If you want to get the benefits of your PF then you need to understand all the Details of Provident Fund. The Provident Finance participation is worker's 12% of his/her primary wage. The company also has to play a role their aspect for the worker Provident Fund Details.
For Provident Finance Calculation:
The highest possible restrict for the PF computation would be 6500 on to a worker's primary. It indicates even if the worker's primary wage is above Rs 6500/- the company is responsible to play a role only on Rs 6500/-, that is Rs 780.The Provident Fund Details are really necessary to know so that employee can save his hard savings.
However if a worker so wishes he may willingly play a role more than 12%. Apart from it a company also has to pay some management expenses. I describe you the various records of PF challan.
A/c No 1: PF participation Account
A/c No 2: PF Administration account
A/c No 10: EPS account
A/c No 21: EDLIS account
A/c No 22: EDLIS administrator account
PF administrator charge: Employer has to pay 1.1 % of basic
EDLIS: Employer has to pay 0.5% of basic
EDLIS administrator charge: Employer has to pay 0.01% of basic
Total extra amount company has to pay: 1.61% of basic
So transaction for company would be 13.61% of basic
Payment for worker would be 12% of basic
Employee's transaction of 12% of the primary absolutely goes to the PF consideration.
Employer's Payment of 8.33% goes to Retirement living fund and 3.67% goes to PF fund.