I worked in a company for exactly 1 year(12months) My Basic salary was 120600 and deduction for PF from my salary was 1206 P/M.
As I know equal deduction should be include by the employer. However I was told at the time of joining that the deduction of employer will also be deduct from your salary and It will be not displayed in your salary slip.
The PF amount I received against the EPF A/C is 21518+6630=28148 i.e however less then the actual amount credited as a pf contribution including both employee and employer that should be 28948.
I send a Grievance and I did not get a valid response of my query.
SO please let me know how much amount should I get against the EPF including pension and provident fund and how do we calculate the PF. Is it correct amount I received or should I received a balance amount.
I am also sending the details of grievance here:
"This is with reference to your Grievance registered vide Registration Number SRTAM/E/2012/00835.
It is informed that after processing your grievance, the following action(s) has been taken:
There is no physical balance available as such under the Pension Fund (EPS a/c) of the members since no running balance is being maintained as in the case of EPF a/c. Thus the withdrawal benefit has got no relation with the contribution made towards the EPS a/c. It is being calculated based on the wage as on date of exit and the service rendered by the member (as per Table-'D' under para 14 of the Employees Pension Scheme 1995 of EPF and MP Act, 1952 which is available in the public domain)."
Please suggest!
From India, Delhi
1As I know equal deduction should be include by the employer. However I was told at the time of joining that the deduction of employer will also be deduct from your salary and It will be not displayed in your salary slip.
The PF amount I received against the EPF A/C is 21518+6630=28148 i.e however less then the actual amount credited as a pf contribution including both employee and employer that should be 28948.
I send a Grievance and I did not get a valid response of my query.
SO please let me know how much amount should I get against the EPF including pension and provident fund and how do we calculate the PF. Is it correct amount I received or should I received a balance amount.
I am also sending the details of grievance here:
"This is with reference to your Grievance registered vide Registration Number SRTAM/E/2012/00835.
It is informed that after processing your grievance, the following action(s) has been taken:
There is no physical balance available as such under the Pension Fund (EPS a/c) of the members since no running balance is being maintained as in the case of EPF a/c. Thus the withdrawal benefit has got no relation with the contribution made towards the EPS a/c. It is being calculated based on the wage as on date of exit and the service rendered by the member (as per Table-'D' under para 14 of the Employees Pension Scheme 1995 of EPF and MP Act, 1952 which is available in the public domain)."
Please suggest!
From India, Delhi
Hi,
Greetings for the day!
Please note that if your PF deduction on your earned Basic Salary is Rs.1206/per month then
A) Your 12 months PF contribution will be - Rs. 14472 (i.e. 1206 X 12)
B) Employer's 12 months PF contribution will be - Rs. 7980 (i.e. 665 X 12)
C) Employer's 12 months EPS contribution will be - Rs. 6492 (i.e. 541 X 12)
Total amount in PF will be (A+B) and interest.
So please check your deposited amount with your ex-employer then you will be able to understand the calculation of received amount.
In my opinion your credited EPS amount of Rs.6630/- is correct, if your service is exact 1 year (i.e. 6500 X 1.02)
For any further queries, please feel free to communicate, I will be glad to assist you.
With Regards,
P.C. Lohar
Asstt. Manager (HR & Admn)
From India, Sirohi
Greetings for the day!
Please note that if your PF deduction on your earned Basic Salary is Rs.1206/per month then
A) Your 12 months PF contribution will be - Rs. 14472 (i.e. 1206 X 12)
B) Employer's 12 months PF contribution will be - Rs. 7980 (i.e. 665 X 12)
C) Employer's 12 months EPS contribution will be - Rs. 6492 (i.e. 541 X 12)
Total amount in PF will be (A+B) and interest.
So please check your deposited amount with your ex-employer then you will be able to understand the calculation of received amount.
In my opinion your credited EPS amount of Rs.6630/- is correct, if your service is exact 1 year (i.e. 6500 X 1.02)
For any further queries, please feel free to communicate, I will be glad to assist you.
With Regards,
P.C. Lohar
Asstt. Manager (HR & Admn)
From India, Sirohi
Dear Kanchan,
Also confirm that if you have given full attendance every month by employer for every month & same reflects in the annual return Form-3A submitted by company mentioning there is "No" Non-Contributory period /Days(NCP) in Coloumn during the year. If some NCP is there, PF office surely reduce your amount according to their central rules. For that purpose, now they wants break certificate from Employers.
With Regards.
Debanka Das
(HR Admin PPMS (p) Ltd)
From India, Calcutta
Also confirm that if you have given full attendance every month by employer for every month & same reflects in the annual return Form-3A submitted by company mentioning there is "No" Non-Contributory period /Days(NCP) in Coloumn during the year. If some NCP is there, PF office surely reduce your amount according to their central rules. For that purpose, now they wants break certificate from Employers.
With Regards.
Debanka Das
(HR Admin PPMS (p) Ltd)
From India, Calcutta
Dear all concerned,
The employee's subscription as well as employer's contribution is to be worked out @ 12% of one's basic pay + dearness allowance wherever applicable. Some employers who are CTC conscious, deduct employer's contribution from the employee's salary on the ground of cost to company agreed upon between them. Some employers restrict their contribution to the maximum ceiling of Rs.6500. Our aggrieved friend may please check up the actual amount of deductions from her salary and remittances to her EPF account with the concerned EPFO.
