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Understand your
“Employee
Provident Fund”:
  • EPF,
  • EPS,
  • EDLIS
• Employee Provident Fund(EPF),

• Employee Pension Scheme(EPS),

• Employees Deposit Linked
  Insurance Scheme (EDLIS)
What is Employee Provident Fund?
• A provident fund is created with a purpose
  of providing financial security and stability to
  elderly people.

• It’s purpose is to help employees save a
  fraction of their salary every month, to be
  used in an event that the employee is
  temporarily or no longer fit to work or at
  retirement.
• Employees Provident Fund Organisation (EPFO) is
  one of the largest social security organizations in
  the world in terms of members and volume of
  financial transactions undertaken.

• EPFO is a statutory body of the Indian
  Government under Labor and Employment
  Ministry.
The Constitution of India under
“Directive Principles of State Policy”
provides that :
  the State shall within the limits of its
  economic capacity make effective
  provision for securing the right to
  work, to education and to public
  assistance in cases of unemployment,
  old-age, sickness & disablement and
  undeserved want.
The Employees’ Provident Funds & Miscellaneous
Provisions Act, 1952 was came into force w.e.f. 4th
March,1952. Presently, the following three schemes
are in operation under the Acts:

1. Employees’ Provident Fund Scheme, (EPS)1952

2. Employees’ Deposit Linked Insurance
   Scheme,(EDILS) 1976

3. Employees’ Pension Scheme, 1995 (replacing the
   Employees’ Family Pension Scheme, 1971 (EPS)
Pension Schemes of EPFO
Family Pension Scheme 1971 (FPS-71).

    If member is alive, no pension
    If member is not alive , pension to spouse only
    Pension amount was also very small as the contribution
     collected to the scheme is only 3.34% (1.67%x2) of the Wages
    This scheme ceased when the EPS-95 came into existence

Employees Pension Scheme 1995 (EPS-95).

    If member is alive, pension to member
    If member is not alive, Pension to to spouse and two children
     below 25 years of age
    This scheme is applicable to all members who joined EPF after
     15.11.1995
Employees’ Pension Scheme (EPS) of 1995 offers pension on disablement,
widow pension, and pension for nominees.
It is financed by diverting 8.33 percent of employer’s monthly contribution
from the EPF(restricted to 8.33% of 6500 or Rs. 541) and government’s
contribution of 1.17 percent of the worker’s monthly wages.

The purpose of the scheme is to provide for

1) Superannuation Pension: Member who has rendered eligible service of 20
years and retires on attaining the age of 58 years.

2) Retiring Pension: member who has rendered eligible service of 20 years and
retires or otherwise ceases to be in employment before attaining the age of 58
years.
3) Permanent Total Disablement Pension

4) Short service Pension: Member has to render eligible service of 10
years and more but less than 20 years.
Employees Deposit Linked Insurance Scheme (EDLIS)

• Under the EDLI scheme life insurance cover is provided to the PF
  members.

• The cost of the scheme is borne by the employer but amount of
  life coverage under this statutory scheme is very low (a maximum
  amount of Rs. 60,000)

• Usually employers opt out of the EDLI scheme by going for group
  insurance scheme which usually provides higher coverage to
  employees without any increase in cost to the employer.

• EPF, EPS and EDLIS are calculated on Basic Salary, Dearness
  allowances(DA), cash value of food concession and retaining
  allowances if any.
Table below gives the rates of contribution of EPF,
EPS, EDLI, Admin charges in India.

