Provident Fund - A Complete FAQ - LAW | Labour & Industrial [2]

Provident Fund - A Complete FAQ

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Anbuselvam (CMA Final Pursuing) (240 Points)
Replied 03 January 2013

Very informative. But to my knowledge even an employee who newly joins in a company with the basic pay of above Rs 6500/-, companies are compulsorily deducting PF. No option for an employee to decide whether he can be member or non-member for PF.

My Basic is above Rs 6500/- (I worked with various MNC companies) but none of the employer has given me a option to avail PF or not.

CA Dimple Thacker (It's Never Too Late) (506 Points)
Replied 03 January 2013

Originally posted by : Dhanya Sreedhar
	Very informative & Good descriptttion on PF .....Thanx for sharing...

1 Like

@VaibhavJ (Believe!! Live your dreams!) (33511 Points)
Replied 03 January 2013

Originally posted by : Anbuselvam
	Very informative. But to my knowledge even an employee who newly joins in a company with the basic pay of above Rs 6500/-, companies are compulsorily deducting PF. No option for an employee to decide whether he can be member or non-member for PF. My Basic is above Rs 6500/- (I worked with various MNC companies) but none of the employer has given me a option to avail PF or not.

Hey thanks for a feedback.. However now u know the law & you can opt out while joining new co.

Howevercomany may not grant such option in favour of employee!!

1 Like

CA Madhvi (...Blissful...) (1658 Points)
Replied 03 January 2013

Mast Lakhyu che!!!

I hve one q..if employee could not serve for continues ten years he would get only PF accumaltions and not Pension fund amount???

Thanks for sharing!!

1 Like

Anbuselvam (CMA Final Pursuing) (240 Points)
Replied 03 January 2013

Originally posted by : CA Madhvi

Mast Lakhyu che!!!

I hve one q..if employee could not serve for continues ten years he would get only PF accumaltions and not Pension fund amount???

Thanks for sharing!!

Hi Madhvi,

No, even an employee who worked for a year, he can get full PF amount which he & employer paid for that period. His share employer share+Interest. For this he has to fill and submit one more form to PF so that Pension fund amount also will be paid to the employee

CA Madhvi (...Blissful...) (1658 Points)
Replied 03 January 2013

Originally posted by : Anbuselvam

Originally posted by : CA Madhvi

Mast Lakhyu che!!!

I hve one q..if employee could not serve for continues ten years he would get only PF accumaltions and not Pension fund amount???

Thanks for sharing!!

Hi Madhvi,

No, even an employee who worked for a year, he can get full PF amount which he & employer paid for that period. His share employer share+Interest. For this he has to fill and submit one more form to PF so that Pension fund amount also will be paid to the employee

Ok..Thanks!!!

@VaibhavJ (Believe!! Live your dreams!) (33511 Points)
Replied 03 January 2013

Originally posted by : CA Madhvi
	Mast Lakhyu che!!! I hve one q..if employee could not serve for continues ten years he would get only PF accumaltions and not Pension fund amount??? Thanks for sharing!!

ThanQ.. When you complete 10yrs of services & you leave ur job, you will get pension after completion of 58 yrs of Age. And if you resign before completion of 10 yrs, you will get accumulated pension amount.

1 Like

CA Madhvi (...Blissful...) (1658 Points)
Replied 03 January 2013

have one suggestion..Wrtie on ESI Scheme...if u have source..

Tony John (Chartered Accountant) (6085 Points)
Replied 03 January 2013

Gr8 post

1 Like

priyankadimri (student) (724 Points)
Replied 03 January 2013

Originally posted by : TusharSampatM.Com CA,CS-FINAL
	BOOKMARKED!!!

ANAND S (student) (162 Points)
Replied 03 January 2013

But vaibav g to my knowledge pf contribution is compulsary for all employees and employees may have and option for contributing vol. cont. to make pf on above 6500 or they may not give vol cont. but even salary received above 6500 it should pf paid minimum for 6500

manoj (student) (5205 Points)
Replied 03 January 2013

good and informative

@VaibhavJ (Believe!! Live your dreams!) (33511 Points)
Replied 03 January 2013

Originally posted by : ANAND S
	But vaibav g to my knowledge pf contribution is compulsary for all employees and employees may have and option for contributing vol. cont. to make pf on above 6500 or they may not give vol cont. but even salary received above 6500 it should pf paid minimum for 6500

Above 6500 emplyer are not compulsorily required to contribute, however he may contribute upto 6500 for employee benefit ..

Thanks!!

@VaibhavJ (Believe!! Live your dreams!) (33511 Points)
Replied 03 January 2013

Originally posted by : CA Madhvi
	have one suggestion..Wrtie on ESI Scheme...if u have source..

yep sure... next will be urs in dis week..

One more on PF is ther.. PF on J&K..

Rules are different that i will post tomorrow...

Chintan (C.A) (133 Points)
Replied 03 January 2013

Originally posted by : @ VaibhavJ
	Originally posted by : ANAND S But vaibav g to my knowledge pf contribution is compulsary for all employees and employees may have and option for contributing vol. cont. to make pf on above 6500 or they may not give vol cont. but even salary received above 6500 it should pf paid minimum for 6500 Above 6500 emplyer are not compulsorily required to contribute, however he may contribute upto 6500 for employee benefit .. Thanks!!