My company deducts Rs.780 as my PF amount when my basic is Rs.8623 which definetely doesn't amount to 12%. They claim that to deduct the PF they have considered a standard basic amount for all the employees and 780 is the amount cut for all employees regardless of whether your basic is more.
Also they deduct a further Rs.780 saying this is the amount that they put from their pocket. I'm aware that there are companies who contribute an equal amount towards the PF from their side. But this company deducts both the amounts from my salary and doesn't even show it on the salary slip. No one is aware of whether the 2nd 780 is really being deposited into the PF account.