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PF Balance: On behalf of the Modi government of the Center, interest money is being transferred to the PF account. The government has started transferring interest in the accounts of 6.5 crore people.
New Delhi. On behalf of the Modi government of the Center, interest money is being transferred to the PF account. The government has started transferring interest in the accounts of 6.5 crore people. On behalf of the Modi government, EPFO is transferring interest money (PF interest) to the accounts of the subscribers of Provident Fund (PF). Its message has also started getting people on the phone.
If you also want to know how much money has come in your account, then here we are telling you the complete calculation…
This year so much interest will come in PF account
- Here the interest on PF is calculated on the basic salary of Rs 15000.
- Basic Salary + DA = Rs 15,000
- Employee’s share in EPF = 12% of Rs 15,000 = Rs 1,800
- Company’s contribution to EPS = 8.33% of Rs 15,000 = Rs 1,250
- Company’s contribution to EPF = Employee’s share – Company’s contribution to EPS = Rs 550
- This much money goes to EPF every month = Rs 1800 + Rs 550 = Rs 2,350
- Interest rate for the financial year 2019-20 = 8.50 %
- Accordingly, this will be the interest every month = 8.50 % /12 = 0.7083 %
Interest will be calculated like this
- EPF account balance at the end of April = Rs 2,350
- In the month of May, the EPF account will have this much contribution = Rs 2,350
- Total deposits in EPF account at the end of May = Rs 4700
- At the end of May, EPF will be deposited so much interest = Rs 4700 X 0.7083% = Rs 33.29
- Interest will be available at the end of May = Rs 33.29
- Based on this, the interest for the coming months will also be calculated.
