How to Calculate PF Contribution in Salary & Check PF Balance, How to calculate Employees’ Provident Fund balance and interest: EPF Passbook is an online facility provided by the Employees Provident Fund Organization (EPFO). Passbook contains all the information and other important details of the transactions made by an employee and its employer (which may be strong) in the EPF and Employee Retirement Plan (EPS) accounts.
Contributions made on a monthly basis from both parties are reflected in the passbook with accrued interest on the amount collected. If you have worked with more than 1 employer, you will have multiple EPF accounts and each account will have a different passbook.
They can use this money in old age. The Employees Provident Fund is a compulsory pension savings plan that guarantees tax-free income. The scheme was introduced by the Government of India in 1952 under which both the worker and the employer contribute equally to the scheme.
How to Calculate PF Contribution in Salary & Check PF Balance
Universal Account Number (UAN):
All EPF subscribers can access their PF accounts online and perform functions such as withdrawal and EPF presence verification. The Global Account Number (UAN) is convenient for logging into the EPFO Member Portal.
UAN is the 12 digit number assigned to each member by the EPFO. An employee’s UAN remains the same after he / she changes jobs. In the event of a job change, the member ID will change and the new ID will be linked to the UAN. However, employees must activate their UAN to access the services online.
EPF Interest Rate
Currently, the PF interest rate is 8.50%. The interest accruing on the EPF account at the end of a financial year can be easily calculated.
Programs offered under EPFO:
- Employee Provident Fund Scheme 1952 (EPF)
- Employees’ Pension Scheme 1995 (EPS)
- Employee Deposit Linked Insurance Scheme 1976 (EDLI)
How to Calculate PF Amount From Salary
EPF is based on the salary, with salary equaling Basic + DA (Dearness Allowance) Salary = Basic in private companies.
The EPF contribution is usually 12% of the salary. Your employer is also expected to contribute 12%.
This 12%, on the other hand, is split into two accounts: Employee Provident Fund- 3.67% Employee Pension Scheme (EPS) – 8.33% The employer also needs to pay 1% extra charges Employee Deposit Linked Insurance (EDLI) – 0.5% EPF administration charges – 0.5%
EPF Interest Rates
|Year||EPF Interest Rate|
How to check PF balance?
- Visit the Government EPF Portal
- Select the location of your PF office (State, Regional Branch Office)
- Fill out the online form with your personal information and the EPF account number shown on your payslip
- Submit the form after verifying the details provided
- If you have all your records, your EPF balance will be sent as an SMS to your registered mobile number.
If you want to get income tax deduction under Section 80C of the Income Tax Act, you have to claim your PF or EPF contribution for the specified financial year. However, in a financial year, this amount is Rs. 1.5 lakhs. Keep in mind that to get all the EPFO benefits, one can only contribute up to 12% of his basic monthly salary to his EPF or PF account.