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PF KNOWELDGE IN BRIEF
Human Resources » Recruitment & Staffing


Chrm Message From: abhi16march Total Posts: 27 Join Date: 23/09/2008
Rank: Executive Post Date: 25/09/2008 01:04:35 Points: 135 Location: India

Dear All Hr proffesionals,

Pls find herewith sme knoweldge abt Pf..hope it ll help u......

Thanks Abhishek

Provident Fund :

Note :PF always calculated on BASIC + DA
Total PF contribution : 25.61%

Employers Contribution :12% (3.67% PF +8.33%Pension) +1.61%Administrative charges (1.10% Adm charges +.50 % EDLIF Charges) =13.61%

Note: Pension value 8.33% is always constant whther PF value can be variable depending on the Basic & DA
Pls study following cases:

Case :1 if Basic + Da = 6500 then then contri wil be like ths Pension 8.33% ( 541) and PF value wil be (239)


Case II 1 if Basic + Da > 6500 then then contri wil be like ths Pension 8.33 %( constant value 541) and PF will be : exess amount - 541 as exp IF Basic + DA is 12000/- then it wil be like ths Pension will be 541/- and PF will be 899/-
( cal.: 12000*12% -541 = 899/-)

Case III : if Basic + Da < 6500 then then contri wil be like ths Pension 8.33% and PF 3.67% of basic +DA
Exp : if basic is 5500/- then Pension wil be 5500*8.33% =458 and PF will be 5500*3.67% = 202/-

Employess Contribution:12% goes to PF amount only.


Some other useful info regarding PF:
Form No. Purpose

13 (revised) For transferring the Provident Fund account of a member from one establishment another establishment covered under the act / scheme


19 To be submitted by a member to withdraw his Provident Fund dues on leaving service/retirement/termination.
10-C For claiming - Refund of Employer share.( with form no.19)
10-D To be submitted by the first claimant i.e.- member or - widow/widower or- orphan nominee as the case may be
31 For the use of Provident Fund members to avail advances / withdrawals as provided in the scheme
Rate of Interest:8.5%

Chrm Message From: pankajmehramhow Total Posts: 1 Join Date: 23/09/2008  
Rank: Beginner Post Date: 07/03/2011 22:17:50 Points: 5 Location: India
EMployee 1.75 % Employer 4.75 %
Chrm Message From: lopa23183 Total Posts: 1 Join Date: 23/09/2008  
Rank: Beginner Post Date: 08/03/2011 03:46:19 Points: 5 Location: India

a recent Article was published in Indian Express on PF:
Tue, Nov 2 06:29 AM


Soon, transferring provident fund money from one employer to another could be as easy as switching jobs itself. The country's largest retirement fund manager, the Employees' Provident Fund Organisation, is set to start electronic transfers of PF accounts, which will drastically cut the time and paperwork currently required.

The new software — expected to be rolled out by December-end or early January — will allow regional PF offices to communicate electronically to transfer details of employees' accounts and funds.


The Central Board of Trustees of the EPFO has decided to stop paying interest on inoperative accounts from April 2011. The EPFO expects about half of these accounts to be closed as a consequence, with subscribers either withdrawing their PF money or transferring it to new accounts.

Chrm Message From: irwar@lloyds.in Total Posts: 5 Join Date: 23/09/2008  
Rank: Beginner Post Date: 09/03/2011 22:27:45 Points: 25 Location: India

Whatever stated is applicable to Un-exempted establishment. For Exempted establishment, the administrative charges are not applicable and instead of that Inspection charges are payable.

 
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