Hi All,
Greetings from AJAY !!
I used to work in a company located in B'lore.Even though the company was running from past 8 Yrs approximately ,The PF & ESI came in to existence from past 2 Yrs since it became a Pvt Ltd.I worked there till one year after I was entitled for deductions.I mean my PF & ESI amount has been deducted for a period of 12 months before I got relieved from this company . .
And the PF amount of Rs.780 has been deducted successfully from Jun 2010 to Jul 2011..
I checked my PF account status online and I got a msg saying "EPF balance in A/C No. XXXXX is EE Amt :Rs. 6419, ER Amt :Rs.1967 as on 09-04-12(Accounts updated upto 31-03-2011)-EPFO . .
List of my doubts are highlighted below,Kindly suggest me on the same with more clarity as I am very new to this ..
1) What do you mean by EE Amt which is 6419/-
2) What do you mean by ER Amt:which is 1967/-
3) Few of my salary slips says "Company Contribution for PF is 894/-( I could not see this Company Contribution column in all the payslips of mine but in very few months slips )
4) If they have contributed 894/- every month ,What should be the PF amount in my account.
5) Will the company contribute simultaneously along with our deductions of PF
6) What should be my next steps if the company has not contributed me very month if my 5th point holdsgood.
Awaiting your speedy response at the earliest . .
Regards,
AJAY
9036885966
4)
From India, Bangalore
14Greetings from AJAY !!
I used to work in a company located in B'lore.Even though the company was running from past 8 Yrs approximately ,The PF & ESI came in to existence from past 2 Yrs since it became a Pvt Ltd.I worked there till one year after I was entitled for deductions.I mean my PF & ESI amount has been deducted for a period of 12 months before I got relieved from this company . .
And the PF amount of Rs.780 has been deducted successfully from Jun 2010 to Jul 2011..
I checked my PF account status online and I got a msg saying "EPF balance in A/C No. XXXXX is EE Amt :Rs. 6419, ER Amt :Rs.1967 as on 09-04-12(Accounts updated upto 31-03-2011)-EPFO . .
List of my doubts are highlighted below,Kindly suggest me on the same with more clarity as I am very new to this ..
1) What do you mean by EE Amt which is 6419/-
2) What do you mean by ER Amt:which is 1967/-
3) Few of my salary slips says "Company Contribution for PF is 894/-( I could not see this Company Contribution column in all the payslips of mine but in very few months slips )
4) If they have contributed 894/- every month ,What should be the PF amount in my account.
5) Will the company contribute simultaneously along with our deductions of PF
6) What should be my next steps if the company has not contributed me very month if my 5th point holdsgood.
Awaiting your speedy response at the earliest . .
Regards,
AJAY
9036885966
4)
From India, Bangalore
Dear Mr.Ajay,
PF deduction of Rs.780.00 means your basic+DA is Rs.6500.00
PF deduction (employee share "EE") is 12% on basic+DA, ie. Rs.6500 x 12% = Rs.780.00 which will be credited in Profident Fund A/c.
Employer will also contribute @ 12% on basic+DA, off which 8.33% will be credited to Pension Fund A/c and balance 3.67% to Provident Fund A/c. This 3.67% is mentioned as ER share.
Rs.894.00 is inclusive of employer contribution @ 12% on basic+DA (contribution will be maximum of Rs.780.00) and EDLI & other administrative charges that should be paid by the employer.
Your account balance mentioned is inclusive of interest paid by EPFO.
Regards,
Mohan.
From India, Erode
PF deduction of Rs.780.00 means your basic+DA is Rs.6500.00
PF deduction (employee share "EE") is 12% on basic+DA, ie. Rs.6500 x 12% = Rs.780.00 which will be credited in Profident Fund A/c.
Employer will also contribute @ 12% on basic+DA, off which 8.33% will be credited to Pension Fund A/c and balance 3.67% to Provident Fund A/c. This 3.67% is mentioned as ER share.
Rs.894.00 is inclusive of employer contribution @ 12% on basic+DA (contribution will be maximum of Rs.780.00) and EDLI & other administrative charges that should be paid by the employer.
Your account balance mentioned is inclusive of interest paid by EPFO.
Regards,
Mohan.
