02 April 2012
Hi, I have been working for an MNC since past 5 years. As per the my offer letter, the employee contribution and employer contribution towards Provident Fund are same (i.e 12% of basic). But the statement sent by epf shows that employer contribution is less than employee contribution. Where does this difference amount goes?
02 April 2012
The contribution of employer will go to 2 accounts. 8.33% will go Pension Fund and 3.67% will go to Provident Fund Accounts. Hence, there will be a difference between employee and employer contribution.
CAclubindia
