Thank you Arun.
That was a precise answer. yeah, I'm searching for a job now.. I didn't submit any written letter because my boss/HR had made the decision of terminating me even before I could ask if a formal statement was required. And I'm not going back to that company ever again! So its alright even if they black-list my profile for all future references. It's good to hear that my PF account wouldn't have been activated... Many thanks for resolving my query.
regards,
shyamala.
From India, Velluru
That was a precise answer. yeah, I'm searching for a job now.. I didn't submit any written letter because my boss/HR had made the decision of terminating me even before I could ask if a formal statement was required. And I'm not going back to that company ever again! So its alright even if they black-list my profile for all future references. It's good to hear that my PF account wouldn't have been activated... Many thanks for resolving my query.
regards,
shyamala.
From India, Velluru
Dear Mr/Ms.PBS,
I had a query, you have been stated that, "Brother cannot be nominee as per the act" in Question no.8,
Kindly post me the reason for that.
Why should "Brother cannot be nominee as per the act"??
From India, Madras
I had a query, you have been stated that, "Brother cannot be nominee as per the act" in Question no.8,
Kindly post me the reason for that.
Why should "Brother cannot be nominee as per the act"??
From India, Madras
i worked in a concern for the period of 3 months and 23 days, in which contribution for PF from both the ends is Rs.1200. At last, after the PF account closure and withdrawal, i received only Rs.7340. On enquiring regarding this with my previous concern\'s HR, they said PF authorities will deduct administrative charges if one quits before 6 months period, so that the amount is this much only. Is that so? If so, how much they will deduct as charges?
From India, Hyderabad
From India, Hyderabad
Dear Sir,
My previous employer has not remitted the PF employee share & also the employer share from past 1 year (Oct 2011 to Oct 2012) to the department. The company is now closed. Even after several 7A issued by the department, the employer is not in a situation to pay the PF amount. It has already become 6 months of my resignation. Since the factory is closed & no officer is working over their, I had not been issued duly filled Form 19 & 10C along with 3A, Form 5 & 10. My question is since the employer has not remitted the amount as said above, can I apply for Claim of PF? If yes, what are the necessary steps I should follow to get the claim? Without remittance from the employer, will the PF office settle my account till the date of my resignation? Can any body help me in this issue?
From India, Bangalore
My previous employer has not remitted the PF employee share & also the employer share from past 1 year (Oct 2011 to Oct 2012) to the department. The company is now closed. Even after several 7A issued by the department, the employer is not in a situation to pay the PF amount. It has already become 6 months of my resignation. Since the factory is closed & no officer is working over their, I had not been issued duly filled Form 19 & 10C along with 3A, Form 5 & 10. My question is since the employer has not remitted the amount as said above, can I apply for Claim of PF? If yes, what are the necessary steps I should follow to get the claim? Without remittance from the employer, will the PF office settle my account till the date of my resignation? Can any body help me in this issue?
From India, Bangalore
Is it compulsary for higher salary staff above Rs.6500 pf should be deducted or not. for example: if salary would be 50,000 Regards Pradeep
From India, Delhi
From India, Delhi
My colleague who is an Austrian worked in India and he left the job and country. His settlement came to his bank account after he left the country. Unfortunately the bank returned the cheque as it became a non operative account by that time. How can he claim the money now? he does not have an account in India and he is not working in India. Can his settlement be made to get paid abroad?
From Qatar, Doha
From Qatar, Doha
1
Dear All, everything is fine as per the questions mentioned above. However, there have been several amendments made in Provident fund effective from financial year 2014-15 and Assesment year 2016-17.
Like Question no 2 and 3= wage cieling limit of Provident fund has been raised to Rs 15000 (wef 1 sep 2014)
Q4: An employer cannot force the employee to be a part of Provident fund if his basic salary +DA is more than Rs 15001 and until he has specified the same in their HR policy.
Q5: As per the new amendments took place on 1sep 2014, new employees who gets registered fro Provident fund. No amount gets deducted towards EPS(8.33%) and EPF(3.67%). Its total of 12% towards both employers and employees. And even an employee can now withdraw total of 24 % even if he has worked for the company from 0 months -9 years.
However, withdrawing PF before 5 years of service and that too of sum equal to or more than Rs 30,000 will attract tax. But if the employee submits form 15G/15 H along with his pan card, no tax will be deducted.
Q.7. Form no 13 R is now been replaced by new form called Form 11(N) in case the employee has got a UAN number for transferring PF from one company to another.
In addition, continous service in an employment is considered where in the employee has completed 240 working days in a year. though this applies to rule of calculating gratuity however its the same for other statoury benefits.
EPFO has no responsibility to send any annual statements to individuals. However, to check the PF balance, it is easier to go on to the PF website (www.epfindia.com) to check the balance.
Q 33. VPF is an account only meant for employees and not for employers. IF an employee feels to contribute any thing extra towards his savings which (8-20%) he can do so by opening VPF. But no employer can made contribution to such VPF and such is not mentioned in the PF Act 1952.
Hope this clarifies.
From United Kingdom, Leeds
Like Question no 2 and 3= wage cieling limit of Provident fund has been raised to Rs 15000 (wef 1 sep 2014)
Q4: An employer cannot force the employee to be a part of Provident fund if his basic salary +DA is more than Rs 15001 and until he has specified the same in their HR policy.
Q5: As per the new amendments took place on 1sep 2014, new employees who gets registered fro Provident fund. No amount gets deducted towards EPS(8.33%) and EPF(3.67%). Its total of 12% towards both employers and employees. And even an employee can now withdraw total of 24 % even if he has worked for the company from 0 months -9 years.
However, withdrawing PF before 5 years of service and that too of sum equal to or more than Rs 30,000 will attract tax. But if the employee submits form 15G/15 H along with his pan card, no tax will be deducted.
Q.7. Form no 13 R is now been replaced by new form called Form 11(N) in case the employee has got a UAN number for transferring PF from one company to another.
In addition, continous service in an employment is considered where in the employee has completed 240 working days in a year. though this applies to rule of calculating gratuity however its the same for other statoury benefits.
EPFO has no responsibility to send any annual statements to individuals. However, to check the PF balance, it is easier to go on to the PF website (www.epfindia.com) to check the balance.
Q 33. VPF is an account only meant for employees and not for employers. IF an employee feels to contribute any thing extra towards his savings which (8-20%) he can do so by opening VPF. But no employer can made contribution to such VPF and such is not mentioned in the PF Act 1952.
Hope this clarifies.
From United Kingdom, Leeds
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
FAQ - Frequently Asked questions related to Employees Provident Fun2.doc