Dear All,
Please find enclosed the Frequently Asked questions on PF Act, which details are given below-
PROVIDENT FUND
Q1) What is the Contribution for Provident Fund both by the Employer & Employee ?
Ans : The Employee contributes 12% of his /her Basic Salary & the same amount is contributed by the Employer.
Q2) Is it Compulsory for the all the employees to contribute to the Provident Fund ?
Ans : Employees drawing basic salary upto Rs 6500/- have to compulsory contribute to the Provident fund and employees drawing above Rs 6501/- have an option to become member of the Provident Fund .
Q3) Is it beneficial for employees who draw salary above Rs 6501/- to become member of Provident Fund ?
Ans Yes because provident fund contribution by the employer & employee is not a taxable income for Income Tax purpose.
Q4) What if an employee while joining establishment has a basic salary of Rs 4200 and after some period of time his basic salary increases above Rs 6501/-, does he have an option to terminate his member ship form the Provident fund act?
Ans : Employee who while joining the organisation has a basic salary above Rs 6501/- have an option to either become or avoid becoming member of Provident fund but employees whose basic salary while joining the organisation is less then Rs 6501/- but after some period of time their basic increases above Rs 6501/- have to compulsorily continue to be member of provident Fund.
Q5) What is the contribution percentage to the Provident fund and Pension Scheme ?
Ans : Employers contribution of 12% of basic salary is totally deposited in provident fund account Whereas out of Employees contribution of 12% , 3.67% is contributed to Provident fund and 8.33% is deposited in Pension scheme.
Q6) Which form has to be filled while becoming member of provident fund ?
Ans : Nomination Form No 2 has to be filled to become a member of the Provident fund, form is available with HR department .
Q7 ) Which form has to be filled while transferring provident fund deposit ?
Ans : You just have to fill form no 13 to transfer your P.F amount.
Q8 ) What is the provision of the scheme in the matter of nomination by a member ?
Ans : Each member has to make a nomination to receive the amount standing to his credit in the fund in the event of his death. If he has a family, he has to nominate one or more person belonging to his family and none other. If he has no family he can nominate any person or persons of his choice but if he subsequently acquires family, such nomination becomes invalid and he will have to make a fresh nomination of one or more persons belonging to his family. You cannot make your brother your nominee as per the Acts.
Q9 ) When is an employee eligible to enjoy pension scheme ?
Ans : For an employee to become eligible for Pension fund, he has to complete membership of the Fund for 10 Years.
Q10 ) What does it mean by continuous service of ten years ?
Ans : When we say continuous service of 10 years in Employee Pension Fund, we mean to say that during services, for e.g., an employee who has worked with X company for say 3 years, then he resigned from that organisation and joined Y company, wherein he worked for 2 years, then resigned from there to join establishment for 5 years but during these 10 years of service he has not withdrawn but transferred his Employee pension fund, then we say continuous service of ten years.
Q11 ) When can an employee avail the benefit of Employee pension fund scheme which he has contributed during his ten years of continues service /
Ans : An employee can avail the benefit after completion of 58 years of service.
Q12 ) What happens to the provident fund & Employee Pension fund if an employee who wants to resign from the service before completion of ten years of continues service?
Ans : Employee can withdraw the PF accumulations by filling Forms 19 & 10 C which is available with the HR department.
Q13 ) What is this 19 & 10C form ?
Ans : Form No 19 is for Provident fund withdrawal & Form No. 10 C is for Pension scheme withdrawal.
Q14 ) Do we get any interest on the amount which is deposited in the Provident Fund account?
Ans : Compound interest as declared by the Govt. is given for every year of service.
Q15 ) What is the accounting year for Provident fund account?
Ans : Accounting year is from March to February.
Q16 ) What are the benefits provided under Employee Provident Fund Scheme?
Ans : Two kinds of benefits are provided under the scheme-
a) Withdrawal benefit
b) Benefit of non -Refundable advances
Q18 ) What is the purpose of the Employee's Pension Scheme ?
Ans : The purpose of the scheme is to provide for
1) Superannuation pension.
2) Retiring Pension.
3) Permanent Total disablement Pension
Superannuation Pension: Member who has rendered eligible service of 20 years and retires on attaining the age of 58 years.
Retirement Pension: member who has rendered eligible service of 20 years and retires or otherwise ceases to be in employment before attaining the age of 58 years.
Short service Pension: Member has to render eligible service of 10 years and more but less than 20 years.
Q19 ) How much time does it take to receive P.F & pension money if an employee resigns from the Service?
Ans : Normally the procedure for receiving P.F & Pension money is , the employee has to fill 19 & 10 c Form and submit the same to PF Desk , which is then submitted to the P.F office after two months, this two months is nothing but a waiting period as the rules are that an employee should not be in employment for two months after resigning if he has to withdraw his P.F amount. After completion of two months the form is submitted to the regional provident fund Commissioner office after which the employee receives his amount along with interest within a period of 90 days.
Q20 ) Do we receive money through postal order ?
