What happens to 8.33% of P.F, if an employee resigns to the company after working for around 2 years. Will he get that amount if he withdraws and what if he wants to continue the account.
From India, Hyderabad
From India, Hyderabad
hi venkateshwara.rao yup definately you can withdraw the amount if u want to continue ,u wuill lose ur amount
From India, Delhi
146From India, Delhi
Thanks for reply, can you just explain the same in detail (if i want to continue the account). Means along with 12% this 8.33% is carried forward. Actaul procedure i am looking for. Let us say the person resigned to his present job after one year then. Any particular time limit to withdraw that amount, even if he keeps changing his job.
From India, Hyderabad
From India, Hyderabad
You will get it back if want to discontinue that account,only in case if urs contribution period is les than 6 month you cannot withdraw that 8.33% contribution toward pension fund.
From India, Delhi
From India, Delhi
Thanks Atul for these valueble information.
Means if the person worked in this particular organisation less than 6 month then he or she can't withdraw that 8.33% pension fund contribution.
Am I right????
Regards,
Reshma
From India, Mumbai
Means if the person worked in this particular organisation less than 6 month then he or she can't withdraw that 8.33% pension fund contribution.
Am I right????
Regards,
Reshma
From India, Mumbai
If a person worked less than 6 months then he can withdraw only PF(3.67% & 12%) amount and not Pension amount(8.33%).
if u changed the job u may withdraw the amount or can continue by transferring the account(Form 13).
From India, Bangalore
if u changed the job u may withdraw the amount or can continue by transferring the account(Form 13).
From India, Bangalore
8.33% goes towards pension fund which is added to 1.17% of GOVT. OF INDIA contribution.
if you have contribute for more than 06 months but less than 10 years and are no more in employement you can claim either withdrawal benefit[ which carries very good interest rate] or opt for scheme certificate and surrender your S.C once you join somewhere to get your pension particulars added to your new service.
its always advisable to get scheme certificate rather than withdrawal benefit so that you can claim pension after 10 years of even interrupted services. also if you have not withdrawan your pension fund contribution in case of death widdow and children pension will start.{ its like holding insurance]
if you are continuing to any other company having p.f it is legal liability to get your pf and pension particulars transferred to new employer.
pf and withdrawal benefit before 58 years of age is allowed only when you are unemployed for more than 02 months.
hope this clearifies your doubts.
rajanikant mishra
From India, Delhi
if you have contribute for more than 06 months but less than 10 years and are no more in employement you can claim either withdrawal benefit[ which carries very good interest rate] or opt for scheme certificate and surrender your S.C once you join somewhere to get your pension particulars added to your new service.
its always advisable to get scheme certificate rather than withdrawal benefit so that you can claim pension after 10 years of even interrupted services. also if you have not withdrawan your pension fund contribution in case of death widdow and children pension will start.{ its like holding insurance]
if you are continuing to any other company having p.f it is legal liability to get your pf and pension particulars transferred to new employer.
pf and withdrawal benefit before 58 years of age is allowed only when you are unemployed for more than 02 months.
hope this clearifies your doubts.
rajanikant mishra
From India, Delhi
see we are a company of 19 employees currently and we are registered as PRIVATE LIMITED COMPANY and we do not have PROVIDENT FUND as of now is it mandatory to have PROVIDENT FUND or not required and what should i do for starting PROVIDENT FUND to our employees
From India, Madras
From India, Madras
Thanks, very valuable and in detail Rajanikant. Say i resigned, opted for withdrawl and filled forms for withdrawl of P.F. Specially i need to fill up any forms for Employer P.F or is it included in the forms filled. Is there any chance that Employer may indulge in fruad by not paying that amount. If there is chance, what are the rules saying.
From India, Hyderabad
From India, Hyderabad
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Employer-PF-res trict to wages of Rs 6500.pdf