Jeewan85
A Student Hr
Abbasiti
Assistant Engineer, Indian Telephone Industries,
+1 Other

Thread Started by #suni.1208

Dear Seniors,
I have a doubt regarding EPF & EPS. In my company PF is deducting more than wage ceiling. For Ex: My Basic is 10000/- then PF deduction is Rs. 1200/- from my side and another 1200 from employer side. Employer amount will split in to two parts as EPF & EPS i.e. 3.67% (367) & 8.33% (833) Now my question is
1) The EPS ceiling limit is Rs.541/- then remaining Rs.292/- automatically will go to EPF. Is it correct???
2) How to with draw EPS amount after completion of 9.5 Yrs? what are the rules to get pension after 9.5 years of service
Please put your inputs....
Thanks
27th February 2014 From India, Hyderabad
Dear Suni,
If the employer contribution to EPF is Rs.1200, Rs. 541 will only be paid to EPS. Balance full amount viz. Rs. 659 will be credited to your PF account.
You will get pension from the date of completion of 58 years' age even if you are in service. To get pension before attaining 58 years there are some conditions.
1) You should not be in (PF applicable) service.
2) You will get pension only after attaining 50 years.
3) For each year below 58 years, you will lose 4% on pensionable amount.
Abbas.P.S
27th February 2014 From India, Bangalore
Dear abbas Thanx for ur inputs. Is there any chance to withdraw EPS amount after completion of 9.5 yrs. How many years he will get pension after 58 yrs?
27th February 2014 From India, Hyderabad
Dear Suni,
After completion of 9.5 years you have no option other than avail pension. Once a avail pension, it will continue till death of the member. After death, the widow or widower will get 50% of the member pension. In addition two children will get 25% each of widow pension till they attain an age of 25 years.
Abbas.P.S
27th February 2014 From India, Bangalore
Dear Abbas, If an employee complete his 10 yrs service in one company at the age of 40 still he continuing service in another company shall we deduct EPS from him?
27th February 2014 From India, Hyderabad
sir, what if any employee wants to withdraw his epf and eps. can any employee withdraw epf and eps after completion of 9.5 years of his/her service or more than 10 years of service?????
27th February 2014 From India, Delhi
Dear Suni, Yes, For those who are in service who didn’t avail pension and didn’t attain an age of 58years have to pay the share to EPS. Abbas.P.S
28th February 2014 From India, Bangalore
Dear Jeewan Chandra, There is no option to get withdrawal benefit from EPS after completion of 9 years and six months, other than avail pension. Abbas.P.S
28th February 2014 From India, Bangalore
Dear Abbas,
Thank u very much for your inputs.One more doubt i have to clear.
In my company we are deducting PF more than wage ceiling. For Ex: Basic is 10000/- then PF deducting from employee is Rs. 1200/-.If we go to apply wage ceiling for all employees the maximum PF amount come Rs 780/- per side. Now my question..
1) Basic is 10000/- and LOP days is 1 then how we calculate PF under wage ceiling
6500*12/100=780 or 6500/31*30*12/100=754
Which one is correct?????
3rd March 2014 From India, Hyderabad
Dear Suni,
Instead of actual salary if you are treating ceiling salary to deduct PF contribution, then you have to treat the ceiling salary as actual. Therefore if there is LWOP, his salary will be reduced (below 6500) and the contribution is also to be reduced accordingly.
Abbas.P.S
3rd March 2014 From India, Bangalore
Dear Abbas,
Based on that which one is correct of the below mentioned calculations.
Basic is Rs.10000/- and LOP is One day then basic is Rs. 9677/-
PF Calculation is
6500*12/100=780
or
6500/31*30*12/100=754
3rd March 2014 From India, Hyderabad
Dear Suni, The second calculation viz. 754 is correct. Abbas.P.S
3rd March 2014 From India, Bangalore
Thank you sir for updating me. and sir I have another question here:
If a company registered under EPFO, and has its Establishment code already. If the company' run its business in different different states, should company apply for another code from sub regional office epfo of its states where a company running bussiness or should contribute its dues to his first code???
please make me clear.
3rd March 2014 From India, Delhi
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