After going through couple of articles about EPF, i’ve got some questions related to it.
1. I heard that EPF is only available when your basic salary is below 6500? What does it mean? I got this question because I’ve seen packages where basic salary is around 30k and PF is contributed at 12% from employee as well as employer.
2. If a person basic salary is 30000 then 12% of it by employee 3600 and plus employer contribution is 3600. Does this mean this entire amount will be deposited to our PF account?
3. I’ve also seen some articles stating about calculations on how much will go to pension scheme etc. If it really going to pension scheme, then in case job switch what happens to this money.
I might be wrong in my questions as well. Can somebody explain me all these calculations and how much goes to which account, and if I withdraw this amount while I quit the job, how much of it I’ll get?