From India, Erode
Dear Mr. Ajay,
As you told that your deduction is started from June 2010. The amount which is showing PF Slip is from June 2010 to Feb 2011. It is only for 7 months (June 2010 to Feb 2011).
Return for the period March 2011 to Feb. 2012 yet to be submitted by your company.
EE is employees PF share 12%
ER is employer PF share 3.67%
Both come in PF Slip
pension share is 8.33% that does not come in PF Slip.
Actually total amount which is submitted by company is 13.61% (12% under PF & Pension and 1.61% which is Admn. expenses 1.1%, EDLI 0.5% & Expenses on EDLI 0.001%) .
Employee only gets 12% +12% (3.67% + 8.33%) + Interest given by EPFO
So your EE share which is 6419/- is your 12% for 7 months + Interest and amount 1967/- is 3.67% for seven months. 8.33% is not there in your PF slip.
Regards
Madan Gopal Sharma
From India, Chandigarh
As you told that your deduction is started from June 2010. The amount which is showing PF Slip is from June 2010 to Feb 2011. It is only for 7 months (June 2010 to Feb 2011).
Return for the period March 2011 to Feb. 2012 yet to be submitted by your company.
EE is employees PF share 12%
ER is employer PF share 3.67%
Both come in PF Slip
pension share is 8.33% that does not come in PF Slip.
Actually total amount which is submitted by company is 13.61% (12% under PF & Pension and 1.61% which is Admn. expenses 1.1%, EDLI 0.5% & Expenses on EDLI 0.001%) .
Employee only gets 12% +12% (3.67% + 8.33%) + Interest given by EPFO
So your EE share which is 6419/- is your 12% for 7 months + Interest and amount 1967/- is 3.67% for seven months. 8.33% is not there in your PF slip.
Regards
Madan Gopal Sharma
From India, Chandigarh
Greetings for the day !!!
Thanks a ton for the Information Sir but I couldn't understand the Pension Part. . ..
Imagine,If they have contributed their amount for 12 months along with my deductions of 780/- per month and the approximate interest from EPFO - what should be the amount available in my PF account ?
Pls lemme know the roughly calculated amount available in my PF account for a period of 12 months successful deductions & Contributions. . .
Deduction Period : Jul 2010 to Jul 2011
Regards,
AJAY
From India, Bangalore
Thanks a ton for the Information Sir but I couldn't understand the Pension Part. . ..
Imagine,If they have contributed their amount for 12 months along with my deductions of 780/- per month and the approximate interest from EPFO - what should be the amount available in my PF account ?
Pls lemme know the roughly calculated amount available in my PF account for a period of 12 months successful deductions & Contributions. . .
Deduction Period : Jul 2010 to Jul 2011
Regards,
AJAY
From India, Bangalore
Dear Ajay,
Suppose your basic is 6500/-
then your share will be 6500 * 12% =780 per month
Employer share for PF 6500*3.67% =239 Per month
Pension share 8.33% =541 Per month
-------------------------------------
780 Per Month
So your monthly total amount in PF+Under Pension scheme will be 780+239+541=1560 & annually it will come to 1560*12=18720 + Interest paid by EPFO
But on your PF Slip this part of 8.33 will not reflect. It will only show your 12% + 3.67%
When you will withdrawal your PF, You can withdraw both share with the help of form no 19 for PF Share (12+3.67%) & form no. 10C for Pension share (8.33%)
Period of PF return is March to Feb of every year.
Feel free for any other clarification.
Madan Gopal Sharma
From India, Chandigarh
Suppose your basic is 6500/-
then your share will be 6500 * 12% =780 per month
Employer share for PF 6500*3.67% =239 Per month
Pension share 8.33% =541 Per month
-------------------------------------
780 Per Month
So your monthly total amount in PF+Under Pension scheme will be 780+239+541=1560 & annually it will come to 1560*12=18720 + Interest paid by EPFO
But on your PF Slip this part of 8.33 will not reflect. It will only show your 12% + 3.67%
When you will withdrawal your PF, You can withdraw both share with the help of form no 19 for PF Share (12+3.67%) & form no. 10C for Pension share (8.33%)
Period of PF return is March to Feb of every year.
Feel free for any other clarification.
Madan Gopal Sharma
From India, Chandigarh
Really sad for no comments . . . Awaiting for the same at the earliest .!! Regards, AJAY'
From India, Bangalore
From India, Bangalore
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls