Dear Ashutosh Greetings. The approximate time to settle PF and pension amount will be not more than 30 days provided the employer remitted the contribution in time. Cheers Trisha HR Professional
From India, New Delhi
21From India, New Delhi
hi
My Dear Trisha
Good le to spell regarding pf..and u know our pf interest is 8.5% not 9.5% for the year of 2006 to 2007 and 2007 to 2008..
EPF RATE OF INTEREST FOR THE YEAR 2006-07 --------------------------------------------------------------------------------
16:25 IST
The Government has accorded its approval to notify the EPF rate of interest for the year 2006-07 as 8.5%.
All the RPFCs have been instructed to immediately give effect to the above and issue annual statement of accounts for the year 2006 at the earliest possible time. The Chairman CBT, EPF and Minister of State( Independent Charge), Labour and Employment has directed that issue of annual accounts for the year 2006-07 is required to be done on war footing.
The EPF(Employees’ Provident Fund) Scheme, 1952 requires that the interest shall be credited to the account of each member at such a rate as determined by the Central Government in consultation with the Central Board of Trustees(CBT).
The CBT which met on the 23rd of July 2007 to consider the proposal for determination of rate of interest payable to the members for the year 2006-07 had recommended interest at 8.5%.
see this link
http://epfindia.com <link updated to site home>
Regards
Nagendra
Hyderabad
From India, Hyderabad
My Dear Trisha
Good le to spell regarding pf..and u know our pf interest is 8.5% not 9.5% for the year of 2006 to 2007 and 2007 to 2008..
EPF RATE OF INTEREST FOR THE YEAR 2006-07 --------------------------------------------------------------------------------
16:25 IST
The Government has accorded its approval to notify the EPF rate of interest for the year 2006-07 as 8.5%.
All the RPFCs have been instructed to immediately give effect to the above and issue annual statement of accounts for the year 2006 at the earliest possible time. The Chairman CBT, EPF and Minister of State( Independent Charge), Labour and Employment has directed that issue of annual accounts for the year 2006-07 is required to be done on war footing.
The EPF(Employees’ Provident Fund) Scheme, 1952 requires that the interest shall be credited to the account of each member at such a rate as determined by the Central Government in consultation with the Central Board of Trustees(CBT).
The CBT which met on the 23rd of July 2007 to consider the proposal for determination of rate of interest payable to the members for the year 2006-07 had recommended interest at 8.5%.
see this link
http://epfindia.com <link updated to site home>
Regards
Nagendra
Hyderabad
From India, Hyderabad
Employer's contribution to EPF is to be remitted as follows:
8.33% in Pension Fund in Account No 10 and the remaining,ie, 12-8.33=3.67 % in Account No 01 along with Employees share of 12%.
Besides this, the employer has to remit the following also.
1.1% of the total Wage/ salary to account No 2 towards administrative charges
0.5% towards Employees Deposit Linked Insurance in A/C No 21 and
0.01% towards administrative charges of EDLI in A/C No 22.
Regards,
Madhu.T.K
From India, Kannur
8.33% in Pension Fund in Account No 10 and the remaining,ie, 12-8.33=3.67 % in Account No 01 along with Employees share of 12%.
Besides this, the employer has to remit the following also.
1.1% of the total Wage/ salary to account No 2 towards administrative charges
0.5% towards Employees Deposit Linked Insurance in A/C No 21 and
0.01% towards administrative charges of EDLI in A/C No 22.
Regards,
Madhu.T.K
From India, Kannur
Hi Sashmita
I already aplogised for the same. it is after 60 days only one can apply for withdrawl of pf. and already, said that it is 8.5% interest on the amount deposited with pf office.
cheers :roll:
Prabhakar Rao.M
From India, Delhi
I already aplogised for the same. it is after 60 days only one can apply for withdrawl of pf. and already, said that it is 8.5% interest on the amount deposited with pf office.
cheers :roll:
Prabhakar Rao.M
From India, Delhi
Dear Yograj
I think you have wrongfully written contributions for ESI and not for EPF. Regarding PF 12% employee contribution and 12% employer contribution. Pension fund to be maximum of Rs.541/- Slab for deduction of PF is Rs. 6500/- i.e. people having basic salary less than Rs. 6500/- pf deduction is manadstory. It is expected that this slab may go upto Rs. 10,000/- as in case of ESI.
Regards
Govil Nanda :lol:
From India, Delhi
I think you have wrongfully written contributions for ESI and not for EPF. Regarding PF 12% employee contribution and 12% employer contribution. Pension fund to be maximum of Rs.541/- Slab for deduction of PF is Rs. 6500/- i.e. people having basic salary less than Rs. 6500/- pf deduction is manadstory. It is expected that this slab may go upto Rs. 10,000/- as in case of ESI.
Regards
Govil Nanda :lol:
From India, Delhi
Hi Madhu,
Can you please let me know about acc/no:1,Acc No:21,Acc/No:22
I mean to say,does the each and every employer has to create all these accounts at pf office...can you clarify regarding this.
Rgds
Saritha
From India, Bangalore
Can you please let me know about acc/no:1,Acc No:21,Acc/No:22
I mean to say,does the each and every employer has to create all these accounts at pf office...can you clarify regarding this.
Rgds
Saritha
From India, Bangalore
Hi Nilu
Thanks for your reply.
In my company we appointed one Netwrok Administrator on last month. Before he join here he is worked at madurai from past 9 years and at the time of left from there he surrendred his P.F. Now he feel to recontinue the P.F same A/c.
One more confuse for me - he is eligable for pension for that surrenderd A/c or not?
From India, Coimbatore
Thanks for your reply.
In my company we appointed one Netwrok Administrator on last month. Before he join here he is worked at madurai from past 9 years and at the time of left from there he surrendred his P.F. Now he feel to recontinue the P.F same A/c.
One more confuse for me - he is eligable for pension for that surrenderd A/c or not?
From India, Coimbatore
The information provided is really worth for me. Please keep on posting this type of issues which would be useful to all the unknown employee like me.
Keep on going....
Regards,
Sandeep Kadre
9850839153
Keep on going....
Regards,
Sandeep Kadre
9850839153
Dear Urvashiji
Greetings.
Option B is nothing but refund of your contribution to Pension fund in the form of Cheque sent to your bank account. In option A you can trace your contn and cross check with your annual slips in Form 23 provided by EPF Office every year. But in option B the refund is based on the no of years of service and last salary drawn and a factor determined by Pension authorities, this amount will be almost the same as the amount deposited in Pension account.
Cheers
Trisha
HR Professional
From India, New Delhi
Greetings.
Option B is nothing but refund of your contribution to Pension fund in the form of Cheque sent to your bank account. In option A you can trace your contn and cross check with your annual slips in Form 23 provided by EPF Office every year. But in option B the refund is based on the no of years of service and last salary drawn and a factor determined by Pension authorities, this amount will be almost the same as the amount deposited in Pension account.
Cheers
Trisha
HR Professional
From India, New Delhi
hi,
as per PF act, PF is mandatory if the Basic+DA is less than or equal to rs.6500 p.m. now, if in the next year,the employee's Basic+DA exceeds Rs.6500p.m, can he/she opt out of the PF account?
Our PF consultant says once a PF account is opened, it cannot be stopped until the employee quits working irrespective of whether its mandatory or not.
Also, if the employer contributes for PF for employees whose Basic+DA is more than Rs.6500p.m, will that amount still be exempted from tax?
pl clarify...
From India, Hyderabad
as per PF act, PF is mandatory if the Basic+DA is less than or equal to rs.6500 p.m. now, if in the next year,the employee's Basic+DA exceeds Rs.6500p.m, can he/she opt out of the PF account?
Our PF consultant says once a PF account is opened, it cannot be stopped until the employee quits working irrespective of whether its mandatory or not.
Also, if the employer contributes for PF for employees whose Basic+DA is more than Rs.6500p.m, will that amount still be exempted from tax?
pl clarify...
From India, Hyderabad
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Employer-PF-res trict to wages of Rs 6500.pdf