As regards reference to pension component, I have to add that pension component is only 8.33% of employer's contribution, subject to maximum of Rs.541 (8.33% of ceiling 6500). This is never given to the member except in the form of pension at the end of one's career or on reaching the age of 58 after completion of minimum 10 years of membership. Death of the member is exception to this rule. In the case of death of the member, the member's spouse (for life) and two children (till the age of 25) get pension. If some member quits membership before completion of prescribed period of ten years (except death), he / she loses pension component permanently. That is why I always insist that those who quit one job to take up new one, may opt for continuation of their current EPF account with the new employer instead of closing it. If it is not possible for some reason, one may consider the option of scheme certificate. The aggrieved friend may apply for issue of scheme certificate to her for her one year membership which may be used at the end of her career at 58 for enhanced pension then. Thanks & regards,
From India, Pune
The employee's subscription as well as employer's contribution is to be worked out @ 12% of one's basic pay + dearness allowance wherever applicable. Some employers who are CTC conscious, deduct employer's contribution from the employee's salary on the ground of cost to company agreed upon between them. Some employers restrict their contribution to the maximum ceiling of Rs.6500. Our aggrieved friend may please check up the actual amount of deductions from her salary and remittances to her EPF account with the concerned EPFO.
As regards reference to pension component, I have to add that pension component is only 8.33% of employer's contribution, subject to maximum of Rs.541 (8.33% of ceiling 6500). This is never given to the member except in the form of pension at the end of one's career or on reaching the age of 58 after completion of minimum 10 years of membership. Death of the member is exception to this rule. In the case of death of the member, the member's spouse (for life) and two children (till the age of 25) get pension. If some member quits membership before completion of prescribed period of ten years (except death), he / she loses pension component permanently. That is why I always insist that those who quit one job to take up new one, may opt for continuation of their current EPF account with the new employer instead of closing it. If it is not possible for some reason, one may consider the option of scheme certificate. The aggrieved friend may apply for issue of scheme certificate to her for her one year membership which may be used at the end of her career at 58 for enhanced pension then. Thanks & regards,
From India, Pune
Hi,
This doubt is with regards to My EPS withdrawal.
For the period from Nov 2013 - August 2014 my EPS was Rs 542/-P.M
From Sept 2014 - March 2015 my EPS was paid at Rs 620/-P.M
As I had resigned on 8th April 2015 my EPS was paid at Rs 276/-P.M
I would like to know my EPS amount, If I were to withdraw the same.
Regards,
Preetha V
From India, Chennai
This doubt is with regards to My EPS withdrawal.
For the period from Nov 2013 - August 2014 my EPS was Rs 542/-P.M
From Sept 2014 - March 2015 my EPS was paid at Rs 620/-P.M
As I had resigned on 8th April 2015 my EPS was paid at Rs 276/-P.M
I would like to know my EPS amount, If I were to withdraw the same.
Regards,
Preetha V
From India, Chennai
Hi,
I am working for a private company. I have resigned and by the relieved date I would complete my service in current company 9 Yrs 5months and 24 days. I wanted to know whether I need to extend my stay here for another 1 week so that I can eleigible for the pesnsion. If I am not able to extend my stay here what would be the loss for me as for as EPS is concerned. Please suggest
From India, Bengaluru
I am working for a private company. I have resigned and by the relieved date I would complete my service in current company 9 Yrs 5months and 24 days. I wanted to know whether I need to extend my stay here for another 1 week so that I can eleigible for the pesnsion. If I am not able to extend my stay here what would be the loss for me as for as EPS is concerned. Please suggest
From India, Bengaluru
I have joined in Nov'15.My basic + DA salary is 10000 k and my EPF deduction is (EE-1200 @12 % and ER-367 @3.67%),So only till August'16 month my EPF balance-12264 only showing in passbook but it should be Rs.15327 as per my calculation.
and in this only NOv'15 [EPF-(EE-1040+ ER-318)] and jan'16 [EPF-(EE-1103+ ER-330)] deducted as per salary slip due to leave and rest all month (EE-1200+ER-367) deducted shown both contribution as per EPFO passbook.
one more think in month on JUNE my EPF deducted but in EPFO passbook that month is missing (Me,& 2 friends)also when we all cross check passbook.
so please tell me if company given EPF @3.67 % then,are they contribute EPS@8.33% or not.
when I asked about to HR he said we paid June month EPF and all will check why its not adding.
and also asked why they contribute ER-3.67 %,he said pension scheme also contribute by them.
1.so how can I know about EPS amount?
2.are the contribute or not?
3.what document required for checking and connect with that EPS for future company contribution when I changed company.
From India, Chandigarh
and in this only NOv'15 [EPF-(EE-1040+ ER-318)] and jan'16 [EPF-(EE-1103+ ER-330)] deducted as per salary slip due to leave and rest all month (EE-1200+ER-367) deducted shown both contribution as per EPFO passbook.
one more think in month on JUNE my EPF deducted but in EPFO passbook that month is missing (Me,& 2 friends)also when we all cross check passbook.
so please tell me if company given EPF @3.67 % then,are they contribute EPS@8.33% or not.
when I asked about to HR he said we paid June month EPF and all will check why its not adding.
and also asked why they contribute ER-3.67 %,he said pension scheme also contribute by them.
1.so how can I know about EPS amount?
2.are the contribute or not?
3.what document required for checking and connect with that EPS for future company contribution when I changed company.
From India, Chandigarh
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