                                     Employee       Employer
Scheme Name
                                     contribution   contribution

Employee provident fund              12%            3.67%

Employees’ Pension scheme            0              8.33%

Employees Deposit linked insurance   0              0.5%

EPF Administrative charges           0              1.1%

EDLIS Administrative charges         0              0.01%
• Employees drawing basic salary upto Rs 6500/- have to
  compulsory contribute to the Provident fund and
  employees drawing above Rs 6501/- have an option to
  become member of the Provident Fund.
• It is beneficial for employees who draw salary above Rs
  6501/- to become member of Provident Fund as it is
  deducted from the salary before it is deposited on bank or
  given hence compulsorily saving happens.
• Employee’s contribution is matched by Employer’s
  contribution(till 12%) so extra money and it is helpful for
  tax purpose too.
• The employer contribution is exempt from tax and
  employee’s contribution is taxable but eligible for
  deduction under section 80C of Income tax Act.
Calculation of Employees Provident Fund Contributions


 Basic salary of Rs 3500 i.e. less than Rs 6500

Contribution Towards Calculation            Amount
EPF Employees share    3500 x 12%           420
EPS Employer share     3500 x 8.33%         292
EPF employer share     3500 x 3.67%         128
EDLI charges           3500 x 0.5%          18
EPF Admin charges      3500 x 1.1%          39
EDLI Admin charges     3500 x 0.01%         0.35 ( round up to Rs 1/-)
Calculation of Employees Provident Fund Contributions
Highest contribution method : Total deposited Rs. 1921.75 (Adopted by LWIN)

 Basic salary Rs. 7500 i.e. above Rs 6500                 Method-1
Contribution Towards Calculation                 Amount
EPF Employees share       7500 x 12%             900
EPS Employer share        6500 x 8.33%           541
EPF employer share        7500 x 12% (-) 541 359
EDLI charges              7500 x 0.5%            38
EPF Admin charges         7500 x 1.1%            83
EDLI Admin charges        7500 x 0.01%           0.75 ( Round up to Rs 1/-)
Calculation of Employees Provident Fund Contributions
  Total Deposited Amount : Rs. 1785.65 < Rs. 1921.75

 Basic salary Rs. 7500 i.e. above Rs 6500                Method-2
Contribution Towards Calculation                 Amount
EPF Employees share       7500 x 12%             900
EPS Employer share        6500 x 8.33%           541
EPF employer share        6500 x 3.67%           239
EDLI charges              6500 x 0.5%            33
EPF Admin charges         6500 x 1.1%            72
EDLI Admin charges        6500 x 0.01%           0.65 ( Round up to Rs 1/-)
Calculation of Employees Provident Fund Contributions
  Total Deposited Amount : Rs. 1665.65 < Rs. 1785.65 < Rs. 1921.75

 Basic salary Rs. 7500 i.e. above Rs 6500                  Method-3
Contribution Towards Calculation                  Amount
EPF Employees share       6500 x 12%              780
EPS Employer share        6500 x 8.33%            541
EPF employer share        6500 x 3.67%            239
EDLI charges              6500 x 0.5%             33
EPF Admin charges         6500 x 1.1%             72
EDLI Admin charges        6500 x 0.01%            0.65 ( Round up to Rs 1/-)
Interest on the PF accumulations


• Compound interest as declared by Central Govt. is
  paid on the amount standing to the credit of an
  employee as on 1st April every year.

• The EPF interest rate of India is decided by the
  central government with the consultation of
  Central Board of trustees.
THE EPF BENEFIT
How much you accumulate
How would I know the amount of accumulations in my PF account ?




• PF annual statement gives details about the PF accumulations.

• This statement is sent by the PF department on completion of
  the financial year.
How would I know the amount of accumulations in my PF account ?
Is it also possible to check the EPF Account balance online?


www.epfindia.com/MembBal.html

You will get SMS alert from EPFO :

EE amount : Rs XXXXX and ER amount Rs:XXXXX as
on <Today’s Date>(Account updated upto Date).

• EE = Employee Contribution and ER = Employer
  Contribution on date(shown in Account updated date)
  mentioned in your SMS.

• It does not show current balance of PF Account as on
  Today
Which form has to be filled while becoming
member of provident fund?



To become a member of the Employee
Provident Fund one has to fill

• Form 11 and
• Nomination Form (Form 2 Revised).
Can I voluntary contribute more than the statutory
limit to EPF?


• Additional amount (over and above 12%) to Provident Fund can
  be deposited by depositing VPF (Voluntary Provident Fund).

• However, employer is not bound to do a matching contribution.
  The employer is liable to pay contribution only on 6500 whatever
  is the basic salary.

• This is called voluntary contribution and a Joint Declaration Form
  needs to be filled up where the employer and the employee both
  have to give a declaration as to the rate at which PF would be
  deducted.
Pension Benefits
A employee can start receiving the pension under EPS only
after rendering a minimum service of 10 years and
attaining the age of 58/50 years.

After 50 Years and before 58 years early pension is payable
subject to discounting factor @ 4% for every year falling
short of 58 years

In case of death / disablement, the above restrictions
doesn’t apply.
Retirement Age as per PF Rules:

• In Employees Pension Fund Scheme, the age is 58 years. But for Provident
  Fund no age is fixed. That means, an employee who has attained the age
  of 58 ceases to be a member of Pension Scheme.

• At the same time, if an employee joins an organization after 58 years (as
  there is no retirement age in private sector unless otherwise provided in
  the Standing Orders) and if such an employee had not been a member of
  Employees Provident Fund earlier, then he will be covered and he has to
  contribute to PF.

• In such cases, the employer will contribute the entire 12% to his EPF
  account and not as 8.33% to Pension Fund and the remaining 3.67% to
  Provident Fund. In the similar way, if a member of provident fund who has
  withdrawn his PF accumulations on attaining the age of 58 and or who is
  in receipt of pension from the Employees Provident Fund Organisation,
  joins a company, he will be exempted from contribution.
Pension Benefit
Lifelong pension is available to the member and upon his death
members of the family are entitled for the pension.

The monthly retiring pension is decided on the basis of
‘Pensionable Service’ and ‘Pensionable Salary’ and is worked out
as follows

Monthly pension = ( Pensionable salary*Pensionable
service)/70
• Pensionable Salary is the average contributing salary
  immediately preceding 12 months from the date of exit from
  the scheme, normally this would be limited to Rs 6,500 p.m.

• Pensionable Service cannot exceed 35 years
The amount of pension is meager.

If one would have invested Rs 541 in a
recurring deposit at the rate of 8% for 35
years one would get 12,49,263 as maturity
amount.

If this maturity amount is put in buying the
Pension plan and put the above amount Rs
12,49,263 with option as Annuity payable for
life, one would get montly pension of Rs
10,150 which is much more than Rs 3,250.
Less Known EPF Rules



1: You can also nominate someone for your EPF

  • One very strange rule as per the Act is that
    you can’t nominate your brother for EPF.
Less Known EPF Rules
      2 : No interest is given on EPS (pension part)
Less Known EPF Rules
    3: You might not get 100% of your EPF money
you always get 100% of your EPF
part, but for EPS there is separate rule
. There is something called Table
‘D’ , under which its mentioned how
much you get at the time of exit from
your job, there is a slab for each
completed year and you get n times of
your last drawn salary (depending on
the completed year of service) subject
to maximum to Rs 6,500 per month.
So if your salary in this case was Rs
30,000 per month, still you will be
given only 6,500 * 6.40 = Rs 41,600.
Less Known EPF Rules
4: Withdrawing of EPF amount at job change is illegal


You can only withdraw your EPF money only if you
have no job at the time of withdrawing EPF and if 2
months have passed. Only transfer is allowed in case
you get a new job and you switch to it.

For your information you should know that if you got a
new job and took it and then you are applying for
withdrawal, its illegal as per law.
Less Known EPF Rules
5: One can opt out of EPF if he wants


If one’s basic salary per month is more than Rs 6,500,
he has an option to opt out of EPF and not be part of
it. In which case he will get all his salary in hand
(without anything deducted every month).

If a person has been part of EPF even once in his life,
then he cant opt out of it.
Less Known EPF Rules
6: Your EPF gives you some life insurance too
• Your organisation has to contribute 0.5% of your
  monthly basic pay, capped at Rs 6,500, as premium
  for your life cover under Employees’ Deposit Linked
  Insurance (EDLI) scheme.

• The bad part of this EDLI scheme is that the life cover
  under this option is very low and that’s maximum
  amount of Rs. 60,000.

• For employees in small scale industries and small
  cities, this amount of Rs 60,000 will still count
  something.
Less Known EPF Rules
 7: You can use EPF money can be withdrawn at special occasions

1. Marriage or education of self, children or siblings
- You should have completed a minimum of seven years
   of service.
- The maximum amount you can draw is 50% of your
   contribution
- You can avail of it three times in your working life.
- You will have to submit the wedding invite or a
   certified copy of the fee payable.
Less Known EPF Rules
7: You can use EPF money can be withdrawn at special occasions

2. Medical treatment for Self or family
(spouse, children, dependent parents)
- For major surgical operations or for
   TB, leprosy, paralysis, cancer, mental or heart
   ailments
- The maximum amount you can draw is 6 times your
   salary
- You must show proof of hospitalization for one
   month or more with leave certificate for that period
   from your employer.
Less Known EPF Rules
 7: You can use EPF money can be withdrawn at special occasions

3. Repay a housing loan for a house in the name of self,
spouse or owned jointly
- You should have completed at least 10 years of service.
- You are eligible to withdraw an amount that is up to 36
    times your wages.
4. Alterations/repairs to an existing home for house in
the name of self, spouse or jointly
- You need a minimum service of five years (10 years for
    repairs) after the house was built/bought.
- You can draw up to 12 times the wages, only once.
Less Known EPF Rules
7: You can use EPF money can be withdrawn at special occasions

5. Construction or purchase of house or flat/site or
plot for self or spouse or joint ownership
- You should have completed at least five years of
    service.
- The maximum amount you can avail of is 36 times
    your wages. To buy a site or plot, the amount is 24
    times your salary.
- Can be avail of it just once during the entire service.
Withdrawal or Transfer of Employee Provident Fund

• Legally it is mandatory to transfer EPF Account
  at the time of job change. But, people generally
  don’t do it; instead of transferring, they
  withdraw the amount.

• In case of EPS, if the service period is less than
  10 years, you’ve option to either withdraw your
  corpus or get it transferred by obtaining a
  ‘Scheme Certificate’. Once, the service period
  crosses 10 years, the withdrawal option ceases.
An EPF account holder can withdraw a
maximum of 90% of his EPF balance between
the later of the two—

(a) He has attained 54 years of age; or

(b) 1 year remaining for his actual
retirement.
In any of the above two cases, application has
to be submitted to the Provident Fund Office
in claim form number 19.
Tax implications, if I withdraw the EPF balance at the time of a
Job change?

In case you are a member of recognized provident fund
it depends on if contribution is over 5 years or not,
including transfers from different companies.

• An employee who has worked with X company for
  say 3 years, then he resigned from that organisation
  and joined Y company, wherein he worked for 2
  years, then resigned from there to
  join establishment for 2 years but during
  these 7 years of service he has not withdrawn but
  transferred his Employee provident fund, then we
  say continuous service of 7 years.
Tax implications, if I withdraw the EPF balance at the time of a Job change?

• If you withdraw before completing a period of 5
  years, then all your previous years income gets
  recomputed as if the fund was unrecognized from
  the very beginning (i.e., the tax benefits you received
  on your own contribution u/s 80C/88 in earlier years
  will get forfeited) and further the employer
  contribution and interest received will be added to
  your current income

• So the next time you think of withdrawing your PF,
  you must as an individual also assess whether the
  same is taxable or exempt.
Are Withdrawal of EPF and EPS related?
• EPS and EPF are not linked .

• You can withdraw the PF once you leave the organization after
  filling Form 19.

• In case of EPS, if the service period is less than 10 years, you’ve
  option to either withdraw your corpus or get it transferred by
  obtaining a ‘Scheme Certificate’.

• Once, the service period crosses 10 years, the withdrawal option
  ceases .

• For pension, withdarwal benefit, scheme certificate etc.
  application should be through ex-employer.
Transfer of EPF account
• When an employee joins a new company and he
  wishes to transfer his previous company provident
  fund amount, he should inform the HR department or
  Accounts department of the new company.

• The employer will issue Form 13, in which the
  member has to fill the details of the previous
  company like – name, address, provident fund
  account number and address of the provident fund
  office where the account was held.

• On Form 13, the signature of the previous employer
  is not required.
Transfer of EPF account
• Once he fills the required details and submits it to the
  current employer, the current employer will forward it
  to the provident fund office for the transferring
  process. The new regional PF office then gets in touch
  with your previous regional PF office to effect the
  transfer.

• The time taken for transferring the fund from one
  account to other account normally takes about 30-40
  days from date of submission.
What are Problems Faced in withdrawing /transferring EPF/EPS
and the remedies.
Some of the normal reasons for the problems are
quoted here below:

• Mismatch of Signature of the employer
• Mismatch of Signature of the member
• Mismatch of Provident Fund Account number of the member
• Incorrect bank account details furnished by the member
• Incorrect address given by member
• Mismatch of date of joining / resignation
• Communication from PF department while processing the request
  would not have reached the employer
• Failure of employer to remit the PF amount recovered from members
  to PF Account
• Member might have changed his / her official name and the same has
  not been informed to the provident fund office
• Change in Authorised Signatory of the employer when the application
  is in process
What if EPF is not transferred?

• The good news is that even if you don’t
  transfer your previous balance, your
  previous accounts are live and accessible.
  You can withdraw or transfer the balance
  to your current PF account

• However, remembering your employer and
  your EPF number may not be easy. So, keep
  all EPF slips.
“After a considerable waiting period,
EPFO (Employees’ Provident Fund
Organisation) will transfer funds to an
unclaimed deposit account. Your funds
will not earn interest during that period.

A better strategy is to remember to
transfer your account at the time of
changing jobs.”
RTI for EPF Withdrawal and Transfer issue

• One can file a RTI (Right to Information) if one
  is unclear about what your EPF status is or if
  one’s EPF transfer work has even started?
  Why did one’s EPF money still not credited
  in bank account etc etc…

• You can ask all these questions and you
  should be getting the 100% right and clear
  answers within 30 days. The only point here is
  that you should be doing it the RIGHT way.
Before filing the RTI , a good idea
would be to file a :

EPF grievance redressal form online

http://epfigms.gov.in/
File RTI in 3 easy steps
Step 1: Buying a Postal Order of Rs 10 from Post Office
• It should be in favor of Accounts Officer of the Concerned EPFO Office. Like if you
   are sending your EPF letter to Bangalore, the Rs. 10 postal order should be in
   favor of Accounts Officer, EPFO, Bangalore. The fees can also be paid by demand
   draft, but that would be expensive, better go for Postal order as it is commonly
   used for RTI.

Step 2: Drafting your RTI letter
• The first step is to draft RTI letter for your EPF related queries. All you need to do
   is write a letter on a normal paper (better take a very high quality A4 size paper).
   Though there is no specific format for RTI application letter, still there are some
   rules of drafting it.
• The letter subject should start as ”Application Form for Seeking Information
   under RTI Act 2005″
• The letter should be addressed to Central Public Information Officer, Employees’
   Provident Fund Organisation, (Provide Concerned PF office address). Refer to this
   EPFO directory for exact address of PF office for your jurisdiction.
File RTI in 3 easy steps
• Make sure you mention your Name, Address, Contact telephone number and
  your Email id along with EPF account number.
• Now, put all your queries which you want to ask regarding your EPF (putting them
  as bullet points is recommended)
• As a next thing, you should have a declaration - ”I do hereby declare that I am a
  citizen of India. I request you to ensure that the information is provided before
  the expiry of the 30 day period after you have received the application”
• Finally at the end of the letter, mention the proof of payment of fees as - Proof of
  payment of application fee: Attached Indian Postal Order for Rs. 10 /-
  dated dd/mm/yyyy favoring “Accounts Officer of EPFO” as application fee.
• And complete the letter by putting your Signature, Place and Date.
• Sign the letter and Put your Postal address
• Mention the payment details like Postal order number, issuing post office, date,
  cash receipt details, etc., towards the end of your application