Ans Previously there was a procedure wherein member use to get P.F through Postal order but now While submitting the P.F form withdrawal form you have to mention your saving Bank account No. & the complete address of the Bank where you hold the account.
Q21 ) How would I know the amount of accumulations in my PF account ?
Ans : PF office sends an annual statement through the employer which gives details about the PF accumulations. The statement contains details like, Opening balance, amount contributed during the year, withdrawal during the year, interest earned and the closing balance in the PF account. This statement is sent by the PF department on completion of the financial year.
Q22 ) Which establishments are covered by the Act ?
Ans : Any establishment which employs 20 or more employees. Except apprentice and casual laborers, every Employee including contract labour who is in receipt of basic salary up to Rs. 6500 p.m. is covered by the Act.
Q23 ) In case after registering the establishment at any point in time, the number of employees working in it becomes less than 20 then will the Act apply ?
Ans : Any establishment which has been covered under the Act once shall continue to be governed by the Act even if the number of persons employed therein at any time falls below 20.
Q24 ) Is the Act applicable to a factory which is closed down but is employing a few employees to look after the assets of the establishment ?
Ans : No, Where the establishment is closed down and only four security men are employed for keeping a watch over the assets and properties of the establishments, the Act would not be applicable.
Q25 ) Is a trainee an employee under the Act ?
Ans : Yes, a trainee would be considered as an employee as per the Act but in case the trainee is an apprentice under the Apprentice's Act then he/ she will not be considered as an employee under this Act.
Q26) Is it possible to appeal the orders of the Central Government or the Central Provident Fund Commissioner ?
Ans : Yes, there is a body called as Provident Fund Appellate Tribunal where an employer can appeal.
Q27 ) Who is the authority to decide regarding the disputes if any ?
Ans : In case there is a dispute regarding the applicability of the Act or the quantum of money to be deducted etc. the authority to decide are the
i)Central Provident Fund Commissioner,
ii)any Additional Provident Fund Commissioner,
iii)any Additional Central Provident Fund Commissioner
iv)any Deputy Provident Fund Commissioner
v)any Regional Provident Fund Commissioner or
vi)any Assistant Provident Fund Commissioner
Q28 ) What in case there are workers involved as Contract labour ?
Ans : It is the responsibility of the Contractor to deduct the PF and submit a statement to the Principal Employer in the prescribed format by 7th of every month. The Company becomes the Principal Employer would be responsible for the PF deduction of the workers employed on contract basis.
Q29 ) Are the persons employed by or through a contractor covered under the Scheme ?
Ans : Persons employed by or through a contractor are included in the definition of “ employee ” under the Employee's Provident Finds Act, 1952, and as such, they are covered under the Scheme.
Q30 ) In case the Contractor fails to deduct and submit the PF amount from the contract workers then what is to be done ?
Ans : The Company being the Principal employer is responsible for the PF to be deducted from the Contract workers as well. In case the Contractors fails to deduct and submit the PF dues then the Company has to pay the amount and can later on recover the amount from the Contractor.
Q31 ) Could the employer be punished in case the remittance of contribution by him is delayed in a Bank or post office ?
Ans : Employer cannot be punished or penalized in case there is a delay in the remittance of the contribution on account of delay in Bank or post office.
Q32 ) What happens in case there is a salary revision and a raise in the basic salary of the employee and arrears need to be paid, Do we need to deduct PF from the arrears as well ?
Ans : Arrears are considered to be emoluments earned by the employee and PF is to be deducted from such arrears.
Q33 ) Is it possible for an employee to contribute at a higher rate of interest than 12 % ?
Ans : Yes, if an employee desires to contribute an amount at a higher rate of interest than 12 % of basic salary then they can do so but it does not become obligatory for the employer to pay anything above than 12 %.This is called voluntary contribution and a Joint Declaration Form needs to be filled up where the employer and the employee both have to give a declaration as to the rate at which PF would be deducted.
Q34 ) What is the interest on the PF accumulations ?
Ans : Compound interest as declared by Central Govt. is paid on the amount standing to the credit of an employee as on 1st April every year.
From India, Solon
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27Please find enclosed the Frequently Asked questions on PF Act, which details are given below-
PROVIDENT FUND
Q1) What is the Contribution for Provident Fund both by the Employer & Employee ?
Ans : The Employee contributes 12% of his /her Basic Salary & the same amount is contributed by the Employer.
Q2) Is it Compulsory for the all the employees to contribute to the Provident Fund ?
Ans : Employees drawing basic salary upto Rs 6500/- have to compulsory contribute to the Provident fund and employees drawing above Rs 6501/- have an option to become member of the Provident Fund .
Q3) Is it beneficial for employees who draw salary above Rs 6501/- to become member of Provident Fund ?
Ans Yes because provident fund contribution by the employer & employee is not a taxable income for Income Tax purpose.
Q4) What if an employee while joining establishment has a basic salary of Rs 4200 and after some period of time his basic salary increases above Rs 6501/-, does he have an option to terminate his member ship form the Provident fund act?
Ans : Employee who while joining the organisation has a basic salary above Rs 6501/- have an option to either become or avoid becoming member of Provident fund but employees whose basic salary while joining the organisation is less then Rs 6501/- but after some period of time their basic increases above Rs 6501/- have to compulsorily continue to be member of provident Fund.
Q5) What is the contribution percentage to the Provident fund and Pension Scheme ?
Ans : Employers contribution of 12% of basic salary is totally deposited in provident fund account Whereas out of Employees contribution of 12% , 3.67% is contributed to Provident fund and 8.33% is deposited in Pension scheme.
Q6) Which form has to be filled while becoming member of provident fund ?
Ans : Nomination Form No 2 has to be filled to become a member of the Provident fund, form is available with HR department .
Q7 ) Which form has to be filled while transferring provident fund deposit ?
Ans : You just have to fill form no 13 to transfer your P.F amount.
Q8 ) What is the provision of the scheme in the matter of nomination by a member ?
Ans : Each member has to make a nomination to receive the amount standing to his credit in the fund in the event of his death. If he has a family, he has to nominate one or more person belonging to his family and none other. If he has no family he can nominate any person or persons of his choice but if he subsequently acquires family, such nomination becomes invalid and he will have to make a fresh nomination of one or more persons belonging to his family. You cannot make your brother your nominee as per the Acts.
Q9 ) When is an employee eligible to enjoy pension scheme ?
Ans : For an employee to become eligible for Pension fund, he has to complete membership of the Fund for 10 Years.
Q10 ) What does it mean by continuous service of ten years ?
Ans : When we say continuous service of 10 years in Employee Pension Fund, we mean to say that during services, for e.g., an employee who has worked with X company for say 3 years, then he resigned from that organisation and joined Y company, wherein he worked for 2 years, then resigned from there to join establishment for 5 years but during these 10 years of service he has not withdrawn but transferred his Employee pension fund, then we say continuous service of ten years.
Q11 ) When can an employee avail the benefit of Employee pension fund scheme which he has contributed during his ten years of continues service /
Ans : An employee can avail the benefit after completion of 58 years of service.
Q12 ) What happens to the provident fund & Employee Pension fund if an employee who wants to resign from the service before completion of ten years of continues service?
Ans : Employee can withdraw the PF accumulations by filling Forms 19 & 10 C which is available with the HR department.
Q13 ) What is this 19 & 10C form ?
Ans : Form No 19 is for Provident fund withdrawal & Form No. 10 C is for Pension scheme withdrawal.
Q14 ) Do we get any interest on the amount which is deposited in the Provident Fund account?
Ans : Compound interest as declared by the Govt. is given for every year of service.
Q15 ) What is the accounting year for Provident fund account?
Ans : Accounting year is from March to February.
Q16 ) What are the benefits provided under Employee Provident Fund Scheme?
Ans : Two kinds of benefits are provided under the scheme-
a) Withdrawal benefit
b) Benefit of non -Refundable advances
Q18 ) What is the purpose of the Employee's Pension Scheme ?
Ans : The purpose of the scheme is to provide for
1) Superannuation pension.
2) Retiring Pension.
3) Permanent Total disablement Pension
Superannuation Pension: Member who has rendered eligible service of 20 years and retires on attaining the age of 58 years.
Retirement Pension: member who has rendered eligible service of 20 years and retires or otherwise ceases to be in employment before attaining the age of 58 years.
Short service Pension: Member has to render eligible service of 10 years and more but less than 20 years.
Q19 ) How much time does it take to receive P.F & pension money if an employee resigns from the Service?
Ans : Normally the procedure for receiving P.F & Pension money is , the employee has to fill 19 & 10 c Form and submit the same to PF Desk , which is then submitted to the P.F office after two months, this two months is nothing but a waiting period as the rules are that an employee should not be in employment for two months after resigning if he has to withdraw his P.F amount. After completion of two months the form is submitted to the regional provident fund Commissioner office after which the employee receives his amount along with interest within a period of 90 days.
Q20 ) Do we receive money through postal order ?
Ans Previously there was a procedure wherein member use to get P.F through Postal order but now While submitting the P.F form withdrawal form you have to mention your saving Bank account No. & the complete address of the Bank where you hold the account.
Q21 ) How would I know the amount of accumulations in my PF account ?
Ans : PF office sends an annual statement through the employer which gives details about the PF accumulations. The statement contains details like, Opening balance, amount contributed during the year, withdrawal during the year, interest earned and the closing balance in the PF account. This statement is sent by the PF department on completion of the financial year.
Q22 ) Which establishments are covered by the Act ?
Ans : Any establishment which employs 20 or more employees. Except apprentice and casual laborers, every Employee including contract labour who is in receipt of basic salary up to Rs. 6500 p.m. is covered by the Act.
Q23 ) In case after registering the establishment at any point in time, the number of employees working in it becomes less than 20 then will the Act apply ?
Ans : Any establishment which has been covered under the Act once shall continue to be governed by the Act even if the number of persons employed therein at any time falls below 20.
Q24 ) Is the Act applicable to a factory which is closed down but is employing a few employees to look after the assets of the establishment ?
Ans : No, Where the establishment is closed down and only four security men are employed for keeping a watch over the assets and properties of the establishments, the Act would not be applicable.
Q25 ) Is a trainee an employee under the Act ?
Ans : Yes, a trainee would be considered as an employee as per the Act but in case the trainee is an apprentice under the Apprentice's Act then he/ she will not be considered as an employee under this Act.
Q26) Is it possible to appeal the orders of the Central Government or the Central Provident Fund Commissioner ?
Ans : Yes, there is a body called as Provident Fund Appellate Tribunal where an employer can appeal.
Q27 ) Who is the authority to decide regarding the disputes if any ?
Ans : In case there is a dispute regarding the applicability of the Act or the quantum of money to be deducted etc. the authority to decide are the
i)Central Provident Fund Commissioner,
ii)any Additional Provident Fund Commissioner,
iii)any Additional Central Provident Fund Commissioner
iv)any Deputy Provident Fund Commissioner
v)any Regional Provident Fund Commissioner or
vi)any Assistant Provident Fund Commissioner
Q28 ) What in case there are workers involved as Contract labour ?
Ans : It is the responsibility of the Contractor to deduct the PF and submit a statement to the Principal Employer in the prescribed format by 7th of every month. The Company becomes the Principal Employer would be responsible for the PF deduction of the workers employed on contract basis.
Q29 ) Are the persons employed by or through a contractor covered under the Scheme ?
Ans : Persons employed by or through a contractor are included in the definition of “ employee ” under the Employee's Provident Finds Act, 1952, and as such, they are covered under the Scheme.
Q30 ) In case the Contractor fails to deduct and submit the PF amount from the contract workers then what is to be done ?
Ans : The Company being the Principal employer is responsible for the PF to be deducted from the Contract workers as well. In case the Contractors fails to deduct and submit the PF dues then the Company has to pay the amount and can later on recover the amount from the Contractor.
Q31 ) Could the employer be punished in case the remittance of contribution by him is delayed in a Bank or post office ?
Ans : Employer cannot be punished or penalized in case there is a delay in the remittance of the contribution on account of delay in Bank or post office.
Q32 ) What happens in case there is a salary revision and a raise in the basic salary of the employee and arrears need to be paid, Do we need to deduct PF from the arrears as well ?
Ans : Arrears are considered to be emoluments earned by the employee and PF is to be deducted from such arrears.
Q33 ) Is it possible for an employee to contribute at a higher rate of interest than 12 % ?
Ans : Yes, if an employee desires to contribute an amount at a higher rate of interest than 12 % of basic salary then they can do so but it does not become obligatory for the employer to pay anything above than 12 %.This is called voluntary contribution and a Joint Declaration Form needs to be filled up where the employer and the employee both have to give a declaration as to the rate at which PF would be deducted.
Q34 ) What is the interest on the PF accumulations ?
Ans : Compound interest as declared by Central Govt. is paid on the amount standing to the credit of an employee as on 1st April every year.
From India, Solon
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Thank you very much. I find the info on PF very relevant, useful. I will be thankful to you if you can please sent me such FAQs on different acts of IR. Regards Sarit
From India, Thana
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From India, Thana
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Thank you. I always scare to read or to learn about PF, but ur material help a lot in learning the concept of PF. I want some information about Payroll in HR regards geeta:confused:
From India, Hyderabad
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From India, Hyderabad
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Dear Mr. PBS,
It is very valuable to every HR executive. I have a small doubt, i.e., if a contractor has not paid PF contributions to his workers, then the principal employer has to pay. If the principal employer has also not paid, what are the consequences? Please reply to this email.
Murali
murali_uma2003@yahoo.com
From India, Hyderabad
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It is very valuable to every HR executive. I have a small doubt, i.e., if a contractor has not paid PF contributions to his workers, then the principal employer has to pay. If the principal employer has also not paid, what are the consequences? Please reply to this email.
Murali
murali_uma2003@yahoo.com
From India, Hyderabad
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Can Anybody help me for a declaration format for keeping the company assets with the employees Eg:- Cars,Car RC Books, Laptops,mobiles etc
From India, Mumbai
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From India, Mumbai
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Thank you for the valuable information. Also, tell me what is to be done if the ex-employer doesn't bother to revert if you have sent mails for Form No. 16 for filing returns. We were also not provided with salary slips, and now we want the Form No. 16. Guide me on this matter.
From India, Pune
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From India, Pune
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Mr. Pawan,
Tell me something about ESI as we have a number of questions asked on PF & ESI for interviews in HR & Admin.
I have many more questions to ask you... :)
And will do that, hope you won't mind.
From India, Pune
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Tell me something about ESI as we have a number of questions asked on PF & ESI for interviews in HR & Admin.
I have many more questions to ask you... :)
And will do that, hope you won't mind.
From India, Pune
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Excellent... Is there such an FAQ for ESIC also ?? Would really be grateful if that is posted by the senior members
From India, Surat
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From India, Surat
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Hi,
Can you guide me on an issue?
I was working in a small company a few months back. Then I resigned due to certain clashes in the company.
Now I want the Form No. 16 from the employer, and accordingly, I wrote an email to the accounting head. However, she's not bothering even to acknowledge the email, and with this attitude of hers, I find rare chances of getting it.
How can I demand the Form No. 16 as it is my right to get it for filing the returns? We were also not given salary slips. What should be done now?
Please email me the solution at mhetar.namita@gmail.com.
From India, Pune
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Can you guide me on an issue?
I was working in a small company a few months back. Then I resigned due to certain clashes in the company.
Now I want the Form No. 16 from the employer, and accordingly, I wrote an email to the accounting head. However, she's not bothering even to acknowledge the email, and with this attitude of hers, I find rare chances of getting it.
How can I demand the Form No. 16 as it is my right to get it for filing the returns? We were also not given salary slips. What should be done now?
Please email me the solution at mhetar.namita@gmail.com.
From India, Pune
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Excellent, Mr. Pawan Kashyap. Ur info has really helped me getting inside knowledge of PF:-P
From India, Hyderabad
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From India, Hyderabad
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Thanks a lot sir for your best information about pf act. Sir actually i also want to know something about excise rules and regulations. Pls help me raj chauhan 3-09873667077
From India, New Delhi
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From India, New Delhi
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Hi all,
A contractor takes contracts from some corporates and delegates them to subcontractors. While making the payment to the subcontractor, the contractor deducts for the Provident Fund account and Employee Stock Option Plan on behalf of the laborers. Is this valid? If so, please provide the evidence that the contractor must present for making payments to the Provident Fund account as per the act.
Can you please send me your views? 😄
From India, Madras
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A contractor takes contracts from some corporates and delegates them to subcontractors. While making the payment to the subcontractor, the contractor deducts for the Provident Fund account and Employee Stock Option Plan on behalf of the laborers. Is this valid? If so, please provide the evidence that the contractor must present for making payments to the Provident Fund account as per the act.
Can you please send me your views? 😄
From India, Madras
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Hi, can anyone forward me the PF form to remit my PF amount from the department? My last employer is in Bangalore, and I am in Noida. Can I get the form here and send it across? Is there any difference in forms between Bangalore and Noida??? It is a bit urgent.
Thanks in advance.
From India, Delhi
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Thanks in advance.
From India, Delhi
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HI!!! Pawan Kashyap Can you please tel me the advantages & benefits for a employee of having PF:icon13:
From India, Bangalore
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From India, Bangalore
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Hi, I am Sachin from Jaipur. I resigned from my previous company in October 2008, and I started working in another company. Now, I would like to withdraw my PF amount as it is now July 2009. Could you please let me know if there is a time limit for withdrawing the PF amount? How long can I preserve my PF amount in my PF account, and could you please explain the process of withdrawal?
Thank you.
From India, New Delhi
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Thank you.
From India, New Delhi
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we have some employees in contract for one year, can we deduct pf if yes why if no why what is administrative charge in pf what is the percentage
From India, Calcutta
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From India, Calcutta
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Dear Sachin,
For the withdrawal of PF, you will have to apply in Form 19, get it signed by your last organization, and send it to the PF organization where the account is maintained. If you wouldn't like to withdraw the PF amount, you can transfer the PF to the present organization's PF account allotted to you. The forms are available on the provident fund organization's website.
For any further details, inquire at the PF office.
From India, Bangalore
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For the withdrawal of PF, you will have to apply in Form 19, get it signed by your last organization, and send it to the PF organization where the account is maintained. If you wouldn't like to withdraw the PF amount, you can transfer the PF to the present organization's PF account allotted to you. The forms are available on the provident fund organization's website.
For any further details, inquire at the PF office.
From India, Bangalore
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useful massage, but i want to know that what the benfit gets by a family after the dath of an employee
From India, Delhi
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From India, Delhi
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hi, i need some details information abut the unclaimed money of provident fund were it is utilise and who is the atuthority to do so.
From India, Dhanbad
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From India, Dhanbad
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Dear all,
Kindly let me know whether employee will get full part of PF amount (Employee/ Employer Contribution) if he resigns after 10 years continues services with the same organization.
Regards
Janardhan
From India, Bangalore
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Kindly let me know whether employee will get full part of PF amount (Employee/ Employer Contribution) if he resigns after 10 years continues services with the same organization.
Regards
Janardhan
From India, Bangalore
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Thank you for the good information. I have a question regarding the employee's entitlement to the full part of the PF amount (Employee/Employer Contribution) if he resigns after 10 years of continuous service with the same organization.
Best Regards,
Janardhan
From India, Bangalore
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Best Regards,
Janardhan
From India, Bangalore
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Hi,
It is understood that in the PF scheme, various loans are available, and a number of benefits are also included in the scheme. Kindly explain the procedure for applying for the loans mentioned above, the eligible period, and how much balance service is required to apply for the loans.
Please provide a detailed description of the process.
Regards,
rns
From India, Mumbai
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It is understood that in the PF scheme, various loans are available, and a number of benefits are also included in the scheme. Kindly explain the procedure for applying for the loans mentioned above, the eligible period, and how much balance service is required to apply for the loans.
Please provide a detailed description of the process.
Regards,
rns
From India, Mumbai
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In my company, both the 12% contribution is borne by the employee and it's an unlimited PF. One of our employees doesn't want to opt for PF, but management declined his request. Please tell me whether it's legal in such a case. Employees must have an option. After 3 months, the PF account has not been given to me. I am afraid that my money should not go down the drain. PLEASE HELP, IT'S URGENT.
From India, Bellary
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From India, Bellary
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In my company, both the 12% contribution is borne by the employee and it's unlimited PF. One of our employees doesn't want to opt for PF, but management declined his request. Please tell me whether it's legal in such a case. Employees must have an option. And after 3 months, PF account is not given to me. I am afraid that my money should not go down the drain. PLEASE HELP, IT'S URGENT.
More at https://www.citehr.com/131452-faq-pr...#ixzz0nPuxJ5iC
From India, Bellary
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More at https://www.citehr.com/131452-faq-pr...#ixzz0nPuxJ5iC
From India, Bellary
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Dear PBS,
Can you provide me with one detail? If an employee has left the organization and has not withdrawn his PF amount after one year, is he eligible for an interest rate on his contributions during his service?
Thank you.
From India, Delhi
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Can you provide me with one detail? If an employee has left the organization and has not withdrawn his PF amount after one year, is he eligible for an interest rate on his contributions during his service?
Thank you.
From India, Delhi
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Very useful info ,many of my doubts are cleared now ........thnk u so much for sharing... Looking for more posts like thsi frm u
From India, Gurgaon
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From India, Gurgaon
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Hi,
Can a married woman nominate her mother as a nominee in PF if her father is in service? Please advise on this issue.
Also, if anybody has not withdrawn the PF from his or her previous two companies, then what are the ways to get the amount from both the companies?
Cheers,
Rashmi
From India, Mumbai
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Can a married woman nominate her mother as a nominee in PF if her father is in service? Please advise on this issue.
Also, if anybody has not withdrawn the PF from his or her previous two companies, then what are the ways to get the amount from both the companies?
Cheers,
Rashmi
From India, Mumbai
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Its really grt to get such precise inputs ..easy for everyone unlike lengthy info whic makes it diffult to understand...Looking forward for more short n easy info..:)
From India, Mumbai
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From India, Mumbai
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Hi,
My name is Shyamala. I joined a KPO job in June, and subsequently left that job in 2 weeks owing to personal reasons. I did not submit a formal resignation letter as my employer didn't ask for the same. I just mentioned I'm leaving to the HR orally, and he just said he's terminating me from service. I didn't have a bank account opened during this period, hence, I didn't receive a salary for these 2 weeks either. I've been unemployed ever since.
My query is:
I'm aware that the PF number allotted to someone is permanent - it can't be changed even when you move from one company to another. I signed the Employee PF enrollment form during the first day there (formal induction procedures). Now what will be its status? Will the HR cancel it, as I have left their organization? Will this PF number pose a threat to me and reveal my old employer when I join another company later? I'm a fresher engineering graduate and I'm quite tensed regarding this situation.
I hope someone can resolve my query. Thanks in advance. :)
Best regards,
Shyamala.
From India, Velluru
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My name is Shyamala. I joined a KPO job in June, and subsequently left that job in 2 weeks owing to personal reasons. I did not submit a formal resignation letter as my employer didn't ask for the same. I just mentioned I'm leaving to the HR orally, and he just said he's terminating me from service. I didn't have a bank account opened during this period, hence, I didn't receive a salary for these 2 weeks either. I've been unemployed ever since.
My query is:
I'm aware that the PF number allotted to someone is permanent - it can't be changed even when you move from one company to another. I signed the Employee PF enrollment form during the first day there (formal induction procedures). Now what will be its status? Will the HR cancel it, as I have left their organization? Will this PF number pose a threat to me and reveal my old employer when I join another company later? I'm a fresher engineering graduate and I'm quite tensed regarding this situation.
I hope someone can resolve my query. Thanks in advance. :)
Best regards,
Shyamala.
From India, Velluru
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Shyamala,
First of all, you should have been relieved from the company by formally submitting a resignation letter. Even if your personal reasons prevented you from going to the office, you could have sent an email. A HR cannot accept any employee's resignation orally, as they must be accountable to their boss.
It is evident from your question that you must be looking for another job. If your personal reasons are resolved, you could consider reapplying to the same company.
