Hi,
If an employee is paying his PF contribution for 2 years and after that he is joining another company where there is no PF contribution, whether his account will be active, ifso till how many years it will be active? If he is not working in any company after that what will be the status of his PF account?
And one more query, if an IT company is having more than 20 employees and doesnt have any PF Schemes, is it necessary to implement PF or just paying the TDS and PT is more than enough? If we need to implement PF in an IT Firm, is there any terms and conditions are there.. like.. it should be 6 months or 1 year as such???
Hope Citehr friends will help me in this... Thanks in advance.. :)
Cheers,
Swati
From India, Bangalore
6If an employee is paying his PF contribution for 2 years and after that he is joining another company where there is no PF contribution, whether his account will be active, ifso till how many years it will be active? If he is not working in any company after that what will be the status of his PF account?
And one more query, if an IT company is having more than 20 employees and doesnt have any PF Schemes, is it necessary to implement PF or just paying the TDS and PT is more than enough? If we need to implement PF in an IT Firm, is there any terms and conditions are there.. like.. it should be 6 months or 1 year as such???
Hope Citehr friends will help me in this... Thanks in advance.. :)
Cheers,
Swati
From India, Bangalore
Hi Swati,
PF scheme is mandatory for any Industry whose strength is more than 20, and it has been recently amended to 10 Employees.
Once an employee become the Member of PF scheme, than it doesn't make any difference that the gap is 2 year of 20 years, his PF amount is in safe hand, he can withdraw that amount at any time. It will remain active till he doesn't withdraws that amount.
From India, Delhi
PF scheme is mandatory for any Industry whose strength is more than 20, and it has been recently amended to 10 Employees.
Once an employee become the Member of PF scheme, than it doesn't make any difference that the gap is 2 year of 20 years, his PF amount is in safe hand, he can withdraw that amount at any time. It will remain active till he doesn't withdraws that amount.
From India, Delhi
Hello Swati,
I would like answer your 2nd query.
If any company employing 20 or more employees & have not implemented PF scheme, it's mandatory for it as per the act to deduct PF of those employees who are withdrawing salary below Rs.6500/-pm. For other employees it can only deduct Profession tax & TDS.
Such company can introduce PF scheme at any point of time.
I hope i have answered your query.
From India, Pune
I would like answer your 2nd query.
If any company employing 20 or more employees & have not implemented PF scheme, it's mandatory for it as per the act to deduct PF of those employees who are withdrawing salary below Rs.6500/-pm. For other employees it can only deduct Profession tax & TDS.
Such company can introduce PF scheme at any point of time.
I hope i have answered your query.
From India, Pune
dear swati
ofcourse rajeev has replied your query very nicely.but the strenght for applicablity of PF is still 20 and it was a proposal for 10 but no notification has been issued yet.
regarding time gap inbetween is not any issue.this will be counted as noncontributory period.
regards
j s malik
From India, Delhi
ofcourse rajeev has replied your query very nicely.but the strenght for applicablity of PF is still 20 and it was a proposal for 10 but no notification has been issued yet.
regarding time gap inbetween is not any issue.this will be counted as noncontributory period.
regards
j s malik
From India, Delhi
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