PF full form is Provident Fund:- The Employees’ Provident Fund Organisation also referred to as EPFO is a body formed by the Government of India that takes complete care of the Provident Fund, insurance, and pension schemes of the Indian working class. Any company which comes under the purview of this governing body is liable to make all its workers and officers member of the statutory authority.
This scheme deducts around 12 percent of the employee’s basic salary and the same amount is contributed from the employer’s end also. This rule of Provident Fund balance or Provident Fund generally applies to any organization with employee strength of 20 or above. This PF in India scheme thus brings these organizations under the Government of India regulation.
The Provident Fund balance scheme gives the employers an interest rate of 9.5 percent on the deposits that they have made for the Provident Fund. Following this PF in India scheme the person gets a pension on his retirement and the same is delivered to his family members in case there is any unpleasant incident or untimely death.
But how does someone get himself registered for the Provident Fund balance? To avail of this unique Provident Fund scheme, all you need to do is open an account in any of the registered banks in India. Once you get retired the exorbitant amount is disbursed to that person so that he can benefit out of this Provident Fund balance.
There is no particular formula for Provident Fund or Provident Fund calculation. In reality the PF in India scheme is a simple step to make sure that your future remains safe. All you need to know for this Provident Fund calculation is the fact that you would need to shell out a certain percentage of your basic salary which is deducted at source. The same percentage of money is also provided by your company to your Provident Fund balance. And once you retire or meet an untimely death, this amount of money with a further interest of 9 percent is handed over to you or your family member (whichever be the case).
Hence if you want to know about the PF in India scheme or the Provident Fund calculation then all you need to do is to key in the respective keywords and search it over the net. You would get complete info both about the Provident Fund calculation as well as the PF in India scheme. However, one must know that there is nothing called Provident Fund calculation in reality and that it is quite a big process and tough to understand.