Dear Mr Kumar S.,
I wish to thank you for appreciating my suggestion of online facilites for the members. I will just add that all bank transactions are online, but the same are with security of the software system. With the introduction of EPS the Govt. needs surplus amount to discharge pensionary liabilities which can be feasible when full amount is remitted to EPFO. I would suggest that people like you can maka a voluntary association to raise the voice of justice for the common deserving man. I will support you for this good cause.
Regards.
srivastavacmlalatgamildotcom
From India, New Delhi
125I wish to thank you for appreciating my suggestion of online facilites for the members. I will just add that all bank transactions are online, but the same are with security of the software system. With the introduction of EPS the Govt. needs surplus amount to discharge pensionary liabilities which can be feasible when full amount is remitted to EPFO. I would suggest that people like you can maka a voluntary association to raise the voice of justice for the common deserving man. I will support you for this good cause.
Regards.
srivastavacmlalatgamildotcom
From India, New Delhi
Dear Mr. Kumar S.,
I have some query regarding PF withdrawal from a trust as under,
1. How to withdraw the PF amount from a trust.
2. In which ground a employee can able to withdraw their PF amount as loan/advance.
3. what is the minimum duration of job period required for withdrawing the PF amount from the trust.
4. which form required to withdraw the PF amount from a trust.
5. How many percentage a employee can take loan/advance from their contribution.
6. If it is loan then how much interest should be paid.
Kindly clarify my doubt & suggest me if is there any book or link available in internet for more knowledge regarding the above subject.
Regards,
SENAPATI
From India, Bhubaneswar
I have some query regarding PF withdrawal from a trust as under,
1. How to withdraw the PF amount from a trust.
2. In which ground a employee can able to withdraw their PF amount as loan/advance.
3. what is the minimum duration of job period required for withdrawing the PF amount from the trust.
4. which form required to withdraw the PF amount from a trust.
5. How many percentage a employee can take loan/advance from their contribution.
6. If it is loan then how much interest should be paid.
Kindly clarify my doubt & suggest me if is there any book or link available in internet for more knowledge regarding the above subject.
Regards,
SENAPATI
From India, Bhubaneswar
Dear friend Senapathy,
1 to 4:
As I explained in my brief, The Exempted Trust is governed by a set of Bye Laws styled on the lines of PF Act & Rules (Some Trusts on a few occasions may overlook certain regulatory provisions to grant loans (refundable). These Bye Laws are supposed to be printed and circulated in a booklet form to the employees where formats are also appended. The Trusts themselves have to print all applicable forms for loans, withdrawals, transfers, nominations etc. and issue to the members. There hardly any changes when compared to formats prescribed in the Act. Conditions and eligibility are also as per the Act/Rules only. You can down load all these forms from this link:
Download All Provident Fund(PF/EPFO) Forms here | Provident Fund Forms
5. All eligible employees/members can apply to the Trust for grant of loan or withdrawal when they leave, subject to reemployment. But while disbursing the loan the availability of funds in the Trust a/c. should be adequate for the simple reason the Trust is legally bound to maintain the quantum of investments as prescribed in the Exemption orders/Act. These investments are normally long term (locked up) govt or PSU securities and bonds maturing after say 15, 20, 25 yrs. Thus for immediate cash requirements to disburse loans & withdrawals Trusts used to struggle. If the proportion of investment is not maintained then the "exemption given to Trust" could be withdrawn.
6. As I said Trusts have to invest in approved securities & bonds with a rate of interest of, say 9% or 8.5% or whatever was prevailing at the time of investment. This interest mostly is realised every year which forms "Funds in flow" of the Trust. From this inflow the Trust has to meet interest credit, loans, withdrawals & transfers. For the loans the Trust used to add, say 1% or more or less over and above the interest declared by the EPO for that year say 8.5% (8.5 + 1 = 9.5% p.a.) and recover the EMI thro' salary. Supposing most of the investments made were yielding less interest say 7.5% or 8% there bound to be some imbalance vis-a-vis the declared interest to be credited to members' a/cs ( 8% - 8.5% is 0.5% deficit, which has to be made good by the employer directly to the Trust (apart from meeting the costs of running the Trust, say salary to staff, printing & stationery, inspection charges payable to RPFC etc.) To avoid all these head aches only most employers don't prefer to go for seeking Trust approval.
For your guidance use this link to download the EPF act.:
http://www.vakilno1.com/bareacts/emp...oyeepfact.html
Regards & thanks,
kumar.s.
From India, Bangalore
1 to 4:
As I explained in my brief, The Exempted Trust is governed by a set of Bye Laws styled on the lines of PF Act & Rules (Some Trusts on a few occasions may overlook certain regulatory provisions to grant loans (refundable). These Bye Laws are supposed to be printed and circulated in a booklet form to the employees where formats are also appended. The Trusts themselves have to print all applicable forms for loans, withdrawals, transfers, nominations etc. and issue to the members. There hardly any changes when compared to formats prescribed in the Act. Conditions and eligibility are also as per the Act/Rules only. You can down load all these forms from this link:
Download All Provident Fund(PF/EPFO) Forms here | Provident Fund Forms
5. All eligible employees/members can apply to the Trust for grant of loan or withdrawal when they leave, subject to reemployment. But while disbursing the loan the availability of funds in the Trust a/c. should be adequate for the simple reason the Trust is legally bound to maintain the quantum of investments as prescribed in the Exemption orders/Act. These investments are normally long term (locked up) govt or PSU securities and bonds maturing after say 15, 20, 25 yrs. Thus for immediate cash requirements to disburse loans & withdrawals Trusts used to struggle. If the proportion of investment is not maintained then the "exemption given to Trust" could be withdrawn.
