Hi, I have a few doubts regarding PF. I checked my PF balance with my previous employer on the online site. It's showing EE 12545 and ER 3842.
1. What's the meaning of this?
2. Could someone please clarify how much money I will get if I withdraw?
3. Is it possible to submit the withdrawal request online? If so, please guide me.
4. How much time does it normally take to receive the cash?
Thank you.
From United States, Chicago
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1. What's the meaning of this?
2. Could someone please clarify how much money I will get if I withdraw?
3. Is it possible to submit the withdrawal request online? If so, please guide me.
4. How much time does it normally take to receive the cash?
Thank you.
From United States, Chicago
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Dear Macromatician, I shall answer your first two queries.
PF Contribution Breakdown
Towards PF, 12% each will be deducted from both the employee and employer. The entire contribution of the employee, i.e., Rs. 12,545/-, will be remitted to the PF account. Out of the employer's contribution, 8.33% will be paid to the Pension fund, and the balance amount (generally 3.67%) will also be credited to the PF. The approximate ratio between the pension fund and PF from the employer's share can be calculated as 25:11, i.e., 12,545x25/36 is the EPS share and 12,545x11/36 is the PF share. This is bifurcated as 8,703 and 3,842.
Hence, you will receive 12,545 + 3,842 = 16,387 with interest from the PF account.
EPS Details Required
Regarding the EPS amount, kindly provide your date of joining, date of relief, salary details, etc.
Regards,
Abbas.P.S
From India, Bangalore
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530PF Contribution Breakdown
Towards PF, 12% each will be deducted from both the employee and employer. The entire contribution of the employee, i.e., Rs. 12,545/-, will be remitted to the PF account. Out of the employer's contribution, 8.33% will be paid to the Pension fund, and the balance amount (generally 3.67%) will also be credited to the PF. The approximate ratio between the pension fund and PF from the employer's share can be calculated as 25:11, i.e., 12,545x25/36 is the EPS share and 12,545x11/36 is the PF share. This is bifurcated as 8,703 and 3,842.
Hence, you will receive 12,545 + 3,842 = 16,387 with interest from the PF account.
EPS Details Required
Regarding the EPS amount, kindly provide your date of joining, date of relief, salary details, etc.
Regards,
Abbas.P.S
From India, Bangalore
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Thanks for your help. Is pension fund withdrawable ? I worked form 14-jan-2010 to 22-feb-2012 in my old co. Annual package 2.6 Lacs. Pls let me now if you would require anything else.
From United States, Chicago
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From United States, Chicago
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You have contributed for 2 years (rounded figure) to EPS. For 2 years, the withdrawal benefit is 1.99 (refer to Table D) x 6500 (ceiling limit on salary) = Rs. 12,935. You may apply on Form 10C for either the withdrawal benefit or a scheme certificate. With the use of the scheme certificate, you can either club the service with future service or avail the withdrawal benefit later.
Regards,
Abbas P.S
From India, Bangalore
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Regards,
Abbas P.S
From India, Bangalore
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PF guidleines for Pension fund.pdf