We have seen that when any employee leaves an organisation within six months of joining, he can withdraw his PF amount but his EPS amount is not given back to him saying that you have left the service within six months.
My question is if the amount of 8.33% (EPS ) is not given back to employee nor it goes back to employer then where does it go? How it is treated?
From India, Bangalore
111My question is if the amount of 8.33% (EPS ) is not given back to employee nor it goes back to employer then where does it go? How it is treated?
From India, Bangalore
Dear Rajeev,
Provident fund organisation will keep 8.33% of the EPS amount in this situation and the amount will not go back to employer in any case.
Simple & Clear.
Chill HR
https://www.facebook.com/HRGang
From India, Gurgaon
Provident fund organisation will keep 8.33% of the EPS amount in this situation and the amount will not go back to employer in any case.
Simple & Clear.
Chill HR
https://www.facebook.com/HRGang
From India, Gurgaon
Then where is goes is my question .
It does not go to employee nor to employer .
Regards
Rajeev Dixit
From India, Bangalore
It does not go to employee nor to employer .
Regards
Rajeev Dixit
From India, Bangalore
Dear all,
In sum up, the EPS scheme of the EPFO is suffering deficit by way of paying out pensions to dependents and contributors and these forfeited amounts are adjusted into the EPS scheme. This is the main reason why the ceiling limit of Rs.6500/- is still not increased.
P K Sharma
From India, Delhi
In sum up, the EPS scheme of the EPFO is suffering deficit by way of paying out pensions to dependents and contributors and these forfeited amounts are adjusted into the EPS scheme. This is the main reason why the ceiling limit of Rs.6500/- is still not increased.
P K Sharma
From India, Delhi
Dear Rajeev,
The funds will retain by the pf department for infrastructure development and for other similar purpose.
Chill HR
https://www.facebook.com/HRGang
From India, Gurgaon
The funds will retain by the pf department for infrastructure development and for other similar purpose.
Chill HR
https://www.facebook.com/HRGang
From India, Gurgaon
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
EPS - Wage Limit increase_01.09. 2014.pdf
Security Amount Proof.docx
Steps to transfer PF amount.jpg