What is Provident Fund?
Provident Fund Organization is the statutory body under the Government of India’s Ministry of Labour and Employment, which is responsible for regulation and management of provident funds in India. The EPFO administers the mandatory provident fund.
How is provident fund calculated in South Africa?
The employee contributes 12 percent of his or her basic salary along with the Dearness Allowance every month to the EPF account. For example: If the basic salary is Rs. 15,000 per month, the employee contribution shall be 12 % of 15000, which comes to Rs 1800/-. This amount is the employee contribution.
How much do you pay for provident fund?
Fund benefits and fees – Legal Provident Fund. Employers can elect to contribute at one of the following percentages of fund salary: 5%, 7.5%, 9%, 10%, 12.5%, 15%. Employees can elect to contribute at one of the following percentages of fund salary: 0% or 5%.
How long does it take to pay out provident fund in South Africa?
within 21 days
You should receive your provident fund payout within 21 days if your tax affairs are in order and all the required documents (such as a copy of your ID, a completed instruction form stating where the money should go, and proof of banking details) have been sent to the fund by your employer.