Every Month a portion of your Salary is deducted towards EPF - This will be referred to as "Employee Contribution". Your employer too contributes a certain amount every month towards EPF - This will be referred to as "Employer Contribution".
Employee Contribution: 12% of your Basic Salary + DA (Comes out of your Salary)
Employer Contribution: Another 12% of your Basic Salary + DA (Comes out of your Employers Pocket)
The market dynamics are been demanding much more from the fund houses and the investment opportunities. The ICICI Prudential AMC helps to bring many such option on to the table with a fixed and variable return policies. The balance funds are considered to be best and safest among the lot as they give you guaranteed returns with an opportunity to enjoy the market benefits.
For ex: If your Basic Salary is Rs. 10,000/-
12% of your Basic Salary works out to Rs. 1,200/-
3.67% of your Basic Salary works out to Rs. 367/-
8.33% of your Basic Salary comes to Rs. 833/- which is higher than the limit of Rs. 541/-
So, your Employer will contribute Rs. 541/- towards EPS and contribute Rs. 659/- towards EPF (Rs. 367/- + Rs. 292/-)
In Essence, the employer will contribute 12% of your Basic just as mentioned above with the simple difference being the fact that the EPS component is constrained by an upper limit and the remaining usually goes towards your EPF.
i want check my pf account balance and i have to put my pf a\c no
Use the PF Account number and register in the EPF India website. you can check the balance online after that
Central Provident Fund was created in 1955.
There is no such thing as an Unrecognized provident fund. The rate of interest on provident fund in India is 8.6% per year
VPF
None. The Indian government does not allow FID in provident fund
Yes. The Employers signature/attestation is required to get the provident fund
Provident Fund
No
1952
Yes, the interest paid by provident fund will fall into riba category
how many staff should e in a company to start provident fund
To record employee contributions to the provident fund: Debit Provident Fund Expense and Credit Employee Contribution Payable. To record employer contributions: Debit Provident Fund Expense and Credit Employer Contribution Payable.
No. The government has the Employee Provident Fund which is mandatory for all employees of companies in India