Dear All,
I have secured a job in another company and have informed my current employer's management with one month's notice. However, my present company has not submitted both the PF contributions. I have requested my management to settle the final settlement with both contributions on my last working day, and they are willing to pay by cash for both. I have some doubts that I would like to address:
1. I submitted my resignation letter on the 20th of last month, and now the company is stating that they will not pay the employer contribution for June and July. Is this correct?
2. If I receive both contributions in cash, can I ask for interest for the whole year? What is the interest rate as per the rule?
3. They are not providing the relieving letter on the last working day; instead, they will issue it after one month. Is this procedure correct?
4. In my current company, I am not receiving the salary slip, while the new company is requesting it.
5. After submitting the letter, will the company retract all facilities/contributions such as PF, leave encashment, bonus, medical, etc.?
Please advise me on these matters.
Regards,
From India, Bangalore
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1I have secured a job in another company and have informed my current employer's management with one month's notice. However, my present company has not submitted both the PF contributions. I have requested my management to settle the final settlement with both contributions on my last working day, and they are willing to pay by cash for both. I have some doubts that I would like to address:
1. I submitted my resignation letter on the 20th of last month, and now the company is stating that they will not pay the employer contribution for June and July. Is this correct?
2. If I receive both contributions in cash, can I ask for interest for the whole year? What is the interest rate as per the rule?
3. They are not providing the relieving letter on the last working day; instead, they will issue it after one month. Is this procedure correct?
4. In my current company, I am not receiving the salary slip, while the new company is requesting it.
5. After submitting the letter, will the company retract all facilities/contributions such as PF, leave encashment, bonus, medical, etc.?
Please advise me on these matters.
Regards,
From India, Bangalore
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Dear Mr. Prajwalkoushik,
Q1A. Presently, the employer is supposed to pay employer contributions also to PF Authorities online for the months of June and July 2012 (Notice Period).
Q2A. There is no such rule to my knowledge.
Q3A. Regarding the relieving letter, it may take some time because it generally comes from the corporate office and should be signed by the respective authority, the Vice President - HR.
Q4A. It's better to ask for a payslip; otherwise, obtain a declaration from your previous company on your current salary drawn on the company letterhead.
Q5A.
- PF: You can withdraw your PF funds or transfer them from one establishment to another.
- Bonus: The previous employer is supposed to pay bonuses to employees who have worked for a minimum of 30 days in an accounting year. This bonus should be paid within 8 months from the close of the accounting year.
- Leave Encashment: Unavailed casual leave can be encashed as per your company's leave policy, and unavailed annual leave payment is mandatory as per the Factories Act.
Regards,
Vinay M.
94911 37050
From India, Rajamahendri
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Q1A. Presently, the employer is supposed to pay employer contributions also to PF Authorities online for the months of June and July 2012 (Notice Period).
Q2A. There is no such rule to my knowledge.
Q3A. Regarding the relieving letter, it may take some time because it generally comes from the corporate office and should be signed by the respective authority, the Vice President - HR.
Q4A. It's better to ask for a payslip; otherwise, obtain a declaration from your previous company on your current salary drawn on the company letterhead.
Q5A.
- PF: You can withdraw your PF funds or transfer them from one establishment to another.
- Bonus: The previous employer is supposed to pay bonuses to employees who have worked for a minimum of 30 days in an accounting year. This bonus should be paid within 8 months from the close of the accounting year.
- Leave Encashment: Unavailed casual leave can be encashed as per your company's leave policy, and unavailed annual leave payment is mandatory as per the Factories Act.
Regards,
Vinay M.
94911 37050
From India, Rajamahendri
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Dear Vinay, Present co. is not submitting both contribution to PF authorities. how can I get the money. Regards, Prajwal
From India, Bangalore
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From India, Bangalore
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Dear Mr. Vinay,
It was very useful information provided by you in your answer. I would like to know what action we can take if we are not getting F&F as per the regulations. For instance, if I have completed my 5 years with the current organization at the time of relieving. If I am not mistaken, the components of the F&F include:
1. Salary of the days if pending any
2. Compensation in case of shutdown of operations (please provide details on what it could be in the retail industry)
3. Leave encashment
4. Gratuity
5. Bonus
6. Incentives if pending any
I would be grateful for your kind support.
Regards,
Bhumika
From India, Ahmadabad
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It was very useful information provided by you in your answer. I would like to know what action we can take if we are not getting F&F as per the regulations. For instance, if I have completed my 5 years with the current organization at the time of relieving. If I am not mistaken, the components of the F&F include:
1. Salary of the days if pending any
2. Compensation in case of shutdown of operations (please provide details on what it could be in the retail industry)
3. Leave encashment
4. Gratuity
5. Bonus
6. Incentives if pending any
I would be grateful for your kind support.
Regards,
Bhumika
From India, Ahmadabad
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Dear Seniors,
I have been working in a Pvt Ltd company from 1.09.11 up to today, and the company is deducting both contributions. For this one year, what will the PF interest be for 780+780=1560 for 1 year, which is Rs. 18,720.00? Please explain.
Regards,
Prajwal
From India, Bangalore
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I have been working in a Pvt Ltd company from 1.09.11 up to today, and the company is deducting both contributions. For this one year, what will the PF interest be for 780+780=1560 for 1 year, which is Rs. 18,720.00? Please explain.
Regards,
Prajwal
From India, Bangalore
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Dear Prajwal,
Both the employer and employee share ₹6500.
Contribution towards Calculation Amount EPF Employees share 6500 x 12% Rs 780 EPS Employer share 6500 x 8.33% Rs 541 EPF employer share 6500 x 3.67% Rs 239
Grand Total Rs 1560.
Regards
From India, Rajamahendri
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Both the employer and employee share ₹6500.
Contribution towards Calculation Amount EPF Employees share 6500 x 12% Rs 780 EPS Employer share 6500 x 8.33% Rs 541 EPF employer share 6500 x 3.67% Rs 239
Grand Total Rs 1560.
Regards
From India, Rajamahendri
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Dear Bhumika,
If it is retrenchment, the employer should pay your dues within 2 days. You are entitled to Gratuity as per the Payment of Gratuity Act 1972.
Please write a formal letter to your employer regarding your full settlement and ask for time to settle. Then, you can act as per the reply from your employer.
Regards
From India, Rajamahendri
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If it is retrenchment, the employer should pay your dues within 2 days. You are entitled to Gratuity as per the Payment of Gratuity Act 1972.
Please write a formal letter to your employer regarding your full settlement and ask for time to settle. Then, you can act as per the reply from your employer.
Regards
From India, Rajamahendri
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