Can I Continue My Pf Account On My Own - DOCX Download

Hi,

From past 2 yrs i was working in a corporate company (this is my first job), it has provided me PF as my basic salary is less than 6500.

Right now, i was moving to another company where my basic salary is more than 6500.

As per new company's policy, there were not providing PF to the employees who are getting more than 6500 basic salary.

But, im interested to continue my PF account, so i asked that company to give the opportunity, then their said you can continue it but both employee and employers should be payed by myself..

Question 1.

I heard that, there is an option to move the PF accont to personal, such that i can contribute to it??? is it possible. please let me know

Question 2:

Although the company accepted to give the opportunity, then their said you can continue it but both employee and employers should be payed by myself..

Here the issue is I have to afford more than 4000 per month, as per my situation i cant afford such a large amount in to it.

Please give me a solution
3rd August 2013 From India, Vijayawada

Once earlier you were EPF member, it need to be continued with base salary of Rs 6500, and is not optional. However You need first to check if the new employer has some separate social security provident fund.
3rd August 2013 From India, Moradabad

Pl see: However there is no way that you can continue it on your own.
3rd August 2013 From India, Moradabad

Hi manu,
I appreciate your sharing your case here?
My suggestion, is insist with your employer that you want to continue the PF. Don't mention and commit yourself for all contribution and neither sign or give your commitment to it. I personally feel its but an excuse by employers to avoid their obligation by not contributing to PF. Do not discontinue your scheme and its my strong suggestion continue it. I discontinued and I know the lose I am at today.
Besides, Yes, you can open your own PF account under NPS. I have attached a wonderful article for your study.
Hope its helpful.
Ukmitra
4th August 2013 From Saudi Arabia, Riyadh

Attached Files (Download Requires Membership)

National Pension Scheme.docx (33.8 KB, 845 views)

Dear All;
According to the provisions under the EPF Act and Scheme, a member continues to be a member until he withdraws his accumulations in the fund. This means that you will continue to be a member without taking any action.
4th August 2013 From India, Pune

Mr. Vibhakar has given the correct views. I may add here that under Para 31 of the EPF Scheme,Employer,s share is not to be deducted from the members.
Chandok AK
RPFC (Retd.)
<link no longer exists - removed>
4th August 2013 From India, Chandigarh

Hi sir,
thnq, This document is very interesting...
I have intimated to the employer, about the govt rule that, if a employee is having a pf ACCOUNT THEN HE HAS TO CONTInue it forever, but there are saying strongly that as per there compny norms there were not providing, PF to the employes who are getting basic more than 6500.
So wat shud i do now??
As you said, about NPS, is there is any facility to move my current pf account to NPS.
Regards,
Rohit manoj

4th August 2013 From India, Vijayawada

Hi, The limit of PF member-
ship is limited to the persons
who draws the salary of Rs. 6500/- and beyond that (for
a new employee) Company will
not cover it. Though you arejoining the othercompany at more than Rs.6500/- salary, you can ask the company to deduct the PF
Contribution on Rs.6500/-
only and contribute addi-
tionally to Voluntary PF
from your side. However
you can bargain with the
Company to enhance your pay
to this extent to compensate/
Eswararao Ivaturi.

5th August 2013 From United States, Cupertino

Dear All
Mr Eswararao Ivaturi's comment is correct, you no need to pay Rs.4000/- as pf contribution as per your current basic you just inform your employer to deduct the pf Contribution on Rs600/- which will worked out Rs780/- employees contribution and 885 employers contribution including administrative and edli so total would be Rs1665. and now a days no company is paying Employer's contribution as such it is added in employees CTC so more over all the cases employees are paying the both contributions.
thanks and regards
NIlesh Soni
9869477332
5th August 2013 From India, Mumbai

Dear All
Mr Eswararao Ivaturi's comment is correct, you no need to pay Rs.4000/- as pf contribution as per your current basic you just inform your employer to deduct the pf Contribution on Rs6500/- which will worked out Rs780/- employees contribution and 885 employers contribution including administrative and edli so total would be Rs1665. and now a days no company is paying Employer's contribution as such it is added in employees CTC so more over all the cases employees are paying the both contributions.
thanks and regards
NIlesh Soni
9869477332
5th August 2013 From India, Mumbai