About PF Dedctions

How does Pf Dedections Con Be Helpfull for Employees benifit .

PF is a social security measure. A compulsory saving for your future. This actually for employees having 6500 or less as basic pay. If your basic is more than 6500 pm you are not covered under pf. But still companies continue to cut pf for the 6500 limit of basic wages.
Interest accrues every month its 8 or 8.5 % (not sure) on the montly contributions. You can avail loans for children education, marriage etc. This helps to get pension after retirement you get paid to survive for lifetime when you retire and stay at home with out any income.
PF is good for a nation like us where small savings give a helping hand at times of old age and in contingencies.
thanks
Ram
http://nicheitjobs.googlepages.com

Hi Monty,
To know the details of benefits, you may go through the link given below-
http://www.epfindia.com
Regards,
Amit Seth.

All your pf contribution will qualify for tax exemption under Sec 80CCC of Income tax Act irrespective of the amount.
rgds
vishwanath

Dear Sir,
Please clarify can the employee can opt out from PF if his basic salary is more than 6500/-

Hello All,
If an employee whose salary is higher than 6500 has opted for PF on their joining and after 3 to 4 months wants to opt out of PF, is it possible to do so?
If yes, what is the procedure? which are the forms to be filled?
If not possible in the middle of the financial year, then can the employee opt out during the begining of the new finanacial year? If yes, what is the procedure? which are the forms to be filled?
Looking forward to detailed guidance on this.
Thanks
Khyati