• Following is a sample RTI letter.
File RTI in 3 easy steps
Step 3 : Send the RTI letter by Registered Post or Speed Post

• The final step is to send this RTI letter by Registered post only, as no courier is
  accepted. Please make sure you keep the acknowledgement receipt carefully for
  all the future communication (if any). It might be required by you.
• Once you complete the 3rd step, the RTI letter should reach the concerned
  authority in few days and then within 30 days you should be getting the reply
  within 30 days (as per RTI act).


When you file an RTI application, there are some important points
which you should remember depending on different state (viz.
applicable fee, length of application, content type etc.), because in
case you don’t take care of legal critical points, it would mean
rejection of your application and unnecessary work again.
• The employer should forward claim forms to PF authorities within
  5 days of its receipt (Ref clause 72 5(a) of EPF Act.)
• Usually companies adopt their own internal HR system that they
  compile all applications/forms of withdrawal and submit to
  concerned PF office twice a month on specific dates.
• The PF office should be in a position to settle the claim within 30
  days and credit the amount in bank a/c of the member in say 45
  days.
• Redressal of grievance is within 30 days.
• You may obtain signature & seal of Astt. Commissioner of Labour
  or Govt Labour Officer or Gazetted officer (in place of employer,
  signature of gazetted officer is required in case of a closed
  establishment), Manager of a bank, Member of the Central Board
  of Trustees./committee/Regional Committee (Employees’
  Provident Fund Organization), Magistrate/Post/Sub Post Master/
  President of Village Panchayat/Notary Public and submit the same
  to RPFC, with a letter as mentioned above.
CITIZEN’S CHARTER
Feedback Session.


   Thank You!

