Dear Seniors,
Kindly help,
Is it ethical if an organization bifurcates the Employer's PF contribution into Employer PF & Pension Contribution? From what I have understood, EPF & EPS should be separate entities. Kindly correct me if I'm wrong.
Awaiting replies.
From India, Mumbai
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Kindly help,
Is it ethical if an organization bifurcates the Employer's PF contribution into Employer PF & Pension Contribution? From what I have understood, EPF & EPS should be separate entities. Kindly correct me if I'm wrong.
Awaiting replies.
From India, Mumbai
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Dear AMane,
Please note that the PF will be of two types: (1) Employee PF 12% and (2) Employer PF 12%. The Employer PF will be further bifurcated into two categories, i.e., Employer PF 3.67% and Employees' Pension Scheme 8.33%. In addition to this, the Employer will have to pay an additional 1.61% for Admin charges PF (1.1%), EDLI (0.5%), and EDLI Admin Charges (0.01%). Hence, the total PF will amount to 25.61%. 12% will be borne by the Employee, and 13.61% will be from the Employer.
I hope your doubt has been cleared. If you have any further doubts, do not hesitate to seek clarification.
From India, Kumbakonam
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1189Please note that the PF will be of two types: (1) Employee PF 12% and (2) Employer PF 12%. The Employer PF will be further bifurcated into two categories, i.e., Employer PF 3.67% and Employees' Pension Scheme 8.33%. In addition to this, the Employer will have to pay an additional 1.61% for Admin charges PF (1.1%), EDLI (0.5%), and EDLI Admin Charges (0.01%). Hence, the total PF will amount to 25.61%. 12% will be borne by the Employee, and 13.61% will be from the Employer.
I hope your doubt has been cleared. If you have any further doubts, do not hesitate to seek clarification.
From India, Kumbakonam
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Dear Mr. Mane,
In addition to Mr. Bhaskar's clear reply, please note the extra 1.61% in no way comes into the Account of Employee PF or pension Account. Those are Government charges that go to various Accounts of Provident Fund. Hence, as long as the Employee is concerned - PF will be 12% of Employee Contribution + 3.67% of Employer Contribution. The rest 8.33% of Employer Contribution goes to the Pension Scheme of the Employee.
Here again, some Companies may be deducting more PF amount (more than the specified limit of 6500/-). In which case, a maximum of Rs. 541/- only goes to the Pension Scheme. Rest all will go to the Employee PF Account.
Regards, Sundararaman
From India, Madras
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In addition to Mr. Bhaskar's clear reply, please note the extra 1.61% in no way comes into the Account of Employee PF or pension Account. Those are Government charges that go to various Accounts of Provident Fund. Hence, as long as the Employee is concerned - PF will be 12% of Employee Contribution + 3.67% of Employer Contribution. The rest 8.33% of Employer Contribution goes to the Pension Scheme of the Employee.
Here again, some Companies may be deducting more PF amount (more than the specified limit of 6500/-). In which case, a maximum of Rs. 541/- only goes to the Pension Scheme. Rest all will go to the Employee PF Account.
Regards, Sundararaman
From India, Madras
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It is correct that the above-referred 1.61% will not come to either the employee's PF account or pension account. However, out of this, 0.5% is towards EDLI. The nominees of the members who die while in service will get the benefit of the scheme.
Abbas.P.S
From India, Bangalore
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Abbas.P.S
From India, Bangalore
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Hi,
I have a query. I worked for an MNC and had to resign due to the 2008 Meltdown. Anyways, it took me 6 months to get another job and I shifted a couple of cities to secure the new job.
My question is: How can I get the PF amount from my previous employer or from the government? What is the process, and how can I go about it?
Thanks in anticipation of guidance.
Regards, Manish
From India, Bangalore
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I have a query. I worked for an MNC and had to resign due to the 2008 Meltdown. Anyways, it took me 6 months to get another job and I shifted a couple of cities to secure the new job.
My question is: How can I get the PF amount from my previous employer or from the government? What is the process, and how can I go about it?
Thanks in anticipation of guidance.
Regards, Manish
From India, Bangalore
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Sub-P.F Query
In terms of Para 57 of the P.F. Scheme 1952, you have to apply in Form-13 to the P.F. Commissioner within whose jurisdiction your previous establishment falls for the transfer of your EPF amount from the previous account to the account in the present company.
B. Saikumar
HR & Labour Law Consultant
Chipinbiz Consultancy Pvt. Ltd
Mumbai
Tel: 022-28324234
From India, Mumbai
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In terms of Para 57 of the P.F. Scheme 1952, you have to apply in Form-13 to the P.F. Commissioner within whose jurisdiction your previous establishment falls for the transfer of your EPF amount from the previous account to the account in the present company.
B. Saikumar
HR & Labour Law Consultant
Chipinbiz Consultancy Pvt. Ltd
Mumbai
Tel: 022-28324234
From India, Mumbai
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Sub - P.F. Query
In terms of Para 69(5) of the P.F. Scheme 1952, an employee, even though withdrawing his P.F. amount on quitting an establishment, if he joins another establishment covered under P.F. Act, is required to become a member of the P.F. Scheme again. In your case, since you joined another company covered under P.F. Act, you, anyhow, have to become a member of the P.F. scheme again in the new establishment. Since you have not withdrawn the amount, you now only need to seek to transfer your P.F. account to the new company under Para 57.
B. Saikumar HR & Labour Law Consultant Chipinbiz Consultancy Pvt. Ltd. Mumbai Tel: 022-28324234
From India, Mumbai
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In terms of Para 69(5) of the P.F. Scheme 1952, an employee, even though withdrawing his P.F. amount on quitting an establishment, if he joins another establishment covered under P.F. Act, is required to become a member of the P.F. Scheme again. In your case, since you joined another company covered under P.F. Act, you, anyhow, have to become a member of the P.F. scheme again in the new establishment. Since you have not withdrawn the amount, you now only need to seek to transfer your P.F. account to the new company under Para 57.
B. Saikumar HR & Labour Law Consultant Chipinbiz Consultancy Pvt. Ltd. Mumbai Tel: 022-28324234
From India, Mumbai
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PF & Pension Amdmt Scheme 2010 for IW.pdf