I have been working with IT company for 2 years. I have an PF account with proper deduction of employee and employer contribution. Currently I am getting offer from another company where number of employee is more than 20. Salary is above 6500, but HR says since company does not have its PF account hence it will not deduct PF from salary. So my question is, is it legal and practical ? What would happen to my previous PF account ? if I close my previous PF account by withdrawing money, will I be eligible next time for PF account for some next company ?
From India, Mumbai
From India, Mumbai
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You may aware that the ceiling limit of PF has been enhanced from 6500 to 15000 w.e.f.Sep 2014.
If an organisation employs 20 or more then automatically it should cover under PF Act.
Coverage of PF is mandatory under the above said act.
My suggestion is pls don't withdraw your pf instead opt for scheme certificate.
Hope clarify your doubt,
S Rajasekaran
From India, Madras
21If an organisation employs 20 or more then automatically it should cover under PF Act.
Coverage of PF is mandatory under the above said act.
My suggestion is pls don't withdraw your pf instead opt for scheme certificate.
Hope clarify your doubt,
S Rajasekaran
From India, Madras
Hi Rajasekaran,
Thank you very much for your reply. However I am not clear with "scheme certificate". Can you please elaborate little on this ? and also is it safe to work in such company where PF is not deducted ? What will happen if suppose after some year I am applying for some other company ? will they consider my candidature or they will reject it as I did not have PF ?
Thanks again.
From India, Mumbai
Thank you very much for your reply. However I am not clear with "scheme certificate". Can you please elaborate little on this ? and also is it safe to work in such company where PF is not deducted ? What will happen if suppose after some year I am applying for some other company ? will they consider my candidature or they will reject it as I did not have PF ?
Thanks again.
From India, Mumbai
Hi
If organisation is not having more than 20 employees then then will not come under the abmit of PF Act.You will not be covered under PF in this case.
Your old PF amount can be withdrwan by you by filling form19.
When your join new organisation you can be given new PF ac no or else the old contribution can be transfred if you retain the old contribution till getting new job
From India, Mumbai
If organisation is not having more than 20 employees then then will not come under the abmit of PF Act.You will not be covered under PF in this case.
Your old PF amount can be withdrwan by you by filling form19.
When your join new organisation you can be given new PF ac no or else the old contribution can be transfred if you retain the old contribution till getting new job
From India, Mumbai
Hi,
Scheme certificate only enables you to accrue your pensionable service on superannuation or on attaining your age of 50+ (wherein in you will get reduced pension if pension is claimed before attaining the age of 58 years). You can have n number of scheme certificates & all these can be submitted at the final claim for pension, may 50+ or on superannuation. Because the more of no. of years of service, the more the amount of pension you will get. So always go for scheme certificate.
Best regards
T A G Manner Mannan
From India, Bangalore
Scheme certificate only enables you to accrue your pensionable service on superannuation or on attaining your age of 50+ (wherein in you will get reduced pension if pension is claimed before attaining the age of 58 years). You can have n number of scheme certificates & all these can be submitted at the final claim for pension, may 50+ or on superannuation. Because the more of no. of years of service, the more the amount of pension you will get. So always go for scheme certificate.
Best regards
T A G Manner Mannan
From India, Bangalore
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