder puts in an application for withdrawal, there are two things that the PF department checks / verifies for.
1) Whether you have completed a minimum tenure of 6 months service with your employer or not. The 6 months time frame is a must for being eligible to either withdraw the pension fund or get the savings certificate for the pension fund amount.
2) Apart from the two forms you have mentioned, there is another form (right away, I am not able to recollect the form number) which needs to be filled up for allowing you withdraw even the pension fund amount. The department checks whether you have submitted this form or not. If this form is not submitted, then you will be given a savings certificate for the amount that is to your credit in the pension fund.
In other words, what you have calculated will be correct if your HR people have also submitted the pension fund withdrawal form along with your regular employee and employer contribution withdrawal forms. Just check with your HR people or talk to the PF office people, who will be able to tell you correctly what forms have been submitted by your employer.
So, if your employer has submitted the pension fund withdrawal form along with the other two, you will be getting 74k (your contribution) + 74k (employer contribution) + interest on the same. Else, you would be getting 74k (your contribution) + 22k (3.67% employer contribution) + interest on the above and savings certificate for the balance 8.33%.
Hope you query is clarified. Let me know if you need any further clarity on this.
Warm Regards,
Samba Siva.
From India, Hyderabad
1I am giving hereunder the normal procedure for PF calculation as followed by the PF department.
Lets say your salary is 100 Rs. Then your contribution is Rs.12 and your employer matches yours by contributing another Rs.12. So, the total contribution to the PF office on your account is Rs.24.
But, out of the employer's contribution of Rs.12, 8.33% goes to the pension / gratuity fund and the rest, 3.67%, is only credited to your PF account.
Now, calculating the totals,
Your contribution == Rs. 12.00
Employer contribution PF Amount (3.67% of 12) == Rs. 0.44
Pension fund amount (8.33%) == Rs. 11.56
Now, whenever a PF account holder puts in an application for withdrawal, there are two things that the PF department checks / verifies for.
1) Whether you have completed a minimum tenure of 6 months service with your employer or not. The 6 months time frame is a must for being eligible to either withdraw the pension fund or get the savings certificate for the pension fund amount.
2) Apart from the two forms you have mentioned, there is another form (right away, I am not able to recollect the form number) which needs to be filled up for allowing you withdraw even the pension fund amount. The department checks whether you have submitted this form or not. If this form is not submitted, then you will be given a savings certificate for the amount that is to your credit in the pension fund.
In other words, what you have calculated will be correct if your HR people have also submitted the pension fund withdrawal form along with your regular employee and employer contribution withdrawal forms. Just check with your HR people or talk to the PF office people, who will be able to tell you correctly what forms have been submitted by your employer.
So, if your employer has submitted the pension fund withdrawal form along with the other two, you will be getting 74k (your contribution) + 74k (employer contribution) + interest on the same. Else, you would be getting 74k (your contribution) + 22k (3.67% employer contribution) + interest on the above and savings certificate for the balance 8.33%.
Hope you query is clarified. Let me know if you need any further clarity on this.
Warm Regards,
Samba Siva.
From India, Hyderabad
Thankyou Samba siva for your sharing,,,,,,,,,,, but itz the same what i was thinking of.......... except the second one........ Well after reciving the money only i can share the way they PF Office calclated.............. once again thnx........
But it is very unfare to c that though many have viewed but they did not contribute their view............. execpt you only
From India, Madras
But it is very unfare to c that though many have viewed but they did not contribute their view............. execpt you only
From India, Madras
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