Dear All,
I am working for an TATA company, HR Department & we have a PF Corporate Trust at Mumbai. I always get confused in PF & Pension matters, my clarifications are as under :-
1) As per my understanding the full contribution of the employee will go the Provident fund i.e the PF trust at Mumbai & the employer contribution of 12% is further bifurcated into pension of 8.33% on Rs.6500/- which is maximum of Rs.541 & balance of 3.67% to the PRovident fund which makes up to 12% finally, hope the same is the calculation wherever PF Trust is available.
2) An employee who works for 22 years & quits the co., at the age of 52, how do we arrange for his Pension...he does not want to receive pension, can he claim that amount through the pension office through form 10 c settlement or how does he go about ??
3) I was informed by my seniors that if an employee is in service more than 5 years & above & quits the company, he cannot claim the pension & he has to take an scheme certificate, is it so ??
4) In case of transfer wherever PF Trust is available, how does one can get his pension transfer done ??
Please share a presentation or some more information on this...
Thanks in advance.
regards..Malini
From India, Bangalore
I am working for an TATA company, HR Department & we have a PF Corporate Trust at Mumbai. I always get confused in PF & Pension matters, my clarifications are as under :-
1) As per my understanding the full contribution of the employee will go the Provident fund i.e the PF trust at Mumbai & the employer contribution of 12% is further bifurcated into pension of 8.33% on Rs.6500/- which is maximum of Rs.541 & balance of 3.67% to the PRovident fund which makes up to 12% finally, hope the same is the calculation wherever PF Trust is available.
2) An employee who works for 22 years & quits the co., at the age of 52, how do we arrange for his Pension...he does not want to receive pension, can he claim that amount through the pension office through form 10 c settlement or how does he go about ??
3) I was informed by my seniors that if an employee is in service more than 5 years & above & quits the company, he cannot claim the pension & he has to take an scheme certificate, is it so ??
4) In case of transfer wherever PF Trust is available, how does one can get his pension transfer done ??
Please share a presentation or some more information on this...
Thanks in advance.
regards..Malini
From India, Bangalore
Dear Malini,
1. Out of employer contribution, 8.33% (subject to a maximum of Rs. 541) will go to EPS & balance will go to individual PF account. Whether it is PF Trust or dealt by PF authorities, it is immaterial.
2. An employee with 22years of service with an age of 52 years, is not eligible for withdrawal from EPS. He can either opt pension directly or apply for Scheme Certificate.
3. Those who have a service of 9 years & 6 months and above are eligible for pension. If the service is below this, withdrawal benefit is eligible. For those having below the age of 58 can also opt Scheme Certificate.
4. For pension transfer, apply in Form 13. This is common for PF as well as exempted Trust.
Abbas.P.S
From India, Bangalore
5171. Out of employer contribution, 8.33% (subject to a maximum of Rs. 541) will go to EPS & balance will go to individual PF account. Whether it is PF Trust or dealt by PF authorities, it is immaterial.
2. An employee with 22years of service with an age of 52 years, is not eligible for withdrawal from EPS. He can either opt pension directly or apply for Scheme Certificate.
3. Those who have a service of 9 years & 6 months and above are eligible for pension. If the service is below this, withdrawal benefit is eligible. For those having below the age of 58 can also opt Scheme Certificate.
4. For pension transfer, apply in Form 13. This is common for PF as well as exempted Trust.
Abbas.P.S
From India, Bangalore
Thank you sir for the valuable inputs..how do i get to know more updates on this, i visited to EPF site also, but did not find information on this, please help, I would like to know in detail the clauses, eligibility etc.,
regards..Malini
From India, Bangalore
regards..Malini
From India, Bangalore
Dear Malini Mr Abbas is absolutely right.As you want to know more updates than please refer employees provident fund &misc provision act.
From India, Delhi
From India, Delhi
The clarifications given by Sh. Abbasiti are legally correct. However point relating to basic wages drawn during the past 12 months are to be kept in mind for calculation of Monthly Pension. In case the person does not want to serve further in any estt. covered under the Act, he is entitled for reduced pension being less than 58 years of age or may wait till he completes 58 years age.
As regards further details , one can go through the EPS 95/ FAQ section on the website of EPFO i.e EPFO or if specific clarification is required ,can be had in writing from the concerned RPFC Office.
From India, Chandigarh
As regards further details , one can go through the EPS 95/ FAQ section on the website of EPFO i.e EPFO or if specific clarification is required ,can be had in writing from the concerned RPFC Office.
From India, Chandigarh
Say, If I have worked in "X" company for 7 months which is PF exempted organisation. And then joined another "Y" company and it doesnt have PF. Then later I joined another "Z" company. Can I transfer both EPF and EPS from "X" company to "Z" company ? Will the 7 month service period gets added to the Z company EPS account ?
From India, Madras
From India, Madras
Dear all,
My name is V.Srither am working as a HR - Executive in textile industry.
there are in an around 450 employess working at present.
so many peoples take leave with out intimation.i discuss with my management.they said deduct their salary with in dec month. now i am going to inform to all. but i dont know how i draft that circular please any one help to me.
Thank you,
From India, Karur
My name is V.Srither am working as a HR - Executive in textile industry.
there are in an around 450 employess working at present.
so many peoples take leave with out intimation.i discuss with my management.they said deduct their salary with in dec month. now i am going to inform to all. but i dont know how i draft that circular please any one help to me.
Thank you,
From India, Karur
Dear Srither,
You can try this circular.
:
Date:
Place:
To,
The Staff,
Head Office,
Delhi.
Sub : Leave Application
It has been observed that employees are availing leaves without prior intimation to their HOD/Hr and are regularising their absence after resuming duties. The act of yours is hampering the daily planned assignments of individual in particular and department in general. It is therefore advised, to all the employees who intend to avail leaves take approval from your HOD atleast 2 days in advance through leave application format to avoid further ramifications.
In unavoidable situations, make sure that it is intimated to your HOD/Hr through proper channel.
Please note that any unauthorised absence will be viewed seriously.
Regards,
Hr Deptt.
From India, Noida
You can try this circular.
:
Date:
Place:
To,
The Staff,
Head Office,
Delhi.
Sub : Leave Application
It has been observed that employees are availing leaves without prior intimation to their HOD/Hr and are regularising their absence after resuming duties. The act of yours is hampering the daily planned assignments of individual in particular and department in general. It is therefore advised, to all the employees who intend to avail leaves take approval from your HOD atleast 2 days in advance through leave application format to avoid further ramifications.
In unavoidable situations, make sure that it is intimated to your HOD/Hr through proper channel.
Please note that any unauthorised absence will be viewed seriously.
Regards,
Hr Deptt.
From India, Noida
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Calcu. pf Emp.eps.epf sample sheet for HR site..xls
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