FAQ Regarding Employees Provident Fund Organisation.There are many questions and queries in the minds of peoples regarding the schemes of EPF. Here on this page we have tried to put the answers of some of the frequently asked questions.
Employees Provident Fund Balance FAQs
-How are the schemes of EPF beneficial to the employees ?
It is one of the best schemes for the savings for future of employees.Along with some best schemes it has one more benefit that it is tax free.So its one of the important benefits is that it is tax free saving for employees.If you are contributing in the PF schemes continuously then it will be very beneficial for you at the time of retirement.You will get this money as your pension scheme which will be beneficial to you at the time when you will not be doing any job.
Pf guarantees the following schemes:-
-Accumulation + Retirement,Resignation,Death-Interest
-Specific Expenses – Construction of houses,higher educations,marriage etc
-Is it compulsory to be contributed in the PF by every employee ?
All the employees who have the basic salary above Rs 6500/- are necessary to be contributed by every employee in the PF.
-Will it be beneficial for the employee who draws above Rs 15000/- to contribute in PF ?
Yes it is proved to be beneficial for the employees because it is a tax free saving for the employees.
-How much percentage of income is to be contributed in the PF or Pension scheme by the employee ?
The 12 % amount of employees basic salary is contributed in the account of PF,out of which 3.67 % is contributed to PF and 8.33 % is deposited to the pension scheme for employee
-To become a member of PF,which form is to be filled ?
To become a member of PF you will have to fill the nomination form no. 2 which is available in the HR Department
-If I have to transfer the money of PF account ,which form I will have to fill ?
If you have to transfer the money of your account you will have to fill the form no. 13
-What is the provision in the scheme in the case of any nominations ?
The employee have to fill any nomination to receive the money of his /her account in the case of his death.If he has any family he will have to fill the name of the nominee ,they may be one or more .
-If an candidate is contributing to pension scheme in PF account ,when will be he able to receive the money ?
The candidate will have to complete the membership period of 10 years to be able to take benefit of pension scheme
-Is this scheme of PF ,universally same in all countries ?
The scheme of the provident fund as stated in our country is not as same as to others. Because this scheme changes according to the conditions
-How is it stated that whether the employee have worked for 10 years or not ?
Here we are talking about the continuous period of 10 years ,it means that the candidate must not have withdrawn the money from pension scheme in between 10 years and he should have contributed for continuous 10 ears whether he have worked with any firm or any company
-After what time the candidate is eligible to get his pension,he has contributed for ?
If a candidate have contributed in the PF scheme he will be able to get the benefit of this scheme on reaching the age of 58 years
– If an employee resigns before the completion of 10 years ,what will happen to his contribution ?
If an employee has contributed in the scheme and doesn’t complete his 10 years then he can withdraw his money by filling the form 19 & 10 c which is available in the HR Department firm
-Can any candidate get his contribution amount before the deadline ?
In many cases such as medical emergencies a candidate can withdraw his money before the deadline,but it is not for all cases.
-Is any interest paid to the contribution in the PF ?
Yes the compound interest is paid on the amount as prescribed by the government
-What is the financial year of PF ?
The financial period of PF starts from February and ends in March
– Is there any age fixed for the emergency withdrawal ?
In many countries the age is fixed to the 45 in case the candidate have an any emergency.But it is not any fixed age in our country
– In this scheme can we get money of scheme through postal scheme ?
Previously there was a such provision to get the money through postal code ,but now there are many type of documents to be submitted at the time of withdrawal ,so this time it is not possible to withdraw money through postal code.
– Can any employee the accumulations of his account ,if yes then then how ?
Yes the candidate can get the information of accumulations in the account.The organization send the statement every year to the employee.
-Is this scheme also applicable in the case any factory has shutdown and few employees are working
to look after the factory ?
No in this case when the factory had been shut down and some few employees are working in it ,then this scheme is not applicable to these employees
-Is any candidate who is on training ,under fall the scheme ?
Yes the candidate who is on training will be fallen under this scheme as per the trainees act.
-Is it possible to present any appeal in front of Provident Commissioner ?
Yes the appeal can be presented in front of commissioner through a body called appellate tribunal
-If the employees are working through or placed by contractor will they able to take benefit of this scheme ?
The employees placed through the contractors are defined in category of employees under the act,so they will be able to take benefit of this scheme .
-How much interest will be payed on the accumulations of PF ?
Compound interest is paid to the employees as prescribed by the Central Government ,on the basis of the credit in the account of employee