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This is a portion of our salary that our employer deducts every month. This money is remitted to the government of India's PF trust. This money is used by our government for its cash needs. Once we retire or close our PF account, the money that has accumulated against our name would be given back to us. The money in our PF account grows at the rate of 8.5% per annum compounded every year.
Usually the PF amount is 12% of your Basic salary.
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∙ 14y ago
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What is the provident fund amount that employers should contribute?
12% of the basic salary paid out to the employee
Can a pvt limited company hold the provident fund of an employee after resignation?
No. After an employee resigns, the money has to be either paid out to the employee or transferred to his new employer - as per the request of the employee
Is Government Provident Fund money falls into Riba category?
Yes, the interest paid by provident fund will fall into riba category
What is the difference between provident fund and pension fund?
The difference between a pension fund and provident fund is in how the benefits are paid out. A provident fund pays all he retirement benefits in a lump sum cash benefit at retirement. A pension fund pays one third of the benefit as a lump sum at retirement and the rest is paid out over the lifetime of the beneficiary.
How many percentage of provident fund should be deducted according to the rules of India?
12% of the basic salary paid
What is bulk posting in bank transactions?
any transaction which are done in bulk, for example. Employee provident Fund paid so it will have transacton as "Bulk posting"
What is provident fund in salary?
The Government wants to tell us the importance of routine saving over a long time. This lumpsum given during retirement can be used by the employee to continue his life without being financially dependent on anyone and stand on his own legs...
What percentage of your wages is paid for unemployment in Texas?
Unemployment benefits are paid by the state which in turn collects its funds from the business. The employee does not pay into the fund.
Is social security tax paid by both business and individual consumers?
The employer and employee both contribute to the fund.
Do your paycheck deductions help fund unemployment insurance?
No. Unemployment benefits are paid from a state fund that receives its input from a payroll tax, charged to the employer, never the employee.
What to do if you are not being paid your provident fund after resignation?
Possibly, you have not turned in the correct forms. Ask Provident or your HR to send you the forms. To obtain your 401K money, you need to set up an IRA at a bank, or elsewhere, and fill out the Provident papers with the account number and what the check should be mailed to (the bank will provide this info if you bring the forms). Avoid getting the payout directly to yourself since this will subject you to 20% taxes and penalties for early withdrawal--instead keep the IRA going and do not spend the money.
What do Von's employee's get paid?
I get paid $8.10 starting