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Understand your EPF

  • 2. • Employee Provident Fund(EPF), • Employee Pension Scheme(EPS), • Employees Deposit Linked Insurance Scheme (EDLIS)
  • 3. What is Employee Provident Fund? • A provident fund is created with a purpose of providing financial security and stability to elderly people. • It’s purpose is to help employees save a fraction of their salary every month, to be used in an event that the employee is temporarily or no longer fit to work or at retirement.
  • 4. • Employees Provident Fund Organisation (EPFO) is one of the largest social security organizations in the world in terms of members and volume of financial transactions undertaken. • EPFO is a statutory body of the Indian Government under Labor and Employment Ministry.
  • 5. The Constitution of India under “Directive Principles of State Policy” provides that : the State shall within the limits of its economic capacity make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old-age, sickness & disablement and undeserved want.
  • 6. The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 was came into force w.e.f. 4th March,1952. Presently, the following three schemes are in operation under the Acts: 1. Employees’ Provident Fund Scheme, (EPS)1952 2. Employees’ Deposit Linked Insurance Scheme,(EDILS) 1976 3. Employees’ Pension Scheme, 1995 (replacing the Employees’ Family Pension Scheme, 1971 (EPS)
  • 7.
  • 8. Pension Schemes of EPFO Family Pension Scheme 1971 (FPS-71).  If member is alive, no pension  If member is not alive , pension to spouse only  Pension amount was also very small as the contribution collected to the scheme is only 3.34% (1.67%x2) of the Wages  This scheme ceased when the EPS-95 came into existence Employees Pension Scheme 1995 (EPS-95).  If member is alive, pension to member  If member is not alive, Pension to to spouse and two children below 25 years of age  This scheme is applicable to all members who joined EPF after 15.11.1995
  • 9. Employees’ Pension Scheme (EPS) of 1995 offers pension on disablement, widow pension, and pension for nominees. It is financed by diverting 8.33 percent of employer’s monthly contribution from the EPF(restricted to 8.33% of 6500 or Rs. 541) and government’s contribution of 1.17 percent of the worker’s monthly wages. The purpose of the scheme is to provide for 1) Superannuation Pension: Member who has rendered eligible service of 20 years and retires on attaining the age of 58 years. 2) Retiring Pension: member who has rendered eligible service of 20 years and retires or otherwise ceases to be in employment before attaining the age of 58 years. 3) Permanent Total Disablement Pension 4) Short service Pension: Member has to render eligible service of 10 years and more but less than 20 years.
  • 10. Employees Deposit Linked Insurance Scheme (EDLIS) • Under the EDLI scheme life insurance cover is provided to the PF members. • The cost of the scheme is borne by the employer but amount of life coverage under this statutory scheme is very low (a maximum amount of Rs. 60,000) • Usually employers opt out of the EDLI scheme by going for group insurance scheme which usually provides higher coverage to employees without any increase in cost to the employer. • EPF, EPS and EDLIS are calculated on Basic Salary, Dearness allowances(DA), cash value of food concession and retaining allowances if any.
  • 11. Table below gives the rates of contribution of EPF, EPS, EDLI, Admin charges in India. Employee Employer Scheme Name contribution contribution Employee provident fund 12% 3.67% Employees’ Pension scheme 0 8.33% Employees Deposit linked insurance 0 0.5% EPF Administrative charges 0 1.1% EDLIS Administrative charges 0 0.01%
  • 12. • Employees drawing basic salary upto Rs 6500/- have to compulsory contribute to the Provident fund and employees drawing above Rs 6501/- have an option to become member of the Provident Fund. • It is beneficial for employees who draw salary above Rs 6501/- to become member of Provident Fund as it is deducted from the salary before it is deposited on bank or given hence compulsorily saving happens. • Employee’s contribution is matched by Employer’s contribution(till 12%) so extra money and it is helpful for tax purpose too. • The employer contribution is exempt from tax and employee’s contribution is taxable but eligible for deduction under section 80C of Income tax Act.
  • 13. Calculation of Employees Provident Fund Contributions Basic salary of Rs 3500 i.e. less than Rs 6500 Contribution Towards Calculation Amount EPF Employees share 3500 x 12% 420 EPS Employer share 3500 x 8.33% 292 EPF employer share 3500 x 3.67% 128 EDLI charges 3500 x 0.5% 18 EPF Admin charges 3500 x 1.1% 39 EDLI Admin charges 3500 x 0.01% 0.35 ( round up to Rs 1/-)
