Can anybody tell me how to open an employee PF? How many forms need to be filled out? What is the interest rate that the employee will receive? How many forms are needed for the withdrawal of PF funds? How can one calculate the same?
With Regards,
Shruti
From India, Pune
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With Regards,
Shruti
From India, Pune
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Hi Shruti,
Every employee, upon becoming a member, is required to submit a nomination in Form No. 2 to their employer. The employer should obtain the Declaration Form in Form No. 11 at the time of employment. Additionally, the employer is required to submit a monthly return in Form-5, providing the names and other particulars of new joiners.
The interest rate is determined by the government every year, and for the last year, it was set at 8.5%. To withdraw the PF contribution, one must fill out Form 10C and 19. It is contributed at a rate of 12% of the basic salary from both the employee and the employer. Out of this amount, 12% + 3.67% goes to the PF fund, while 8.33% goes to the Pension fund.
Regards,
Amit Seth
From India, Ahmadabad
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508Every employee, upon becoming a member, is required to submit a nomination in Form No. 2 to their employer. The employer should obtain the Declaration Form in Form No. 11 at the time of employment. Additionally, the employer is required to submit a monthly return in Form-5, providing the names and other particulars of new joiners.
The interest rate is determined by the government every year, and for the last year, it was set at 8.5%. To withdraw the PF contribution, one must fill out Form 10C and 19. It is contributed at a rate of 12% of the basic salary from both the employee and the employer. Out of this amount, 12% + 3.67% goes to the PF fund, while 8.33% goes to the Pension fund.
Regards,
Amit Seth
From India, Ahmadabad
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Hi All,
Amit, it's a good reply. I would like to add something to it. There is Form 10 where we need to mention the names of the employees who have left and submit it every month. Also, for transferring PF amount, the employee needs to fill and submit Form 13 to the new employer for PF amount transfer.
Suresh Deshpande,
9908516668.
From India, New Delhi
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Amit, it's a good reply. I would like to add something to it. There is Form 10 where we need to mention the names of the employees who have left and submit it every month. Also, for transferring PF amount, the employee needs to fill and submit Form 13 to the new employer for PF amount transfer.
Suresh Deshpande,
9908516668.
From India, New Delhi
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Early PF withdrawal won’t be easy.pdf
Guide Lines for PF Withdrawal.doc
PF FORMS.zip