PROVIDENT FUND .....PLZ HELPPPPPP

PLZ CORRECT ME IF I M WRONG BUT AS FAR AS MY KNOWLEDGE GOES THERE ARE TWO KINDS OF PF : 1ST : REGIONAL PF 2ND : PRIVATE PF
IF I M RIGHT I WOULD LIKE TO KNOW WHAT R THESE AND WAT R THE DIFF BETWEEN THE TWO
I WOULD ALSO LIKE TO KNOW THAT IF I CHANGE MY JOB CAN I LINK MY PREV. EMPLOYERS PF TO THE NEW 1 ?????????????
WHAT ARE THE STEPS I HAVE TO TAKE TO COLLECT MY PF AMOUNT....
ALSO IS IT NECCESSARY TO HAVE A PF POLICY....CAN THERE BE ANY EXCEPTIONS WHERE WE DONT MAINTAIN PF ,,,,THE AMOUNT BEING ADJUSTED SUMWHERE ELSE....????????????

Hi
There are two types of PF in general. EPF -Employees Provident Fund. This is the one which we all HR people are dealing with.
The deductions are
12% - employees
12% - employers
1.1% from employers as Admin charge.
(in some industries it is 10% for both)
Here you can contribute more but the employer is limited to 12% contribution of Rs.6500/- the employer can contribute more also. But the contribution 8.33% of 12% (employer contribution) is contributed to Pension fund.
The 0.5% is paid to Insurance fund. Here you earn interest also.
PPF - Public Provident Fund.
This is a provident fund where you pay in the post office. This earns only the interest. The similar scheme is applicable in the Defence services. Here your contribution has got no limit.

Hi Khyat,
If you really wanna know in details about provident fund, please put these words in the search bar and u will get maximum information.
Also if you want you can go through http://epfindia.nic.in/
I hope my guidance helps you.
Sapana

HI

Let me share with you my knowledge on P.F.

There are two kind P.F.

PF fund being managed by big MNC and Public Sector companies

having their trust created to manage the P.F. contribution deducted from employee and the company's contribution to P.F. fund. These trusts are called those who are exempted under the P.F. rules of Govt. of India. To get exemption GOI has certain guidelines and MNC or Public Sectors are suppose to apply for such exemption.

In such cases settlement of P.F. is done by the respect company.

In another case those who don't have PF trust are called un-exempted companies.

In this case the contribution deducted from employees and the company's contributions are to be paid into the SBI or whichever bank through challens and the one copy of the challan need to be submitted to Regional P.F. Authority of the respective location.

The settlement of P.F. will be done by the respective regional P.F. office and the claim need to routed through the company where he/ she was employed.

Hi,
our frienz have given so many inputs. Really good work.
At the outsent we can calssify three categories in applicability of employees Provident Fund in different sectors.
1. EPF Scheme under O/O the Commissioner Provedent Funds
2. GPF generally - to those establishments exempted unde EPF Act. or establishments under infancy period.
3. Some Public Sector Companies or companies take exemption from the GOVT. of India to manage the PF of the concerned employees through their owned Trust.
Regards,
Ramakrishna
Regards,

As per my knowledge the two kinds of PF are PPF and EPF.
If you are in the course of leaving the company you are working in... you just need to send a letter to the PF Department mentioning your PF account no. and informing that you have left the company. You can even ask for the payment through the previous company. This process takes approx. 2 - 3 months.
The two PFs are
PPF Private/ Personal Provident Fund
EPF Employee PF
The difference between two is that one is with the company.... where the deposits are made by the company on your behalf and another one is where you yourself open a fund. Company you are working in has no interference in it.

Hi kyat,
Yes as yuo mentioned there are two types of PF's one is RPFC- Regional Provdent fund and the other is a private trust which a company can have who has employees more than100 or 150, but as far as i know it would be difficult to maintain a trust by any companies...thats y RPFC remains the superior most in PF's in latter case, the company need to take permission from RPFC and give the entire process details to set up a separate trust to manage PFs
Hope this is the one you were asking....
Thanks,
Roopa

TRUSTe Retirement Benefit Solution:
All in one solution for managing various retirement benefit schemes which takes care of Pension Funds (Defined benefit/Defined contribution/Hybrid funds, Provident fund, Gratuity Plans).
Investment Management.
Financial Accounting.
Self Service Access.
Intelligent reporting tools and reminders.