6. As I said Trusts have to invest in approved securities & bonds with a rate of interest of, say 9% or 8.5% or whatever was prevailing at the time of investment. This interest mostly is realised every year which forms "Funds in flow" of the Trust. From this inflow the Trust has to meet interest credit, loans, withdrawals & transfers. For the loans the Trust used to add, say 1% or more or less over and above the interest declared by the EPO for that year say 8.5% (8.5 + 1 = 9.5% p.a.) and recover the EMI thro' salary. Supposing most of the investments made were yielding less interest say 7.5% or 8% there bound to be some imbalance vis-a-vis the declared interest to be credited to members' a/cs ( 8% - 8.5% is 0.5% deficit, which has to be made good by the employer directly to the Trust (apart from meeting the costs of running the Trust, say salary to staff, printing & stationery, inspection charges payable to RPFC etc.) To avoid all these head aches only most employers don't prefer to go for seeking Trust approval.
For your guidance use this link to download the EPF act.:
http://www.vakilno1.com/bareacts/emp...oyeepfact.html
Regards & thanks,
kumar.s.
From India, Bangalore
Dear friend,
Govt. need funds not only to meet pensionary commitments, but also divert EPFO's funds to various investments which was not there earlier. And to partly offset the fiscal deficit as well, if what they say at the Central Board of Employees PF is true.
kumar.s.
From India, Bangalore
Govt. need funds not only to meet pensionary commitments, but also divert EPFO's funds to various investments which was not there earlier. And to partly offset the fiscal deficit as well, if what they say at the Central Board of Employees PF is true.
kumar.s.
From India, Bangalore
I am working in infrastructure company. Employer is regularly deducting PF from my salary. But for last one year not depositing the same into my EPF account. I have transferred my previous company account. I need money/loan from EPF account . Can anybody guide me how I can avail this loan.
Further, since my basic is more than 15000/- can I change my consent for deduction of PF at this juncture. Employer is very adamant and reluctant to remit the deducted PF amount.
From India
Further, since my basic is more than 15000/- can I change my consent for deduction of PF at this juncture. Employer is very adamant and reluctant to remit the deducted PF amount.
From India
Since you are an existing member you cannot opt out PF. You should continue contributing. Regarding remittances and recovery, the PF authorities will take care of it and there are measures to recover the amounts from the employer.
Madhu.T.K
From India, Kannur
Madhu.T.K
From India, Kannur
Thanks, Madhu T. K.. I want loan from my EPF account to meet some personnel requirements. I am unable to put loan request due to irregularity in PF accounts ( Non payment of contribution by employer). Can I reduce the contribution amount.
From India
From India
If you are contributing over and above the statutory limit, say on salary over Rs 6500, then you can reduce it to 12% of the statutory limit, now it is Rs 15000. But less than that is not permissible.
Madhu.T.K
From India, Kannur
Madhu.T.K
From India, Kannur
I am narrating a case regarding Non remittance of deducted PF from employee's salary :-
Company is deducting PF from employee's salary. Employee have opted for transfer savings from previous EPF account to the current account. Current employer is not depositing deducted PF since employee submitted this transfer application(13 Mths over). Previous Emplyer has duly stamped, signed and returned transfer application to current employer. Employee don't know the same is submitted to EPFO.
How Employee can verify that the amount is transferred to the current employer's EPF account and not withdrawn by anyone else by using procedure available for withdrawal of PF by taking Bank manager's OR PF commissioner's signature. Account is not updated for last 13 months by EPFO due to non remittance.
Further, how he can get this amount deposited to his account without knowing to the current employer. In the past EPFO officials had revealed the person's name who has put his grievances through EPFO portal. What about the interest loss on this account. How I can get the lost interest on this amount.
From India
Company is deducting PF from employee's salary. Employee have opted for transfer savings from previous EPF account to the current account. Current employer is not depositing deducted PF since employee submitted this transfer application(13 Mths over). Previous Emplyer has duly stamped, signed and returned transfer application to current employer. Employee don't know the same is submitted to EPFO.
How Employee can verify that the amount is transferred to the current employer's EPF account and not withdrawn by anyone else by using procedure available for withdrawal of PF by taking Bank manager's OR PF commissioner's signature. Account is not updated for last 13 months by EPFO due to non remittance.
Further, how he can get this amount deposited to his account without knowing to the current employer. In the past EPFO officials had revealed the person's name who has put his grievances through EPFO portal. What about the interest loss on this account. How I can get the lost interest on this amount.
From India
Sir i applied for my pf on feb this year i got my uan no. Also and passbook also but i gave every documents for withdrawing that amount but still i didnt received any amount in my personal account yet. Every time i call to that office they always say that your document is nt complete then next time they said you have not submitted the document then next time they said another excuse. Its been more than 7 mnths. What i cn do in this case?? Please help me
From India, Gurgaon
From India, Gurgaon
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Steps to transfer PF amount.jpg
Employer-PF-res trict to wages of Rs 6500.pdf
PF Amount Balance Check.xls