Trending @Accenture; Got My PF reduced to 1800
I was in the old regime till last year but then I moved to NEW regime like most of the people but my PF contribution was still 12% which was huge as both the contribution are deducted from employee salary.
I have raised tickets and they were giving all kinds if excuses but after i escalated the matter to 3 levels in HR dept, they finally changed.
The PF team will give excuses but they can’t force you to pay 12% because EPFO allows you to change so if you also are facing this issue, raise a ticket and get it reduced.
Effectively it's get 24% from salary, but same time don't underestimate power of compounding.
Don't get it reduced !
Compensation structuring is a once a year activity dude. It can’t be done every month given the fact that it is not practical and also would lead to payroll processing errors. It was your mistake that you did not restructure your Comp in April and then you are trying to act as a hero as if you achieved something great in life by escalating it and all. Please get educated about company’s policies and practices instead of blaming people who are doing their jobs.
If it is the companies policy, then why did they end up changing the PF amount?
Please note that, as per EPFO regulations, employees are required to contribute a minimum of 12% of their Basic Salary towards the Provident Fund (PF). If an employee’s Basic Salary is ₹15,000 or more, they have the option to either contribute on the statutory limit of ₹15,000 or on their actual Basic Salary. This choice is generally provided during the compensation structuring exercise.
By default, the company deducts 12% of your actual Basic Salary as your PF contribution, unless you specifically opt for the calculation to be based on ₹15,000. This flexibility allows you to decide how much you want to contribute, depending on your financial planning preferences.
It is also important to understand that the employer’s PF contribution is not deducted from your salary. Instead, it is included as part of your total Cost to Company (CTC). Only your own 12% contribution is actually deducted from your monthly take-home salary.
How, can u pls assist... Like I raised the incident but I got some bullshit response stating it's not possible now once done...
I have raised ticket,they told it can be changed once,in Accenture tenure
@scaredOpera It's 12% from basic salary...
Is like do we need to write an email HR post raising the incident, and later the PF team will revise the details... Pls advise me buddy
But why do you want to reduce your pf?
Thanks for sharing..when I joined Accenture as part of CTC planning I kept the maximum amount int o basic thinking later I can change (reduce it) after one month in induction they told you increase the basic but cannot decrease what a foolish rule that too company is least bother to inform early I am end up paying more into PF now
I also want to know where to raise this request please
12 % from your salary....they are deducting...how is it possible?
