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Dear Vasanth, It is not 5years but it is 6 months. The person those who withdraws within the 6 months of tenure he is not eligible for employee pension scheme & for your kind information the completion of 5 years will be applicable to payment of Gratuity not for PF. Rgds Praveen Chandra
From India, Bangalore
From India, Bangalore
Dear All, Thanks for you contribution. I would like to put up one more question relating to this context. If a person transfers the PF account within the completion of 6 months of service than can he get the full 24% amount transferred. We have got few views about this in topic but will like to know in detail from the members.............. Regards Amith R.
From India, Bangalore
From India, Bangalore
Dear Mr. Amith, PF accumulations are in lieu of work done by an employee; it is a beneficial piece of legislature for the working class. whether he has worked for a month or not, he is eligible to receive the amount. Form 10A is required. in case of accumulations in the Pension Fund,the employee must make a declaration of non-reemployment with any other organisation to the PF office in order to withdraw that money. thanks & regards, deepankar
From India, Panaji
From India, Panaji
Hi Deepankar, Do you mean to say any employee will get Penison fund only if he/she works in only one company for complete 10 years.......... Regards Amith R.
From India, Bangalore
From India, Bangalore
Hello Amit, Yes, you can transfer 24% of your PF contribution even you work for less than 6 months in a particular company since there will be continuity in the PF contribution, in case of you going for transfer of PF to your new company account. regards, Manjula
From India, Madras
From India, Madras
Hi Manjula, Thanks a lot for the information. I wanted to have a clarification on whether an employee can opt for Pension fund only if he/she completes 10years of service in same company or in different company by transferring the same account. One thing i know is on completion of 10 years only one will be eligible to opt for the Pension fund i.e 8.33% contribution in the employer PF. Members clarify me on this........... Regards Amith R.
From India, Bangalore
From India, Bangalore
EPF & MP Act 1952 don't cite any minimum period afterwhich the contribution will be paid. They'll refund the full amount subject to the furnishing of all documents and admn. expenses of 1.33% will be deducted on net receivable for the maintenance of account by EPF dept.
Yet another case of the blind leading the blind :-) Some of the replies given here come close to the right answer, while some are totally off the mark! Let us first understand that there can be two different situations if the employee quits an organization within six months of joining. The first is where the employee quits and joins another organization. Here the entire 24% (being employer's and employee's contribution), continues to remain in the PF account of the employee. However, if the employee ceases to be a member of PF and closes his account within six months, he/she will not receive the pension fund portion of the contribution, which is 8.33% of PF contribution, but will receive the balance amount. If he or she quits any time after six months, and wishes to withdraw the PF accumulation, the entire contribution (both the employee's and employer's) will be refunded to the employee, along with accrued interest. Hope this clears the doubts.
From India, Mumbai
From India, Mumbai
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#Subject List: pension scheme City-India-Bangalore provident fund employer contribution pf withdrawal payment of gratuity pf account pf contribution employee pension form 19 employee pension scheme pension fund Country-India
Early PF withdrawal won’t be easy.pdf
Guide Lines for PF Withdrawal.doc
