Dear All, Let me find the answer from u. My question is howmany months of contribution required to withdraw from Provident fund and Pension fund account? Regards, skantha
From India, Hyderabad
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2From India, Hyderabad
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Dear Skanth,
Provident fund is deducted at a rate of 12% from the employee's salary, which is allocated to the PF account. Additionally, the employer contributes 12%, out of which 8.33% is credited to the PF account, and the remaining 3.67% is directed towards the pension fund.
Employees have the option to withdraw their PF share regardless of their length of service. However, to claim the pension share, a minimum contribution period of 6 months is required.
Thank you,
JS Malik
From India, Delhi
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Provident fund is deducted at a rate of 12% from the employee's salary, which is allocated to the PF account. Additionally, the employer contributes 12%, out of which 8.33% is credited to the PF account, and the remaining 3.67% is directed towards the pension fund.
Employees have the option to withdraw their PF share regardless of their length of service. However, to claim the pension share, a minimum contribution period of 6 months is required.
Thank you,
JS Malik
From India, Delhi
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Sir,
First of all, let me thank you for sharing your knowledge with us. I have one clarification:
1. Is the 12% employer contribution divided as 8.33% to the pension account and 3.67% to the provident fund? Please correct me if I am wrong.
2. Are the contributions made by the employer to the EDLI scheme available for withdrawal by the surviving member, or are they available to the nominee of the member after his death?
Regards,
skantha
From India, Hyderabad
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First of all, let me thank you for sharing your knowledge with us. I have one clarification:
1. Is the 12% employer contribution divided as 8.33% to the pension account and 3.67% to the provident fund? Please correct me if I am wrong.
2. Are the contributions made by the employer to the EDLI scheme available for withdrawal by the surviving member, or are they available to the nominee of the member after his death?
Regards,
skantha
From India, Hyderabad
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Hi,
As per PF Act, employee contribution of 12% is fully credited into PF account, i.e., account number 1. Employer contribution of 12% will be divided into 2 parts:
1. 8.33% will be deposited into the pension account, i.e., account number 10, up to a maximum of 541. The balance, if any, will be deposited into the PF account only.
2. 3.67% will be deposited into the PF account, i.e., account number 1.
Hope this is clear to you.
Thanks,
Skantha
From India, Hyderabad
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As per PF Act, employee contribution of 12% is fully credited into PF account, i.e., account number 1. Employer contribution of 12% will be divided into 2 parts:
1. 8.33% will be deposited into the pension account, i.e., account number 10, up to a maximum of 541. The balance, if any, will be deposited into the PF account only.
2. 3.67% will be deposited into the PF account, i.e., account number 1.
Hope this is clear to you.
Thanks,
Skantha
From India, Hyderabad
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Hi all,
Thank you for clarifying the doubts. I have just one more query, please oblige.
My doubt is, when we claim our PF by filling the forms 19 & 10C, does that cover both the contributions of 8.33% (Pension Account) and 3.67% (PF), and will we receive the full amount? Right?
Thanks and Regards,
Gyanu
From India, New Delhi
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Thank you for clarifying the doubts. I have just one more query, please oblige.
My doubt is, when we claim our PF by filling the forms 19 & 10C, does that cover both the contributions of 8.33% (Pension Account) and 3.67% (PF), and will we receive the full amount? Right?
Thanks and Regards,
Gyanu
From India, New Delhi
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Hi Sukantha,
The amount comes in two separate payments.
Thanks & Regards,
Drupad Joshi
Teamlease Services – India's largest staffing company
Know us: http://teamlease.blogspot.com
Visit us: www.teamlease.com
From India, Ahmadabad
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The amount comes in two separate payments.
Thanks & Regards,
Drupad Joshi
Teamlease Services – India's largest staffing company
Know us: http://teamlease.blogspot.com
Visit us: www.teamlease.com
From India, Ahmadabad
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Hi, Yes you can claim both. But if you need to have 7 months of contribution to withdraw fund from pension fund. However at any time you can claim pf amount. Regards, skantha
From India, Hyderabad
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From India, Hyderabad
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Dear All,
Could anybody provide the circular stating that if services are for less than six months, the pension fund amount cannot be withdrawn but transferred? Is there any documentation to support this view? If yes, please help provide it.
Please also advise if the following is possible:
On leaving service for less than six months, can an employee:
- Fill in Form 19 for PF withdrawal
- Submit Form 10c
Regards,
Puran Dangwal
From India, New Delhi
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Could anybody provide the circular stating that if services are for less than six months, the pension fund amount cannot be withdrawn but transferred? Is there any documentation to support this view? If yes, please help provide it.
Please also advise if the following is possible:
On leaving service for less than six months, can an employee:
- Fill in Form 19 for PF withdrawal
- Submit Form 10c
Regards,
Puran Dangwal
From India, New Delhi
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PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
PF-Know Employees Provident Fund-CHART-L-4. doc