Hi all,
I had earlier worked for more than 4.5 yrs for a Central PSU which has more than 600 employees and has been making profits. It has its own PF trust. 10% of my basic pay was deducted during my tenure and my employer was also contributing the same amount. (My basic pay was more than 7500 at my joining and my last basic was 15000 at the time of resignation)I have recently resigned and joined an other company.
On my resignation, my old company has settled my PF after giving away a cheque to me which consisted of only my contribution along with interest on the same. When I asked about the employer's contribution, they had shown me a rule which was formed by my old company that says "employer's contribution shall be given only if an employee works for a minimum period of 5 years in the company".
I will be greatful if you can clarify the following points:
1. Is there any such provision for PSU s(Profit making) to form their own rules when the PF is managed by their own PF trust by superceding the Govt rules?
2. Is there any rule as per the act which permits the employer to stipulate any time frame for giving their contribution also?
3. Can the trust itself settle the PF amount without employee's consent (given that Employees always have an option to transfer the fund to new employer) as I heard that PF is settled only by EPFO.
In short, Can I demand for employer's contribution also despite the fact that their internal rule does not allow the same before 5 years of service in the same company
Pl help me out. A lot of money is involved.
Regards,
RPV
I had earlier worked for more than 4.5 yrs for a Central PSU which has more than 600 employees and has been making profits. It has its own PF trust. 10% of my basic pay was deducted during my tenure and my employer was also contributing the same amount. (My basic pay was more than 7500 at my joining and my last basic was 15000 at the time of resignation)I have recently resigned and joined an other company.
On my resignation, my old company has settled my PF after giving away a cheque to me which consisted of only my contribution along with interest on the same. When I asked about the employer's contribution, they had shown me a rule which was formed by my old company that says "employer's contribution shall be given only if an employee works for a minimum period of 5 years in the company".
I will be greatful if you can clarify the following points:
1. Is there any such provision for PSU s(Profit making) to form their own rules when the PF is managed by their own PF trust by superceding the Govt rules?
2. Is there any rule as per the act which permits the employer to stipulate any time frame for giving their contribution also?
3. Can the trust itself settle the PF amount without employee's consent (given that Employees always have an option to transfer the fund to new employer) as I heard that PF is settled only by EPFO.
In short, Can I demand for employer's contribution also despite the fact that their internal rule does not allow the same before 5 years of service in the same company
Pl help me out. A lot of money is involved.
Regards,
RPV