Allan Fernandes
Vp - Quikchex Hr And Payroll Software And
Hr Manager
Hr Executive
+4 Others

Thread Started by #grace_sasi

what is meant by provident fund? how to calculate the provident fund in a company? who are all eligible for provident fund? what are the forms used for providend fund?
19th August 2010 From India, Delhi
There are two types of Provident Fund

1. PPF - Public Provident Fund

2. EPF - Employee Provident Fund

In an organisation we are concerned with EPF


1. PF is a statutory deduction. It is deducted on Basic + D.A + Cash value of Food Allowance @ 12%.

 D.A is provided only in government departments. Private companies generally do not give Daily Allowance to its employees.

2. Company pays P.F on either actual or Capped Basic. Capped basic is decided on company rules and is not restricted. It is applicable to those employee’s whose basic exceeds Rs.6500/- only.

3. Employer and Employee Contribution are equal in P.F which is 12%.

This means 12% Contribution from Employee and 12% Contribution from Employer. Company contribution is split into two parts.

8.33% on Family pension Fund and 3.67 % on Employee Provident Fund.

4. Every month Employer needs to pay additional charges over and above PF Company Contribution as per the below break up:

 1.1% P.F Administration Charges,

 0.5 % on Employee Deposit Linked Insurance (E.D.L.I)

 0.01% E.D.L.I Administration Charges.

 In the case if the company has exemption in EDLI u/s 17(2a), company need not to pay employee deposit linked charges 0.5% and the admission charges are levied at 0.005% instead of 0.010%.

5. The company needs to file Monthly and Annual Returns.

Every month company has to submit duly paid P.F Challan.

Form 12A, Form-5 (additions) and Form 10 (deletions) and Nomination Form-2 (newly joined employee details).

In Annual Return we need file Form 3A and 6A along with the details of Annul PF Challan payments.

6. The employer needs to collect, certify and submit the Nomination and Declaration Form in Form-2 of every new joiner to the scheme along with the monthly report.

7. P.F. Monthly payment due date is 15th with a grace up to 21st. Monthly Returns due date is 25th of following month and Annual Return due date is 30th April.

 As per P.F authorities, FY is from 1st March to 28th February.

8. Any employee who wishes to transfer his old company’s PF balances he can transfer his PF Current A/C using Form-13 signed by current employer (new company employer) and old employer has to submit Form 3A to P.F office.

 Employee P.F Number will be changing in every company.

9. Any employee who wants to en-cash his P.F amount, he can draw the total amount with using of Form 10 C & Form 19. Form 10 C is E.P.F & Form 19 is F.P.F

10. Recently P.F Authorities introduced e-filling system, in these systems we have to submit every month P.F details in soft copy and hard copy, here no need to submit Annual Returns. (Currently this is not in use).

11. There are 5 number of accounts in PF Challan as shown below:

A/C#01 - PF contributed by Employers & Employee (12% & 3.67)

A/C#02 – PF administration charges (1.1%)

A/C#10 – Pension Fund Account (8.33%)

A/C#21 – EDLI charges (0.5%)

A/C#22 – EDLI Administration charges (0.10%)

visit this site - EPFO u will get all the necessary informations
19th August 2010 From India, Mumbai
Hi , I have received Form 13 (for transferring his PF )from ex - employee duly signed and stamped by his current employer. What should be my action on this now Regards, MD
26th May 2011 From India, Calcutta
Gentleman, You have elaborately explained. Good. But one thing it is missing that, statutorily you have to deduct at the rate of 12% and 12% management contribution. The ceiling is restricted to 6500. What about the employees getting more than 6500 and how the Act provides under the relevant section/regulations not mention. Will you please update it.
MRN. Murthy
1st January 2013 From India, Bangalore
I am taking care of pf contribution for 300 employees who are casual labors. They are unstable in work. They will work for one month and go for leave in one month. When they are in leave they cant have contribution for that month. Help me on this to care forward their account for next month with out deletion.
18th March 2013 From India, Bangalore
Mr.Yaasin, you have very clearly and simply explained EPF Scheme which is really helpful to understand basics of EPF Scheme Mitesh Verma
13th June 2013 From India, Ahmedabad
Please guide me on this:
My company offer CTC which includes deductions of pf & ESIC from employer side too frm employees monthly gross only.
So, will employer deductions will also fluctuate according to employee gross or not?
9th December 2015 From India, Thane
You should refer to this article:
Provident Fund - What you need to know
It pretty much covers all the questions that you may have regarding Provident Fund.
Another pretty useful article is the one on how to register for PF.
Registering for Provident Fund - Step by Step guide
I've also attached the PDFs of these articles to this email.
29th January 2016 From India, Mumbai

Attached Files
Membership is required for download. Create An Account First
File Type: pdf Provident Fund- All you need to know.pdf (698.1 KB, 1688 views)
File Type: pdf PF Registration Procedure_Quikchex.pdf (589.7 KB, 652 views)

Dear Sir/Madam,
our one employee has crossed the age of 58 years and he wants to withdrawal our Final settlement of epf and also start pension.
Please guide me which form and document is applicable for this scheme.
29th April 2017 From India, Bhopal
Please check the below URL
11th December 2018 From India, New Delhi
1- What is meant by provident fund?
>> Provident Fund or Employee Provident Fund is a compulsory saving scheme or fund scheme introduced by government of India on 4th of March 1952. The EPFO (Employees' Provident Fund Organisation) manage all the workload related to PF or EPF. The EPF account will be opened by your employer.
2- How to calculate the provident fund in a company?
>> You can check your EPF amount on government EPF portal. For this you have to visit the website selecting your location and then required to submit your form filling all the details. And then you can fetch all your record from the portal.
3- Who are all eligible for provident fund?
>> All the employees working in any organisation are eligible for provident fund. As it is a compulsory fund scheme of govt.
A time ago, salaried person below 15k was not mandate to have EPF account, but now it is compulsory to all.
4- What are the forms used for provident fund?
>> the following form will be required:
1- To withdrawal: Form 31
2- For EPF Account Transfer: Form 13
3- For New EPF employees registration: Form 5
For more information regards EPF you can read at: https://www.bajajfinserv.in/insights...know-about-epf
26th December 2018 From India
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