Confused About PF Forms and Calculations? Seeking Guidance and Details from Peers

I am working in a well-established organization as an Assistant Personnel Officer.

I have some confusion regarding PF forms and calculations. Could you please send me the PF forms and calculation details information?

Regards,
Ramesh

Mr. Ramesh,

Please be specific about which part you need clarification on; otherwise, it is difficult to describe the entire process. Kindly specify the calculation you require and the form you need to be filled out.

Thank you,
Sindhu

Hi Ramesh,

Find below the details of the contribution submitted with the PF, as the entire amount is submitted with PF only. Only 12% of the employee's contribution + 3.67% of the Employer's contribution goes to the Provident Fund, and the remaining 8.33% of the employer's contribution goes to the Pension Fund. Moreover, the employer has to pay a 0.5% contribution towards the EDLI in addition to the Administrative charges.

PF ACCOUNTS EMPLOYER Cont. EMPLOYEE Cont. TOTAL
A/C I 3.67% of Basic 12% of Basic 3.67% + 12%
A/C II 1.1% of Basic - 1.1% of Basic
A/C X 8.33% of Basic - 8.33% of Basic
A/C XXI 0.5% of Basic - 0.5% of Basic
A/C XXII 0.01% of Basic - 0.01% of Basic
TOTAL 13.61% of Basic 12% of Basic 25.61% of Basic

Regards,
Amit Seth.

Hi Ramesh,

Find the below calculation:

1. Employee share 12% - PROVIDENT FUND A/c. No. 1 (Basic+Da)
2. Employer share 3.67% - PROVIDENT FUND A/c. No. 1 (Basic+Da)
3. 1.1% ADMINISTRATION CHARGES @ 1.1% A/c. No. 2 (Basic+Da)
4. 8.33% PENSION FUND @ 8.33% A/c. No. 10 (Basic+Da)
5. 0.5% EMPLOYEE'S LINKED INSURANCE @ 0.5% A/c. No. 21 (Basic+Da)
6. 0.01% ADMINISTRATION CHARGES @ 0.01% A/c. No. 22 (Basic+Da)

Total Share (Employee (12%) and Employer (13.61%)) = 25.61% (Basic+Da)

Regards,
Ravikumar BMS-Chennai

Hi Ramesh!

So many forms are used in EPF works:

1. Form No: 1 for Employee Declaration (When an employee joins, it should be filled out and sent by the employer to EPFO).

2. Form No: 19 & 10C for claiming EPF amount of an employee, which was in the EPF account of the employee. These forms are filled out and forwarded to EPFO by the employer for the settlement of the PF account of an employee from an organization.

3. Form No: 19 & 10D: If an employee retires from services, these forms are filled out and sent to EPFO for employees' benefits (i.e., EPF account amount and Pension account).

4. Form No: 20 & 10D: If an employee dies while in service, dependents of the deceased employee will receive benefits from EPFO using these forms.

5. Form No: 13 (R): If an employee wants to transfer their EPF amount from their previous employer to the present employer, the present employer will fill out this form and send it to EPFO for the transfer of EPF amount from the previous organization to the present organization.

6. Form No: 31. This form is used to draw loans from EPF amount for purposes such as the purchase of a dwelling site, construction of a house, and marriage of the employee's sisters or daughters or self.

Additionally, Mr. Ravikumar from BMS-Chennai provides an explanation about the calculation of EPF amounts and challan submission which may also be very useful to you.

P.S. Gangadhar Rao

Dear Seniors,

I came to know that the maximum amount that can be deducted is 780, i.e., Basic + DA is considered only up to 6500... Is it true?

Arun Melville

Hi,

Can we withdraw PF amount while being employed with the current company?

1. I was working for a company X and due to personal reasons, I quit in September. Now, I have been with company Y for 5 months without transferring or withdrawing from company X. Therefore, I would like to withdraw from company X and open a new account with company Y.

2. If I continue the PF account from company X to company Y and after 3 months, if I want to withdraw the PF from company Y, can I continue further from the same account or do I need to open a new account?

Sorry, Mr. Dip Sharma.

The rule is that if your salary is more than Rs. 6,500, then there are 3 options that can be decided by the employer:

1. There is no need for EPF contribution as you fall under the excluded employee category.
2. Secondly, for example, if your salary is Rs. 8,000, the EPF contribution can be limited to Rs. 780 for the ceiling of Rs. 6,500.00.
3. Thirdly, full contribution can be paid. Even if your salary is one lakh, you can pay EPF contribution accordingly. However, the employer has to make the decision.
4. Then, even if the employer limits the contribution or excludes you, you can make voluntary contributions to any extent with the consent of the employer.

I hope it is clear now.

Dear Khalida,

You can close the account with EPF authorities, which you had with the X company, by submitting the necessary forms and getting your money back. For this, you may need the signature of the X company.

Secondly, you can transfer your earlier account, which you had with the X company, to the new account you now have with the Y company by submitting Form 13. For this, you do not need the help of the X company.

Hope you are clear.

Dear Sir/Madam,

Could you please confirm if the salary level exceeds 6500 per month, the EPF Act would not be applicable? In that case, I would like to inquire about which act would be applicable in this scenario.

Thank you.