Aside from the reasons mentioned, the PF number is not permanent. It changes whenever you switch to another company. You have the option to either close the PF account if you are unemployed for the next two months or transfer the PF account to the new company you have joined. Since you did not receive a salary for your tenure, your PF account would not have been activated.
Regards,
Arun
From India, Madras
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First of all, you should have been relieved from the company by formally submitting a resignation letter. Even if your personal reasons prevented you from going to the office, you could have sent an email. A HR cannot accept any employee's resignation orally, as they must be accountable to their boss.
It is evident from your question that you must be looking for another job. If your personal reasons are resolved, you could consider reapplying to the same company.
Aside from the reasons mentioned, the PF number is not permanent. It changes whenever you switch to another company. You have the option to either close the PF account if you are unemployed for the next two months or transfer the PF account to the new company you have joined. Since you did not receive a salary for your tenure, your PF account would not have been activated.
Regards,
Arun
From India, Madras
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Thank you, Arun. That was a precise answer. Yeah, I'm searching for a job now. I didn't submit any written letter because my boss/HR had made the decision to terminate me even before I could ask if a formal statement was required. And I'm not going back to that company ever again! So it's alright even if they black-list my profile for all future references. It's good to hear that my PF account wouldn't have been activated. Many thanks for resolving my query.
Regards,
Shyamala.
From India, Velluru
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Regards,
Shyamala.
From India, Velluru
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Dear Mr./Ms. PBS,
I have a query regarding your statement that "Brother cannot be a nominee as per the act" in Question no. 8. Could you please provide me with the reason for this? Why is it that "Brother cannot be a nominee as per the act"?
Thank you.
From India, Madras
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I have a query regarding your statement that "Brother cannot be a nominee as per the act" in Question no. 8. Could you please provide me with the reason for this? Why is it that "Brother cannot be a nominee as per the act"?
Thank you.
From India, Madras
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I worked in a company for a period of 3 months and 23 days, during which the contribution for PF from both ends was Rs. 1200. Upon the closure and withdrawal of the PF account, I received only Rs. 7340. Upon inquiring about this with my previous company's HR, they mentioned that PF authorities would deduct administrative charges if one quits before completing 6 months of service, which is why the amount is reduced. Is this true? If so, how much will they deduct as charges?
From India, Hyderabad
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From India, Hyderabad
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Dear Sir,
My previous employer has not remitted the PF employee share and also the employer share for the past year (Oct 2011 to Oct 2012) to the department. The company is now closed. Even after several 7A notices issued by the department, the employer is not in a position to pay the PF amount. It has been six months since my resignation. Since the factory is closed and no officer is working there, I have not been issued duly filled Form 19, 10C along with 3A, Form 5, and 10.
My question is, since the employer has not remitted the amount as mentioned above, can I apply for the Claim of PF? If yes, what are the necessary steps I should follow to get the claim? Without remittance from the employer, will the PF office settle my account until the date of my resignation? Can anybody help me with this issue?
From India, Bangalore
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My previous employer has not remitted the PF employee share and also the employer share for the past year (Oct 2011 to Oct 2012) to the department. The company is now closed. Even after several 7A notices issued by the department, the employer is not in a position to pay the PF amount. It has been six months since my resignation. Since the factory is closed and no officer is working there, I have not been issued duly filled Form 19, 10C along with 3A, Form 5, and 10.
My question is, since the employer has not remitted the amount as mentioned above, can I apply for the Claim of PF? If yes, what are the necessary steps I should follow to get the claim? Without remittance from the employer, will the PF office settle my account until the date of my resignation? Can anybody help me with this issue?
From India, Bangalore
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Is it compulsary for higher salary staff above Rs.6500 pf should be deducted or not. for example: if salary would be 50,000 Regards Pradeep
From India, Delhi
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From India, Delhi
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My colleague, who is Austrian, worked in India and left both his job and the country. His settlement was deposited into his bank account after he departed. Unfortunately, the bank returned the cheque as his account had become non-operative by that time. How can he claim the money now? He does not have an account in India and is no longer working there. Is it possible for his settlement to be paid abroad?
From Qatar, Doha
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From Qatar, Doha
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Dear all, your posts are really helpful... i have a doubt that are the rules of pf are same for companies under factories act.???
From India, Mumbai
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From India, Mumbai
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My querry is that whether any eligible employee can individually apply for loan from his pf account ? Consent from owner is required or not?
From India, Delhi
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From India, Delhi
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Hi, I need to ask the limit of the employee if he/she want to deduct full part of his/her basic salary for PF?
From India, Delhi
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From India, Delhi
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Dear All,
Everything is fine as per the questions mentioned above. However, there have been several amendments made in the Provident fund effective from the financial year 2014-15 and Assessment year 2016-17.
