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PF (Employee Provident Fund) Information

Discussion in 'Money Matters' started by leelal, Mar 24, 2013.

  1. leelal

    leelal Bronze IL'ite

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    Dear Friends,

    As most of us would have worked/working in Pvt and govt firms, would like to share the information.. Do we really know every thing about PF?

    From our salary, 8% of the amount would be contributed to PF and equal amount would be contributed by the employer and this amount will be credited with PF Dept. This amount will be issued as PF and a portion of it will go towards Pension Fund. So after retirement, we can draw pensions regularly and the Provident Fund can be withdrawn on retirement.

    Have you though abt the following?

    1. What happens to my PF if I change my job to another company?
    2. What happens to my PF if I leave my Job after few years?
    3. Can I withdraw my PF while working?
    4. How many years of career break can I have so that the PF account is active?
    5. What should I do to close my PF?
    6. If I take up a Overseas job, what will happen to my PF collected here?
    7. If I am on company L1 visa to US for 5 yrs or so, should I close my PF?
    8. Can I take a Loan on the accumulated PF amount?
    9. What happens to the PF accounts If the person doesn't make a claim?
    10. What documents are required to open/close a PF account?

    Those who have experienced with Provident fund depts, pls do share your queries.

    Best Regards,
     
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  2. lgirish

    lgirish Platinum IL'ite

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    Let me give you the answers I know about PF. If you are working in a private firm 12% of your basic+emoluments as employees share and the employer contributes the same. Out of it 3.67 % goes as employer share of epf and 8.33 % is for pension fund.

    1. If you change your job you can get the accumulations transferred to the new account whether the co is covered/uncovered under pf by submitting a form through the new employer.

    2. If you leave your job after a few years and if you are unemployed for 2 months or so you can get the account settled by submitting forms thro` ex-employer.

    3. You cannot withdraw your pf while working under normal conditions.

    4. Pf account is active for upto 3 years after the date of leaving service. It becomes inoperative after that and does not yield interest thereafter.

    5. If you are unemployed for 2 mths/more you can get the accumulations settled by submitting form19 and form 10c which is downloadable from EPFO website.

    6. and 7. If you take up an overseas job in certain countries you become an international employee. There are guidelines in PF dept.

    8 There are specific purposes for which you can take non repayable advances for which you should have rendered 7 yrs/5 years service depending on the rules.

    9 If a person does not make a claim even after 3 years of leaving service the account becomes unclaimed deposit. It does not yield interest anymore and remains same. For claiming such an amount you have to produce certain documents to prove your identity.

    10 You have to submit forms for closure through your ex-employer for closure of Pf account. Mandatory enclosure is Copy of bank pass book/cancelled cheque leaf. No document is required to open epf account. On joining an estt you automatically become a pf member. A Nomination form is to be submitted through the employer.

    I hope I am clear.
     
    anika987, Deepu04 and savraman like this.
  3. lgirish

    lgirish Platinum IL'ite

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    Any other queries about PF?
     
  4. lgirish

    lgirish Platinum IL'ite

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    Thanks for the likes savraman. I believe leelal got answers for all her queries!
     
  5. banujaga

    banujaga Gold IL'ite

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    Hi,

    I have the following query with regard to PF of my husband. Would be really helpful if someone could answer these queries:

    1. My hubby worked in a company for almost 20 years, say ABC. The head office is in Calcutta. He did not work here for 20 years continuously, there was a break of around 3.5 years. During this time, he worked in a different company, XYZ
    a. He has not claimed any PF in the first company nor transferred to the new company
    b. He has a different PF a/c in the second company
    2. After working for almost a year in the first company, he resigned and joined another company, INDUS
    a. He did the same thing here too – same as point a & b above
    b. He is not working any more now and it is more than a year.
    3. Now my questions are:
    a. How can he claim his PF? Should he apply separately in all the 3 companies, considering the fact that ABC is based in Calcutta and the other two are in Bangalore
    b. What will happen to his pension a/c? How can we consolidate that?
    c. Whom do we contact, if any, to consolidate all the 3 and make this as one account?

    Awaiting your replies and thank you all in advance.

    Banu
     
  6. lgirish

    lgirish Platinum IL'ite

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    A PF subscriber/member can get his PF settled(if unemployed for 2 months or so) or transferred to the new PF account irrespective of the place where the new company is situated. If he opts for settlement he can withdraw the EPF amount and get scheme certificate(compulsory for those who have rendered more than 10 yrs service). On completion of 50 yrs of age he can get reduced pension (quantum reduced for every year short of 58 yrs) . Or else he can combine all his scheme certificates and get full pension at 58 years.

    If he gets all his accounts transferred to the new one his PF contribution and also the pensionable service.

    Do raise your queries if you need to know anything else in detail.
     
  7. banujaga

    banujaga Gold IL'ite

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    Hi,

    Thanks for your explanation. My query is:

    1. Now that he has separate accounts in 3 different companies, how can he get a consolidated pension scheme certificate? Is it possible? Is there any specific form?
    2. I stay in Bangalore - where or whom should he approach to file the application or submit the forms?

    Banu

     
  8. lgirish

    lgirish Platinum IL'ite

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    He can get three different scheme certificates and get the total service combined to be eligible for pension. There are two forms for settlement of a/cs Form 19 for EPF settlement and Form 10c for EPS(scheme certificate/withdrawal benefits) These forms should be attested by the employer.After receiving all the scheme certificates he can enclose all original certificates and enclose with Form 10D in the last code number where he was employed. Form 13 is for transfer of accounts which should be forwarded through the authorised signatory of the present establishment to the PF office where the present account (i.e. where you wish to transfer the account) is maintained. They verify the details and forward to the region where the old account was maintained to get the a/c transferred. For e.g if your present account is like BG/BNG/estt code no./individual a/c no Form 13 should be submitted to Bangalore regional office. All the forms are available free of cost in PF offices and also are downloadable from their website.
     
  9. banujaga

    banujaga Gold IL'ite

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    Thanks a lot for your clarification
     
  10. lgirish

    lgirish Platinum IL'ite

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    I hope my explanation is okay. If anyone else has any other doubts pl feel free to raise queries. I shall try my best to answer them.
     

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