Hello Mr Dilip and Mr Prathap,
Thanks for the great discussion. My post is a slight digression on the topic, but I have been trying to clarify this question from the local PF department for a long time. Given my repeated questioning, I have become a joke there, and the PF staff (who are actually busy) are getting irritated with me. So please respond to my queries as best and possible, at your leisure. Please note this is not a priority and you can continue with the wage ceiling discussion and respond to this when you have time.
My query is regarding withdrawal - Assume the above scenario given by Mr Prathap. I understand that there are three contributions given to the PF office on the name of the employee 12% of (Basic+DA) by the employee which is known as Employee Contribution; Employer contribution EPS = 8.33% of (Basic+DA) and EPF - 3.67% of (Basic+DA).
I apply for withdrawal-
Scenario 1 - What amount do I get if I apply for a withdrawal, without opting for a scheme certificate (that is leaving the box in option 8 of Form 10(C), unchecked.
Scenario 2 - What amount do I get, if I apply for withdrawal, by "opting for a scheme certificate (that is leaving the box in option 8 of Form 10(C), CHECKED.
I understand that the actual amount would be less, as there would be charges such as EPF Admin etc, as mentioned in the above case.
(I got completely confused by the explanation of an annual cap of Rs 6500 per year, which would go into Pension fund etc. And this is the amount which would actually be used to pay pension if I opt for scheme certificate etc. PF office employees are getting frustrated when I ask anything about whether this Rs 6500/- per year would also get credited if I don't opt for scheme certificate etc)
I would highly appreciate if folks can clarify. Another question - Form 10(C) is used for withdrawal. Why am I being asked to fill Form (19)?. Not that I have an issue in filling Form (19).
Thanks for your valuable inputs.
Regards,
Raghav
Hyderabad
Barkatpura PF Office