Like Question no 2 and 3 = wage ceiling limit of Provident fund has been raised to Rs 15,000 (wef 1 Sep 2014) Q4: An employer cannot force the employee to be a part of the Provident fund if his basic salary + DA is more than Rs 15,001 and until he has specified the same in their HR policy. Q5: As per the new amendments that took place on 1 Sep 2014, new employees who get registered for the Provident fund. No amount gets deducted towards EPS (8.33%) and EPF (3.67%). It's a total of 12% towards both employers and employees. And even an employee can now withdraw a total of 24% even if he has worked for the company from 0 months - 9 years. However, withdrawing PF before 5 years of service and that too of a sum equal to or more than Rs 30,000 will attract tax. But if the employee submits Form 15G/15 H along with his PAN card, no tax will be deducted. Q7. Form no 13 R has now been replaced by a new form called Form 11(N) in case the employee has a UAN number for transferring PF from one company to another.
In addition, continuous service in employment is considered where the employee has completed 240 working days in a year. Though this applies to the rule of calculating gratuity, it's the same for other statutory benefits. EPFO has no responsibility to send any annual statements to individuals. However, to check the PF balance, it is easier to go to the PF website (www.epfindia.com) to check the balance. Q33. VPF is an account only meant for employees and not for employers. If an employee feels to contribute anything extra towards his savings (8-20%), he can do so by opening VPF. But no employer can make a contribution to such VPF, and such is not mentioned in the PF Act 1952.
Hope this clarifies.
From United Kingdom, Leeds
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Everything is fine as per the questions mentioned above. However, there have been several amendments made in the Provident fund effective from the financial year 2014-15 and Assessment year 2016-17.
Like Question no 2 and 3 = wage ceiling limit of Provident fund has been raised to Rs 15,000 (wef 1 Sep 2014) Q4: An employer cannot force the employee to be a part of the Provident fund if his basic salary + DA is more than Rs 15,001 and until he has specified the same in their HR policy. Q5: As per the new amendments that took place on 1 Sep 2014, new employees who get registered for the Provident fund. No amount gets deducted towards EPS (8.33%) and EPF (3.67%). It's a total of 12% towards both employers and employees. And even an employee can now withdraw a total of 24% even if he has worked for the company from 0 months - 9 years. However, withdrawing PF before 5 years of service and that too of a sum equal to or more than Rs 30,000 will attract tax. But if the employee submits Form 15G/15 H along with his PAN card, no tax will be deducted. Q7. Form no 13 R has now been replaced by a new form called Form 11(N) in case the employee has a UAN number for transferring PF from one company to another.
In addition, continuous service in employment is considered where the employee has completed 240 working days in a year. Though this applies to the rule of calculating gratuity, it's the same for other statutory benefits. EPFO has no responsibility to send any annual statements to individuals. However, to check the PF balance, it is easier to go to the PF website (www.epfindia.com) to check the balance. Q33. VPF is an account only meant for employees and not for employers. If an employee feels to contribute anything extra towards his savings (8-20%), he can do so by opening VPF. But no employer can make a contribution to such VPF, and such is not mentioned in the PF Act 1952.
Hope this clarifies.
From United Kingdom, Leeds
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FAQ;s on ESI can be very well and easily found on Ebook avaialbe on the website www.esic.nic.in................ you will be able to find all the queries related to ESI in this booklet.
From United Kingdom, Leeds
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From United Kingdom, Leeds
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Hai, I need information, If any employee resign the company Who have to submit PF form employee or employer?? After submitting the form if any rejection occur then?
From India, Hyderabad
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From India, Hyderabad
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Sir/Madam,
I left the company in July '15 and applied for my PF in Jan '16 through my former employer. However, I have not received any updates or my PF amount yet. When I contacted my previous company, they informed me that they had forwarded my PF application to the PF office. As of today, 14 Apr, I still have not received my PF amount. I have also checked the PF site, but it shows "no records found."
Could you please guide me on what steps I should take?
Thank You,
Vimal Tiwari
From India, Mumbai
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I left the company in July '15 and applied for my PF in Jan '16 through my former employer. However, I have not received any updates or my PF amount yet. When I contacted my previous company, they informed me that they had forwarded my PF application to the PF office. As of today, 14 Apr, I still have not received my PF amount. I have also checked the PF site, but it shows "no records found."
Could you please guide me on what steps I should take?
Thank You,
Vimal Tiwari
From India, Mumbai
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Hi Vimal,
Please approach your PF office personally with your PF number. Check whether they have received your application or not. If yes, verify whether they require any additional documents and provide them. If not, contact your employer from the PF office and request an acknowledgement copy. Assertively inform them that you will lodge a complaint if they do not process the claim without a valid reason.
For additional information, you can reach me at tqmmohan@gmail.com.
From India, Chennai
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Please approach your PF office personally with your PF number. Check whether they have received your application or not. If yes, verify whether they require any additional documents and provide them. If not, contact your employer from the PF office and request an acknowledgement copy. Assertively inform them that you will lodge a complaint if they do not process the claim without a valid reason.
For additional information, you can reach me at tqmmohan@gmail.com.
From India, Chennai
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FAQ-Employees Provident Fund Act-L-5.doc
Employee Provident Fund and MP Act, 1952.pdf
Provident Fund Act.ppt