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EPFO Balance Question: Employer Contribution vs. Total Balance

Milind Vadjikar |1238 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 25, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Asked by Anonymous - Nov 21, 2024Hindi

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Every month I get a message from EPFO that after contribution by employer, this amount is my EPFO balance. I see that my accumulated balance increases month on month by the amount contribution made by the employer. How do i know, what is total balance which includes my contribution and accumulated interest?

Ans: Hello;

You can check that through;
1. EPF portal
2. SMS service
3. Umang App

Best wishes;

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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sir i was EPF member from year,2002 to resigned in year 2013. On online i noticed that the interest of member balance and employer balance is not credited in our account. what are the reason of it. Whether we will get interest for the year 2021,2022 and 2023 or not. Pl. advice how to get credited of these years interest. I am completing the age of 58 years on February-2024.

Ans: If no contribution is received into an EPF account for 3 consecutive years, the account shall not earn any interest after 3 years from the stopping of contribution.

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I am 58 yrs old recently been seperated from a MNC. P? let me know, when I apply for final withdrawal of EPF amount after completion of say another 2-3 years, the way EPFO is crediting interest amount of previous year 8-9 months late, how the interest during the time of exit of that FY would be calculated & credited ?

Ans: The interest on your EPF account is calculated on a monthly basis and is credited to your account at the end of each financial year.

However, the EPFO usually credits the interest amount 8-9 months late. This means that if you apply for final withdrawal of your EPF amount after completing another 2-3 years, the interest for the last financial year will not be credited to your account until 8-9 months after you withdraw the money.
The EPFO calculates the interest on your EPF account using the following formula:
Interest = (EPF balance at the beginning of the year) * (interest rate) * (number of months in the year) / 12.

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Question by Priyanka - May 18, 2024Hindi

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What are the respective contributions made to the EPFO account for an individual with a monthly salary of ?20,000? Could you break down both the employee and employer contributions? Additionally, what portion of this amount goes towards the Provident Fund (PF)? Lastly, could you explain the process for withdrawing funds from the EPFO account?

Ans: Hello;

Monthly Salary: 20000
Employee contrib to EPF(12%):2400
Employer contrib to EPS(8.33%):1250*
Employer contrib to EPF (3.67%):734
Total EPF contrib: 2400+734=3134

*EPS contribution by employer is capped at max 15 K irrespective of the employee's actual salary.

You can withdraw funds from the EPF account by submitting the composite claim form either aadhaar or non-aadhaar as applicable.

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Question by Prashant - Jan 28, 2025Hindi

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I require to calculate pension from EPFO. As per EPFO formula "=Average monthly salary of last 60 months x nos of years service/70 ". Max cap on Average salary is Rs 15000. I calculate the average monthly salary as "total of last 60 months salary / 60 "= 20000, which is kept at max. cap and considered as 15000 EPFO. While EPFO office first makes all salaries greater than 15k, to 15k, then calculates the average. Hence I get less than 15000. I did not find any clarification on the EPFO website. Please give me correct guideline as per EPFO

Ans: Hello;

There is pension calculator feature on the EPFO portal.

You may use to ascertain your likely monthly pension.

Best wishes;

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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