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Monday, May 11, 2015

EPF contributions

 

EPF contributions





1 Your provident fund contribution of 12% of basic pay is split into various components, including an administrative charge.

2 8.33% is contributed towards Employees Pension Scheme (EPS), with a cap of `1,250 or 8.33% of `15,000.

3 The balance amount is contributed towards Employees Provident Fund (EPF). If your contribution of 12% amounts to `2,000, `750 goes towards the EPF after `1,250 goes towards EPS.

4 The employer matches the 12% contribution and this is usually included in the cost-to-company calculations.

5 1.61% is recovered towards deposit insurance and administrative charges for EPF and EPS. This is deducted from your salary bundled with your PF contribution.

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