Dear All,
Mr. Gurumurthy is absolutely right. Just try to understand the circular exactly. This circular is issued for internal communication to avoid any litigation matters due to misinterpretation of the company's contribution and liability towards social security benefits.
Regards, Tushar Swar
From India, Mumbai
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208Mr. Gurumurthy is absolutely right. Just try to understand the circular exactly. This circular is issued for internal communication to avoid any litigation matters due to misinterpretation of the company's contribution and liability towards social security benefits.
Regards, Tushar Swar
From India, Mumbai
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Dear All,
I am sharing with you an update regarding PF A/c Nos. that will be treated as a UAN from October of this year.
EPFO to Provide Permanent A/C Number from October This Year
The retirement fund body EPFO will start providing permanent account numbers on the pattern of core banking services to its over five crore subscribers from October this year. The permanent or universal account number (UAN) will facilitate subscribers to avoid filing PF account transfer claims on changing jobs. After getting UAN, a subscriber would not be issued a new PF account number on joining a new employer. It is expected to provide great relief to those workers in the organized sector who frequently change jobs, particularly in the construction sector.
The UAN would be one account number allotted to a subscriber for various schemes run by the Employees' Provident Fund Organisation (EPFO) for his or her entire service period with different employers.
"We have engaged C-DAC for preparing a roadmap for implementing the UAN program for our subscribers. We will launch it on October 1 this year," EPFO's Central Provident Fund Commissioner K K Jalan told PTI.
The Centre for Development of Advanced Computing (C-DAC) is the premier research and development organization under the Ministry of Communications & Information Technology for carrying out R&D in IT, Electronics, and associated areas.
According to a senior EPFO official, the UAN will help reduce the workload of the EPFO to a great extent as it receives over 12 lakh claims for the transfer of PF account on changing jobs by its subscribers. EPFO has settled over 1.1 crore PF claims, including PF withdrawal and transfer till February end of this fiscal. It expects 1.2 crore such claims in 2013-14, including around 13 lakh PF transfer claims.
The official said that a large number of subscribers choose to close their PF and pension account with EPFO and seek withdrawal of their funds due to the time-consuming process of transferring PF accounts on changing jobs. However, the EPFO had started the facility of filing online transfer of PF account claims in October last year to make the transaction faster.
During 2012-13, the EPFO had settled 1.08 crore claims, 88 percent of which were processed within 30 days, as prescribed by the body's citizen charter.
From India, Mumbai
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I am sharing with you an update regarding PF A/c Nos. that will be treated as a UAN from October of this year.
EPFO to Provide Permanent A/C Number from October This Year
The retirement fund body EPFO will start providing permanent account numbers on the pattern of core banking services to its over five crore subscribers from October this year. The permanent or universal account number (UAN) will facilitate subscribers to avoid filing PF account transfer claims on changing jobs. After getting UAN, a subscriber would not be issued a new PF account number on joining a new employer. It is expected to provide great relief to those workers in the organized sector who frequently change jobs, particularly in the construction sector.
The UAN would be one account number allotted to a subscriber for various schemes run by the Employees' Provident Fund Organisation (EPFO) for his or her entire service period with different employers.
"We have engaged C-DAC for preparing a roadmap for implementing the UAN program for our subscribers. We will launch it on October 1 this year," EPFO's Central Provident Fund Commissioner K K Jalan told PTI.
The Centre for Development of Advanced Computing (C-DAC) is the premier research and development organization under the Ministry of Communications & Information Technology for carrying out R&D in IT, Electronics, and associated areas.
According to a senior EPFO official, the UAN will help reduce the workload of the EPFO to a great extent as it receives over 12 lakh claims for the transfer of PF account on changing jobs by its subscribers. EPFO has settled over 1.1 crore PF claims, including PF withdrawal and transfer till February end of this fiscal. It expects 1.2 crore such claims in 2013-14, including around 13 lakh PF transfer claims.
The official said that a large number of subscribers choose to close their PF and pension account with EPFO and seek withdrawal of their funds due to the time-consuming process of transferring PF accounts on changing jobs. However, the EPFO had started the facility of filing online transfer of PF account claims in October last year to make the transaction faster.
During 2012-13, the EPFO had settled 1.08 crore claims, 88 percent of which were processed within 30 days, as prescribed by the body's citizen charter.
From India, Mumbai
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PF (Provident Fund) applies generally to any organization with 20 or more employees. The contribution from the employee is 12%, and the contribution from the employer is also 12%. The scheme deducts 12% of the employee's basic salary, and the same amount is contributed from the employer's end as well. The employer's 12% is divided into two parts: Employer's PF Amount (3.67% of basic salary) and (8.33% of Basic Salary).
Upon retirement or in the event of untimely death, the employee receives a pension. If the sum of Basic and DA exceeds 6500, PF payment becomes optional for the individual. In such cases, the employer typically pays Rs.780 as PF from both the employer and employee contributions; this could be considered a type of PF clause. PF is required for individuals earning less than 6500.
For individuals above 58 years old, there is no pension fund available. If any of the information provided is incorrect, please let me know.
From India
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Upon retirement or in the event of untimely death, the employee receives a pension. If the sum of Basic and DA exceeds 6500, PF payment becomes optional for the individual. In such cases, the employer typically pays Rs.780 as PF from both the employer and employee contributions; this could be considered a type of PF clause. PF is required for individuals earning less than 6500.
For individuals above 58 years old, there is no pension fund available. If any of the information provided is incorrect, please let me know.
From India
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