What is the PF Interest Rate for 2015-2016Sponsored Links
The Indian Government Announced as PF interest rate hiked to 8.8% for 2015-2016 from existing 8.75% .
Can member change his/her nomination?
Yes any member can change their nominees. A member who wants to change his/her nomination should do so by refilling and submitting Form no. 2 through the employer.
Can Member Change / Edit His or Her Name in EPF Account
Yes Some times our name entered in correctly, stored in database. In that case we can do it by submitting below Documents.
Document List Below:
– PAN Card
– Voter ID Card
– Driving License
– Aadhar Cardhool or Educati
– EPSIC Card
– Ration Card
– Bank Passbook
– Any School / Education certificate Given by Govt Authority
– Copy of electricity/watel bill.
- Employee has left service with 8 years of service. He has not taken refund of contribution. He has not reached age 58. If he dies during deferment what benefit will his widow receive?
His widow will receive a widow pension as under the criteria outlined in Erstwhile Pension Scheme. However, the widow will not be eligible for retirement pension
- How many years service is required to be eligible to receive member pension?
All members who have contributed to the fund for 10 years and above are eligible for full pension provided they attain age 58. A member who has reached age 50 can also get pension, but 3 percent will be deducted for each payout, for every year that the person is remaining with before they reach age 58.
- If I resigned from the present company & joined in a new company, in this case how my service will calculated?
The number of years you spent under the scheme in your previous firm will be carried forward and combined with the number of years under the scheme at your current work place. When leaving your current job, you must apply for a scheme certificate and present this to your new employer.
- In case of employee’s death in service, what benefit will be available to his family?
The scheme will compensate the widow one of the following categories benefits, depending on the category with highest amount:
- The pension that the deceased would have received had he resigned at the time of death
- The widow pension as outlined in Erstwhile Pension Scheme
- 450 rupees every month
If the couple had children, the wife will receive either additional 25 percent of her widow pension, or additional 150 Rs, whichever is higher, on top of the compensation she is already receiving, for a maximum of two children.
- Is it Compulsory for the all the employees to contribute to the Provident Fund?
No. Effective as from January 9 2014, only those earned or are still earning a basic salary/wage of Rs. 15,000 and below during the time that Providence Fund Act is in place must contribute. Previously, the law bound only employees who started earning Rs. 6500 in their current jobs during the time of its application. People who earn Rs.15001 and above are free to choose whether or not to make contributions.
- Suppose a member has not nominated anyone?
It is compulsory to nominate someone otherwise Form no. 2 will be regarded as incomplete and therefore will not be accepted. If you have family members (wife and children), you cannot nominate anyone else apart from them. On the other hand if you have no family, you can choose anyone else. In case you issues arise with your nominated persons in that all of them die (very rare) before they are compensated, a close family member will be chosen following a standard procedure. If your parents are alive, they will receive the first preference.
- What does it mean by continuous service of ten years ?
A continuous service period is the total number of years the contributor has spent under employment and thus has been making contributions. It does not take into account the period in which a person is not working.
For instance, if you worked at company A for 5 years and spent X period without work until you found work at Company B, only the previous 5 year period plus the time you have spent working in Company B together form your continuous service period. Therefore, if you have spent a total of ten years in Company A and B, you have a continuous service of ten years.
- What happens to the provident fund & Employee Pension fund if an employee who wants to resign from the service before completion of ten years of continuous service?
The Person can either decide to take their withdrawal benefit thereby terminating their agreement with the scheme, or apply for a scheme certificate which will enable them to continue their contribution under a new employer. Persons who take their withdrawal benefits before ten years of continuous service cannot qualify for pension when they reach the pensionable age.
- What should I do when I change my job? And what should be done when I quit my job without joining elsewhere?
When you change jobs, you must get a current scheme certificate and submit it to the new employer. The certificate is issued after you have filled in paperwork and provided documents that are outlined in the instructions for application.
If you quit job without intent of joining elsewhere, and you have already attained 10 years continuous service, you can opt to get your withdrawal benefits, or wait till you attain age 50 to apply for pension.Sponsored Links
If you quit job without intent of joining elsewhere, and you have not attained 10 years of continuous service, you can either take your withdrawal benefit or take a scheme certificate. The latter is applicable if you might change your mind so that you can work in future and attain the ten years continuous service in order to qualify for pension at the relevant age. Also, the latter choice qualifies your widower to get pension if you die even without completing the 10 year requirement.
- When can I withdraw my EPF money?
As long as you are you stop working under your current employer, you can withdraw your funds provided they meet the minimum threshold. This also means that you are ending your agreement with EPF, and if you would like to continue with the scheme in future, you will have to register as a fresh member. However, you do not have to withdraw funds when quitting a job; you can take a scheme certificate and continue with the same contract under your next employer.