Employer’s contribution towards EPS would be Rs. 1250 (8.33% of 15,000) Employer’s contribution towards EPF would be Rs. 550 *3.67% of 15,000) Total monthly contribution towards EPF = Rs. 2,350 (Rs. 1800 + Rs. 550) Considering the current EPF contribution rate to be 8.5%, the m...
So the EPF interest rate applicable per month is = 8.50%/12 = 0.7083% Assume that you (the employee in this case) joined the job exactly on 1stApril 2020. So your and your employer’s EPF contributions started for the financial year 2020–21 from the month of April. Here is how it ...
In EPF, an employee has to contribute 12% of his basic pay towards his provident fund account. An equal amount is contributed by his employer. Apart from contributing the normal 12% of his basic pay, employee may choose to put in contribute more than this, voluntarily he can do so at a...
In EPF, an employee has to contribute 12% of his basic pay towards his provident fund account. An equal amount is contributed to by his employer. Apart from contributing the normal 12% of his basic pay, an employeemayvoluntarilychoose tocontribute more than 12% he can do so up to100% o...
Both employee and employer contribute 23% to 24% of the salary to EPF. If a couple earnsRM 3,090 x 2 per month, that’s a joint contribution ofRM 1,421 per monthor RM 17,057 per year If a couple earnsRM 5,000 x 2 per month, that’s a joint contribution ofRM 2,400 per mon...
The current interest rate of EPF is 8.1% which is much higher than any other savings or investment scheme. With the help of such a high interest rate, you can rapidly grow your investment over the years. Best Investment Scheme In EPF, the employer deducts about 12% of your basic salary...
Employee contribution + Employer contribution = Rs 1,800 + Rs 550.5 = Rs 2350.5 How to calculate EPF interest? At the current annual EPF interest rate of 8.5%, we can find the monthly compounding interest rate: 8.5% / 12 = 0.7083% per month The EPF balance will be Rs 2350.5 in the...
If you don’t transfer your PF account from the old to the new employer? Then you would have two separate EPF accounts. If you leave 2nd organization and withdraw then you will be able to withdraw from only the last employer. To withdraw from the first employer you would have to approach...
In EPF, 24% of an employee’s salary is diverted to the EPF as a mandatory retirement saving scheme.There is no clarity on how the amount mandatorily deducted from the employer’s contribution and put into the EPS will be invested. But we guess it would also be invested in NPS like Gov...