As most of us are having problem understanding pf so thought of just writing down pf queries at one place.
Q: What is PF?
Provident Fund.
Q: What is EPF?
Employee Provident Fund. Similar to PF, EPF is for private companies and PF for government employees.
Q: How much is deducted from your salary?
An amount of 12% of your basic salary is deducted as Employee contribution (EE) and an equal amount is paid by your company (Employer - ER). Some companies deduct a minimum of 780/month.
Q: How to check your PF balance?
Your SMS will be EPF Balance in A/C No. BG/BNG/24476//1010 is EE Amt: Rs 98248 ER Amt: Rs 70344 as on 03-12-11 (Accounts updated upto 31-03-2009) - EPFO
EE amount is paid by you. ER is paid by your company. The difference amount has been moved to Pension fund
Q: What is pension fund?
As per rules a part of your ER PF goes to pension fund.
"a part of contribution representing 8.33% of the employees’ pay shall be remitted by the employer to the Employees’ Pension Fund. See www.epfindia.com for more details.
http://www.epfindia.com/intworkersnew/hand_book.pdf
Q: How to convert your old PF number to new PF number?
Use the link provided there to get your new PF number. http://epfindia.com/estt.asp
Easiest way is select the state and type part of your company name. (eg. Intel)
Q: When do we get the money?
When you retire!!
Q: When can I withdraw the PF amount?
Generally people withdraw when leaving the company.
Q: What forms to be filled for withdrawal?
We need to submit 3 forms
1. Form 19 - For claiming PF
2. Form 10C (EPS) - For claiming Pension Fund
3. ECS Mandate form - For direct deposit to your bank account
Q: Where to submit the withdrawal form?
It has to be submitted in the last company
Q: What happens when I move to a different company?
You can apply for PF transfer form. Fill a form with your existing PF details and submit in the new company. They will forward it to your old company and do something.
If you don't submit, a new PF account will be created.
Q: What is PF?
Provident Fund.
Q: What is EPF?
Employee Provident Fund. Similar to PF, EPF is for private companies and PF for government employees.
Q: How much is deducted from your salary?
An amount of 12% of your basic salary is deducted as Employee contribution (EE) and an equal amount is paid by your company (Employer - ER). Some companies deduct a minimum of 780/month.
Q: How to check your PF balance?
- First get your PF account number. It will be in salary slips or PF accounts from your employer. It will look like PY/BOM/34444//001.
- Go to www.epfindia.com sitehttp://epfoservices.in/epfo/member_balance/member_balance_office_select.php
- Enter the details. Your name should exactly match with the records!!
- Your will get an SMS (in 5-10 minutes) to your phone
Your SMS will be EPF Balance in A/C No. BG/BNG/24476//1010 is EE Amt: Rs 98248 ER Amt: Rs 70344 as on 03-12-11 (Accounts updated upto 31-03-2009) - EPFO
EE amount is paid by you. ER is paid by your company. The difference amount has been moved to Pension fund
Q: What is pension fund?
As per rules a part of your ER PF goes to pension fund.
"a part of contribution representing 8.33% of the employees’ pay shall be remitted by the employer to the Employees’ Pension Fund. See www.epfindia.com for more details.
http://www.epfindia.com/intworkersnew/hand_book.pdf
Q: How to convert your old PF number to new PF number?
Use the link provided there to get your new PF number. http://epfindia.com/estt.asp
Easiest way is select the state and type part of your company name. (eg. Intel)
Q: When do we get the money?
When you retire!!
Q: When can I withdraw the PF amount?
Generally people withdraw when leaving the company.
Q: What forms to be filled for withdrawal?
We need to submit 3 forms
1. Form 19 - For claiming PF
2. Form 10C (EPS) - For claiming Pension Fund
3. ECS Mandate form - For direct deposit to your bank account
Q: Where to submit the withdrawal form?
It has to be submitted in the last company
Q: What happens when I move to a different company?
You can apply for PF transfer form. Fill a form with your existing PF details and submit in the new company. They will forward it to your old company and do something.
If you don't submit, a new PF account will be created.
Q: Is the PF amount taxable?
I am yet to find out.
An useful link: http://www.rediff.com/getahead/2008/feb/28trans.htm
Q: Can I take loan from PF?
Yes. There is a possibility. Some websites say the loan interest is 12%. So a partial withdrawal is better in case of long-term loans. Please re-search more before taking important decisions.
Q: How much interest I get on PF?
It is between 8 - 10% as decided by Government of India
Useful Links:
I am yet to find out.
An useful link: http://www.rediff.com/getahead/2008/feb/28trans.htm
Q: Can I take loan from PF?
Yes. There is a possibility. Some websites say the loan interest is 12%. So a partial withdrawal is better in case of long-term loans. Please re-search more before taking important decisions.
Q: How much interest I get on PF?
It is between 8 - 10% as decided by Government of India
Useful Links:
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