Hi, 2 queries with regard to the FPF (family pension fund) contribution made by employer to the EPFO :
1) I understand FPF can be withdrawn only if the employee has completed min. 6 months service with 1 organisation. What if the service is short of
6 months, by 2-3 days ? Can FPF be withdrawn then ?
2) I am told by EPFO office that upon withdrawal of FPF, the employee gets ONLY a certain percentage of the FPF contributed, depending on the extent of service. This is to say that if my 6 months FPF accumulation is say 10000 & i withdraw, i will not get full 10000 but only a certain % of Rs. 10000 ? Is this right ? If yes, what's the logic behind deduction ?
3) Now that the FPF contribution stands upwardly revised at Rs. 1250 instead of 540 earlier, it is essential that it earns some interest. What is the idea behind NOT giving any interest on FPF contribution ?
Early response requested. I have been following ABBASIT's expert views in PF matters. I look forward to his opion also, on the above.
thanks,
nirav
1) I understand FPF can be withdrawn only if the employee has completed min. 6 months service with 1 organisation. What if the service is short of
6 months, by 2-3 days ? Can FPF be withdrawn then ?
2) I am told by EPFO office that upon withdrawal of FPF, the employee gets ONLY a certain percentage of the FPF contributed, depending on the extent of service. This is to say that if my 6 months FPF accumulation is say 10000 & i withdraw, i will not get full 10000 but only a certain % of Rs. 10000 ? Is this right ? If yes, what's the logic behind deduction ?
3) Now that the FPF contribution stands upwardly revised at Rs. 1250 instead of 540 earlier, it is essential that it earns some interest. What is the idea behind NOT giving any interest on FPF contribution ?
Early response requested. I have been following ABBASIT's expert views in PF matters. I look forward to his opion also, on the above.
thanks,
nirav