Dear members,
This regards the modifications made to the Employee Provident Fund Scheme (EPF) and the Employee Pension Scheme (EPS) made in September 2014. I have some questions -
1. Can the employer contribution to EPF exceed 12% Rs. 15,000 per month (i.e Rs. 1,800 p.m.)? My current organization has this policy. In my last organization, it was 12% of the actual basic salary.
2. I left the workforce in June 2013 for higher studies. I had been a member of EPF/EPF for approximately 2.75 years (After excluding time spent in a company with no PF). Can I continue as a member of EPS? I rejoined the workforce in May 2015.
This article - http://www.business-standard.com/article/pf/new-pf-rule-may-lower-take-home-pay-114090600767_1.html says that a member of EPF before September 2014 can continue as a member of the EPS.
This set of slides http://www.slideshare.net/GreytipOnline/pf-revised-wage-ceiling-limit-and-its-impact talks about employees who have "joined" before September 2014. Does it refer to the current job, or membership of EPF/EPS?
Could someone refer me to an authoritative document (if one exists) ?
Thanks in advance
Rahul
From India, Delhi
This regards the modifications made to the Employee Provident Fund Scheme (EPF) and the Employee Pension Scheme (EPS) made in September 2014. I have some questions -
1. Can the employer contribution to EPF exceed 12% Rs. 15,000 per month (i.e Rs. 1,800 p.m.)? My current organization has this policy. In my last organization, it was 12% of the actual basic salary.
2. I left the workforce in June 2013 for higher studies. I had been a member of EPF/EPF for approximately 2.75 years (After excluding time spent in a company with no PF). Can I continue as a member of EPS? I rejoined the workforce in May 2015.
This article - http://www.business-standard.com/article/pf/new-pf-rule-may-lower-take-home-pay-114090600767_1.html says that a member of EPF before September 2014 can continue as a member of the EPS.
This set of slides http://www.slideshare.net/GreytipOnline/pf-revised-wage-ceiling-limit-and-its-impact talks about employees who have "joined" before September 2014. Does it refer to the current job, or membership of EPF/EPS?
Could someone refer me to an authoritative document (if one exists) ?
Thanks in advance
Rahul
From India, Delhi
Dear Rahul
i would like to reply your query point by point
This regards the modifications made to the Employee Provident Fund Scheme (EPF) and the Employee Pension Scheme (EPS) made in September 2014. I have some questions -
1. Can the employer contribution to EPF exceed 12% Rs. 15,000 per month (i.e Rs. 1,800 p.m.)? My current organization has this policy. In my last organization, it was 12% of the actual basic salary.
Reply:---IT depends upon your present employer he can give his contribution on full basic besides this if you want more it can be 24% of complete basic from both side as 12% PF and 12% VPF.if your employer does not wants to give than you can contribute 12% PF on full and 12% VPF on full let employer pay it only 1800.
2. I left the workforce in June 2013 for higher studies. I had been a member of EPF/EPF for approximately 2.75 years (After excluding time spent in a company with no PF). Can I continue as a member of EPS? I rejoined the workforce in May 2015.
Reply;-you will be member of EPS if you have not withdrawn your contribution of previous employer.
your amount of previous employer can be transferred to present empoyer account by raising form 19
This article - New PF rule may lower take-home pay | Business Standard News says that a member of EPF before September 2014 can continue as a member of the EPS.
This set of slides PF revised wage ceiling limit and its impact talks about employees who have "joined" before September 2014. Does it refer to the current job, or membership of EPF/EPS?
Dear Please go through the EPf act along with scheme.once you become a member of scheme you will remain member of of scheme whether you work in any organisation provided you have not withdrawn your
contribtion
Could someone refer me to an authoritative document (if one exists) ?
Thanks in advance
Rahul[/QUOTE]
From India, Delhi
167i would like to reply your query point by point
This regards the modifications made to the Employee Provident Fund Scheme (EPF) and the Employee Pension Scheme (EPS) made in September 2014. I have some questions -
1. Can the employer contribution to EPF exceed 12% Rs. 15,000 per month (i.e Rs. 1,800 p.m.)? My current organization has this policy. In my last organization, it was 12% of the actual basic salary.
Reply:---IT depends upon your present employer he can give his contribution on full basic besides this if you want more it can be 24% of complete basic from both side as 12% PF and 12% VPF.if your employer does not wants to give than you can contribute 12% PF on full and 12% VPF on full let employer pay it only 1800.
2. I left the workforce in June 2013 for higher studies. I had been a member of EPF/EPF for approximately 2.75 years (After excluding time spent in a company with no PF). Can I continue as a member of EPS? I rejoined the workforce in May 2015.
Reply;-you will be member of EPS if you have not withdrawn your contribution of previous employer.
your amount of previous employer can be transferred to present empoyer account by raising form 19
This article - New PF rule may lower take-home pay | Business Standard News says that a member of EPF before September 2014 can continue as a member of the EPS.
This set of slides PF revised wage ceiling limit and its impact talks about employees who have "joined" before September 2014. Does it refer to the current job, or membership of EPF/EPS?
Dear Please go through the EPf act along with scheme.once you become a member of scheme you will remain member of of scheme whether you work in any organisation provided you have not withdrawn your
contribtion
Could someone refer me to an authoritative document (if one exists) ?
Thanks in advance
Rahul[/QUOTE]
From India, Delhi
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