Hi,
I have few doubts regarding PF.
I checked my PF balance of my previous employer in online site.
It's showing EE 12545 and ER 3842.
1. What's the meaning of this ?
2. Pls someone clarify how much money I will get if withdraw ?
3. Is it possible to submit the withdrawal request online ? If so, pls guide me.
4. How much time normally it takes to get the cash ?
From United States, Chicago
I have few doubts regarding PF.
I checked my PF balance of my previous employer in online site.
It's showing EE 12545 and ER 3842.
1. What's the meaning of this ?
2. Pls someone clarify how much money I will get if withdraw ?
3. Is it possible to submit the withdrawal request online ? If so, pls guide me.
4. How much time normally it takes to get the cash ?
From United States, Chicago
Dear Macromatician,
I shall answer to your first 2 queries.
Towards PF 12% each will be deducted from both employee and employer. The whole contribution of employee, i.e Rs. 12545/- will be remitted to PF account. Out of employer contribution 8.33% will be paid to Pension fund and balance amount (generally 3.67%) will also be credited to PF. The approximate ratio between pension fund and PF from the employer share can be calculated as 25:11. i.e 12545x25/36 is EPS share and 12545x11/36 is PF share. This is bifurcated as 8703 and 3842.
Hence you will get 12545+3842 = 16387 with interest from the PF account.
Regarding EPS amount, kindly provide your date of join, date of relieve, salary details etc.
Abbas.P.S
From India, Bangalore
517I shall answer to your first 2 queries.
Towards PF 12% each will be deducted from both employee and employer. The whole contribution of employee, i.e Rs. 12545/- will be remitted to PF account. Out of employer contribution 8.33% will be paid to Pension fund and balance amount (generally 3.67%) will also be credited to PF. The approximate ratio between pension fund and PF from the employer share can be calculated as 25:11. i.e 12545x25/36 is EPS share and 12545x11/36 is PF share. This is bifurcated as 8703 and 3842.
Hence you will get 12545+3842 = 16387 with interest from the PF account.
Regarding EPS amount, kindly provide your date of join, date of relieve, salary details etc.
Abbas.P.S
From India, Bangalore
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
From United States, Chicago
Dear Macromartin,
You have contributed 2 years (round figure) to EPS. For 2 years, withdrawal benefit is 1.99 (refer Table D) x6500 (ceiling limit on salary) = Rs. 12935. You may apply on form 10C for either withdrawal benefit or scheme certificate. With the use of scheme certificate either you can club the service with future service or avail withdrawal benefit later.
Abbas.P.S
From India, Bangalore
You have contributed 2 years (round figure) to EPS. For 2 years, withdrawal benefit is 1.99 (refer Table D) x6500 (ceiling limit on salary) = Rs. 12935. You may apply on form 10C for either withdrawal benefit or scheme certificate. With the use of scheme certificate either you can club the service with future service or avail withdrawal benefit later.
Abbas.P.S
From India, Bangalore
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Guide Lines for PF Withdrawal.doc