Dear Seniors,
Kindly help,,
Is it ethical if an organisation bifurcates the Employer's PF contribution into Employer PF & Pension Contribution?
From what I have understood EPF & EPS should be separate entity.
Kindly correct me if I'm wrong.
Awaiting replies.
From India, Mumbai
Kindly help,,
Is it ethical if an organisation bifurcates the Employer's PF contribution into Employer PF & Pension Contribution?
From what I have understood EPF & EPS should be separate entity.
Kindly correct me if I'm wrong.
Awaiting replies.
From India, Mumbai
Dear AMane
Please note that the PF will be of two types. (1) Employee PF 12% and (2) Employer PF 12%. This Employer PF will be further bifurcated into two cagetories i.e., Employer PF 3.67% and Employees Pension Scheme 8.33%. In addition to this the Employer will have to pay additional 1.61% for Admin charges PF (1.1%) EDLI (0.5%) and EDLI Admin Charges (0.01%). Hence The total PF will be amounting to 25.61%. 12% will bear by Employee and 13.61% will be from Employer.
Hope your doubt got cleared. If you have any further doubts, do not hesitate to seek clarification.
From India, Kumbakonam
1165Please note that the PF will be of two types. (1) Employee PF 12% and (2) Employer PF 12%. This Employer PF will be further bifurcated into two cagetories i.e., Employer PF 3.67% and Employees Pension Scheme 8.33%. In addition to this the Employer will have to pay additional 1.61% for Admin charges PF (1.1%) EDLI (0.5%) and EDLI Admin Charges (0.01%). Hence The total PF will be amounting to 25.61%. 12% will bear by Employee and 13.61% will be from Employer.
Hope your doubt got cleared. If you have any further doubts, do not hesitate to seek clarification.
From India, Kumbakonam
Dear Mr. Mane,
In addition to Mr. Bhaskar's clear reply, please note the extra 1.61% in no ways comes in to the Account of Employee PF or pension Account. Those are Government charges goes to various Accounts of Provident Fund.
hence as long as the Employee is concerned - PF will be 12% of Emplyee Contribution + 3.67% of Employer Contibution. Rest 8.33% of Employer Contribution goes to Pension Scheme of the Employee.
Here again, some Companies may be deductiong more PF amount (more than specified limit of 6500/-). In which case a maximum of rs.541/- onlhy goes to Pension Schement. Rest all will go to Employee PF Account.
Regards,
Sundararaman
From India, Madras
In addition to Mr. Bhaskar's clear reply, please note the extra 1.61% in no ways comes in to the Account of Employee PF or pension Account. Those are Government charges goes to various Accounts of Provident Fund.
hence as long as the Employee is concerned - PF will be 12% of Emplyee Contribution + 3.67% of Employer Contibution. Rest 8.33% of Employer Contribution goes to Pension Scheme of the Employee.
Here again, some Companies may be deductiong more PF amount (more than specified limit of 6500/-). In which case a maximum of rs.541/- onlhy goes to Pension Schement. Rest all will go to Employee PF Account.
Regards,
Sundararaman
From India, Madras
It is right that the above referred 1.61% will not come to either employees PF account or pension account. But 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
Abbas.P.S
From India, Bangalore
Hi
I have a querry, I worked for an MNC and had to resign the due to 2008 Meltdown. Anyways it took me 6 months to get another job and shifted couple of cities to get the job.
My question is how can I get the PF amount from previous employer or from govt. What is the process and how can i go about it.
Thanks in anticipation of guidance.
Regards
Manish
From India, Bangalore
I have a querry, I worked for an MNC and had to resign the due to 2008 Meltdown. Anyways it took me 6 months to get another job and shifted couple of cities to get the job.
My question is how can I get the PF amount from previous employer or from govt. What is the process and how can i go about it.
Thanks in anticipation of guidance.
Regards
Manish
From India, Bangalore
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 establshment falls for 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
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 establshment falls for 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
Sub- P.F query
In terms of Para 69(5) of the P.F Scheme 1952, an employee even though withdraws his P.F amount on quitting an establishment,if he joins another establishment covered under P.F Act, he is required to become memeber of the P.F Scheme again.In your case, since you joined another comapny covered under P.F Act, you,any how, have to become memeber of the P.F scheme again in the new establishment. Since you have not withdrawn teh amount, you have now only to seek transfer your P.F account to the new company under para 57.
B.saikumar
HR& labour Law consultant
Chipinbiz Consultancy Pt.ltd
mumbai
Tel: 022-28324234
From India, Mumbai
In terms of Para 69(5) of the P.F Scheme 1952, an employee even though withdraws his P.F amount on quitting an establishment,if he joins another establishment covered under P.F Act, he is required to become memeber of the P.F Scheme again.In your case, since you joined another comapny covered under P.F Act, you,any how, have to become memeber of the P.F scheme again in the new establishment. Since you have not withdrawn teh amount, you have now only to seek transfer your P.F account to the new company under para 57.
B.saikumar
HR& labour Law consultant
Chipinbiz Consultancy Pt.ltd
mumbai
Tel: 022-28324234
From India, Mumbai
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls