Saswatabanerjee
Partner - Risk Management
Jibinkpious
Asst Manager-hr
Abbasiti
Assistant Engineer, Indian Telephone Industries,
Premkumar Nair
Manager (hr)-retired
Klepakshi1967@yahoo.com
Sr Manager Hr & Administration
+6 Others

Dear Members,
Can you please tell me the minimum membership period for the withdrawal of the Provident Fund and Pension Fund....? I am working in a Private Company as HR Executive and recently one guy was terminated by the management for a silly reason. He had only 4 months membership in EPF and EPS. Our Accounts Manager told me that the minimum membership is 5 months to claim the PF. Is it correct or can you please help me to get a solution....?
With Thanks,
Jibin Pious

5th March 2013 From India, Bangalore
Dear Jibin,
Employer has no right to stop the EPF contribution amount paid by the employee, the EPS amounts are not eligible for the employees who are working min 6 months. If you need more clarification pl contact
Lakshminaryana
9866917232
5th March 2013 From India, Hyderabad
The minimum period that is specified is only for EPS (pension scheme)
For the PF part, it is applicable even if the person worked for a single day.
Where the money is deducted and deposited, there is definitely no ground for denying the payment to the employee. There are many discussions in the site about how to get your PF money. If your company is not depositing PF for 5 months, then that practice must be stopped and corrected immediately. In case of a complain, you will have a major problem on hand.
6th March 2013 From India, Mumbai
Shortly speaking, once you deducted and deposited PF (even for 1 month), member can go for claim process. However, for getting pension fund, member has to complete for minimum 6 months. Otherwise, when you go for claim process, member can only get PF (employee + employer) amount.
6th March 2013 From India, Mumbai
Dear Jibin, This is for your information if an employees worked with your company for only one month. The Employee can claim his/her one month EPF and EPS. ..................
6th March 2013 From India, New Delhi
Dear Jibin,
If an employee hasn't completed his 6 months , then he is eligible to get only his share of PF, if he completes 6 months then he is eligible for share of employer also.
In your case, employee is eligible to get his share only.
Regards
Upasana

6th March 2013 From India, Delhi
Hi All, Can you please brief me the difference between EPF and EPS and its percentage for private and public and government organisations. Thanks in advance. Regards, V. Divya
6th March 2013 From India, Chennai
Hi divya,

EPF means Employee Provident Fund and EPS means Employee Pension Scheme

Its normally 12 % of basic + DA (if DA is not applicable, then only basic) each. but the allocation is as under:

1. Employee 12 % share will directly goes to EPF account.

2. Employer share, out of 12%, 8.33% goes to EPS subject to the maximum amount of 541. If 8.33 % is more than 541, only Rs. 541/- will goes to EPS

3. Employer remaining share 3.67 % goes to EPF account. Considering point no. 2, if 541 goes to EPS, then the remaining amount will go to EPF.

Please find the sample calculation.

Employee Basic : Rs. 10,000/- and 12 % of basic will be Rs. 1200/-

1. Employee's share Rs. 1200/- will directly goes to EPF account

2. Employer share 8.33% of basic - Rs. 833/-, but as said above maximum Rs. 541/- will goes to EPS (not 833/-)

3. Employer share remaining amount Rs. 659/- (1200 - 541) will goes to EPF account.

Summary: total amount of Rs. 1859/- will goes to EPF account and Rs. 541/- will goes to EPS account.
7th March 2013 From India, Mumbai
Dear Jibin, Mr. Upasanna has replied rightly to you question. N.Vasudevan
7th March 2013 From India, Madras
Dear Jibin
Mr Upasana is correct.
But i am adding some thing to the above
if an employee doesn't complete his 6 months service he will get only 12% of his share and 3.67% of employer share(i,e. PF amount). he has to apply only Form 19.
other wise he will get the both shares.and he has to apply in Form 19 and 10C
Regards
7th March 2013 From India, Hyderabad
Considering the benefit of long service for EPS benefit & the meagre amount for such a short period, let the person get his EPF balance transferred to his new EPF account. He will get both employer & employee contributions irrespective of period. Epf is his own money & nobody can deprive him of such money.
Regards
7th March 2013 From India, Mumbai
Dear friends,
To claim PF amount, there is no limit regarding service. To get withdrawal benefit from Pension fund, minimum 6 months service is required. But even if the service is below 6 months, it can be transferred to club with future services.
Abbas.P.S
8th March 2013 From India, Bangalore
Hi Seniors,
Please tell me how the gratuity is paid to the employees. I know after five years of service. But is it paid separately or certain amount is deducted from the salary of the employee? and then when he or she completes five years of service gratuity is paid. In my case, my ctc included gratuity and is being deducted from the salary.
Is it the right thing?. I have not completed five years and I have resigned from the services of the company. Is it possible to claim the gratuity amount so deducted from my ctc. If yes, how can I claim?
Nayana
23rd March 2013 From India, Mumbai
Add Reply Start A New Discussion

Cite.Co - is a repository of information created by your industry peers and experienced seniors. Register Here and help by adding your inputs to this topic/query page.
Prime Sponsor: TALENTEDGE - Certification Courses for career growth from top institutes like IIM / XLRI direct to device (online digital learning)





About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2019 Cite.Co™