Hi,
Please let me know what is the minimum years of service to be completed before you can get your PF transferred or withdrawn. Does it require that the minimum years of service be done in that organization only from where you are getting it withdrawn or total at any organization?
Confused!!!! Help!!!!
From India, Delhi
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1Please let me know what is the minimum years of service to be completed before you can get your PF transferred or withdrawn. Does it require that the minimum years of service be done in that organization only from where you are getting it withdrawn or total at any organization?
Confused!!!! Help!!!!
From India, Delhi
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Also if a prescribed years of service is not done at tht particular organisation then will the pf transfered amount include the employer contribution also or only employee contribution?
From India, Delhi
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From India, Delhi
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Hi, If suppose you have worked for one month then 2 you can trf your PF amount or withdraw .
From India, New+Delhi
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From India, New+Delhi
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Thanks for your responses, guys. Please tell me, was that the full amount transferred or withdrawn - a total amount or only partial to the extent of your contribution excluding the employer's contribution, i.e., interest on it. I mean, did you get the full amount transferred along with the interest on it? Or excluding the interest?
From India, Delhi
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From India, Delhi
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Hi, I got the full amount transferred, I think so, but it was not 12%. It was less than that. When inquired about why it was low, I came to know that some amount has gone into the pension account, and that can only be taken when I retire. Now, that is weird, as I was working temporarily, not as a permanent employee. How could that pension part be eligible for me? That is not clear till today, but surely my pension money is somewhere, and I need to take it. I filled out the 13A form to transfer my PF. Does anyone have an idea of what to do for the pension money?
Now, my situation is as follows: I joined XYZ Company and after 8 months, I joined ABC Company. I transferred my PF from XYZ to ABC through form 13A. After one year, I left ABC Company and withdrew the PF of XYZ + ABC Company and got a cheque. Now, again I joined the same old XYZ Company and filled in all PF forms again. Now, tell me what happened to my old PF and pension account as my whole story is before you. And what about the new PF number that I will be getting in XYZ Company?
From India, Pune
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Now, my situation is as follows: I joined XYZ Company and after 8 months, I joined ABC Company. I transferred my PF from XYZ to ABC through form 13A. After one year, I left ABC Company and withdrew the PF of XYZ + ABC Company and got a cheque. Now, again I joined the same old XYZ Company and filled in all PF forms again. Now, tell me what happened to my old PF and pension account as my whole story is before you. And what about the new PF number that I will be getting in XYZ Company?
From India, Pune
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Hi Dear,
Most of the companies pay 12% PF, but some companies also pay less than that. It can actually be anything between 8% to 20% as per the law, but most companies pay 12%.
You can get your PF account closed anytime and withdraw the money. There is no fixed period for PF, but there is a fixed period for Gratuity, which is 5 years.
Hope this information is beneficial to you.
Kind Regards,
Ruchi Batra
From India, Chandigarh
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Most of the companies pay 12% PF, but some companies also pay less than that. It can actually be anything between 8% to 20% as per the law, but most companies pay 12%.
You can get your PF account closed anytime and withdraw the money. There is no fixed period for PF, but there is a fixed period for Gratuity, which is 5 years.
Hope this information is beneficial to you.
Kind Regards,
Ruchi Batra
From India, Chandigarh
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Hi,
My company is sharing 12% PF, and employees share their 12%. Sometimes I face a problem while deciding salary; the selected candidate says he wants a high take-home within the offered CTC. Can I reduce one employee's share to 8%, or do I have to follow 12% only? Please clarify if the company can change the standard practice while deciding salary, I mean depending on employee's choice.
Regards,
Sanjukta
From India, Mumbai
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My company is sharing 12% PF, and employees share their 12%. Sometimes I face a problem while deciding salary; the selected candidate says he wants a high take-home within the offered CTC. Can I reduce one employee's share to 8%, or do I have to follow 12% only? Please clarify if the company can change the standard practice while deciding salary, I mean depending on employee's choice.
Regards,
Sanjukta
From India, Mumbai
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Hi Dear,
Actually, the company has to follow one fixed rate of PF for all employees and thus cannot change the PF slab for any one candidate. Additionally, the rate of contribution done by the company is the same as that done by the employee. If an employee maintains a rate of 8%, the company will also pay the same rate, 8%. This policy has to apply to all employees, not just a few.
You can explain to your candidate that PF is their savings; it is their money and not the company's, and they can withdraw the same by closing the account. Also, if an employee does not contribute towards PF, the management will also not contribute, making it a loss for the employee. You can try to convince your applicant by explaining these facts.
Hope this information is beneficial to you.
Kind Regards,
Ruchi Batra
From India, Chandigarh
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Actually, the company has to follow one fixed rate of PF for all employees and thus cannot change the PF slab for any one candidate. Additionally, the rate of contribution done by the company is the same as that done by the employee. If an employee maintains a rate of 8%, the company will also pay the same rate, 8%. This policy has to apply to all employees, not just a few.
You can explain to your candidate that PF is their savings; it is their money and not the company's, and they can withdraw the same by closing the account. Also, if an employee does not contribute towards PF, the management will also not contribute, making it a loss for the employee. You can try to convince your applicant by explaining these facts.
Hope this information is beneficial to you.
Kind Regards,
Ruchi Batra
From India, Chandigarh
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Hi Nafeesa,
In one case, PF authorities at Hyderabad returned Form No. 19 and 10C with the remarks of "Member not rendered six months of service in your organization. Hence, the claim is returned herewith." This is in respect of withdrawal.
For the transfer of PF, if you are employed in any organization, you can transfer the PF amount through Form 13 (Revised).
Regards,
Rapolu HS
From India, Hyderabad
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In one case, PF authorities at Hyderabad returned Form No. 19 and 10C with the remarks of "Member not rendered six months of service in your organization. Hence, the claim is returned herewith." This is in respect of withdrawal.
For the transfer of PF, if you are employed in any organization, you can transfer the PF amount through Form 13 (Revised).
Regards,
Rapolu HS
From India, Hyderabad
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Out of the total 24% (12% + 12%), 8.33% goes to the Pension Fund. This is to help employees in the long term by providing a monthly pension. However, people who frequently shift jobs are not able to carry their EPF account to their new organization and hence are forced to withdraw their benefits.
As the Pension fund has to be maintained for a few years (I forgot the period), withdrawal within this period will result in not receiving the entire pension fund. The actual idea is to prevent withdrawals. Many people withdraw many times before retirement, and hence, this is one way of preventing this.
Thanks
From India, Mumbai
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As the Pension fund has to be maintained for a few years (I forgot the period), withdrawal within this period will result in not receiving the entire pension fund. The actual idea is to prevent withdrawals. Many people withdraw many times before retirement, and hence, this is one way of preventing this.
Thanks
From India, Mumbai
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