  • 14. Calculation of Employees Provident Fund Contributions Highest contribution method : Total deposited Rs. 1921.75 (Adopted by LWIN) Basic salary Rs. 7500 i.e. above Rs 6500 Method-1 Contribution Towards Calculation Amount EPF Employees share 7500 x 12% 900 EPS Employer share 6500 x 8.33% 541 EPF employer share 7500 x 12% (-) 541 359 EDLI charges 7500 x 0.5% 38 EPF Admin charges 7500 x 1.1% 83 EDLI Admin charges 7500 x 0.01% 0.75 ( Round up to Rs 1/-)
  • 15. Calculation of Employees Provident Fund Contributions Total Deposited Amount : Rs. 1785.65 < Rs. 1921.75 Basic salary Rs. 7500 i.e. above Rs 6500 Method-2 Contribution Towards Calculation Amount EPF Employees share 7500 x 12% 900 EPS Employer share 6500 x 8.33% 541 EPF employer share 6500 x 3.67% 239 EDLI charges 6500 x 0.5% 33 EPF Admin charges 6500 x 1.1% 72 EDLI Admin charges 6500 x 0.01% 0.65 ( Round up to Rs 1/-)
  • 16. Calculation of Employees Provident Fund Contributions Total Deposited Amount : Rs. 1665.65 < Rs. 1785.65 < Rs. 1921.75 Basic salary Rs. 7500 i.e. above Rs 6500 Method-3 Contribution Towards Calculation Amount EPF Employees share 6500 x 12% 780 EPS Employer share 6500 x 8.33% 541 EPF employer share 6500 x 3.67% 239 EDLI charges 6500 x 0.5% 33 EPF Admin charges 6500 x 1.1% 72 EDLI Admin charges 6500 x 0.01% 0.65 ( Round up to Rs 1/-)
  • 17. Interest on the PF accumulations • Compound interest as declared by Central Govt. is paid on the amount standing to the credit of an employee as on 1st April every year. • The EPF interest rate of India is decided by the central government with the consultation of Central Board of trustees.
  • 18.
  • 19. THE EPF BENEFIT How much you accumulate
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  • 21. How would I know the amount of accumulations in my PF account ? • PF annual statement gives details about the PF accumulations. • This statement is sent by the PF department on completion of the financial year.
  • 22. How would I know the amount of accumulations in my PF account ?
  • 23. Is it also possible to check the EPF Account balance online? www.epfindia.com/MembBal.html You will get SMS alert from EPFO : EE amount : Rs XXXXX and ER amount Rs:XXXXX as on <Today’s Date>(Account updated upto Date). • EE = Employee Contribution and ER = Employer Contribution on date(shown in Account updated date) mentioned in your SMS. • It does not show current balance of PF Account as on Today
  • 24. Which form has to be filled while becoming member of provident fund? To become a member of the Employee Provident Fund one has to fill • Form 11 and • Nomination Form (Form 2 Revised).
  • 25. Can I voluntary contribute more than the statutory limit to EPF? • Additional amount (over and above 12%) to Provident Fund can be deposited by depositing VPF (Voluntary Provident Fund). • However, employer is not bound to do a matching contribution. The employer is liable to pay contribution only on 6500 whatever is the basic salary. • This is called voluntary contribution and a Joint Declaration Form needs to be filled up where the employer and the employee both have to give a declaration as to the rate at which PF would be deducted.
  • 26. Pension Benefits A employee can start receiving the pension under EPS only after rendering a minimum service of 10 years and attaining the age of 58/50 years. After 50 Years and before 58 years early pension is payable subject to discounting factor @ 4% for every year falling short of 58 years In case of death / disablement, the above restrictions doesn’t apply.
  • 27. Retirement Age as per PF Rules: • In Employees Pension Fund Scheme, the age is 58 years. But for Provident Fund no age is fixed. That means, an employee who has attained the age of 58 ceases to be a member of Pension Scheme. • At the same time, if an employee joins an organization after 58 years (as there is no retirement age in private sector unless otherwise provided in the Standing Orders) and if such an employee had not been a member of Employees Provident Fund earlier, then he will be covered and he has to contribute to PF. • In such cases, the employer will contribute the entire 12% to his EPF account and not as 8.33% to Pension Fund and the remaining 3.67% to Provident Fund. In the similar way, if a member of provident fund who has withdrawn his PF accumulations on attaining the age of 58 and or who is in receipt of pension from the Employees Provident Fund Organisation, joins a company, he will be exempted from contribution.
  • 28. Pension Benefit Lifelong pension is available to the member and upon his death members of the family are entitled for the pension. The monthly retiring pension is decided on the basis of ‘Pensionable Service’ and ‘Pensionable Salary’ and is worked out as follows Monthly pension = ( Pensionable salary*Pensionable service)/70 • Pensionable Salary is the average contributing salary immediately preceding 12 months from the date of exit from the scheme, normally this would be limited to Rs 6,500 p.m. • Pensionable Service cannot exceed 35 years
  • 29. The amount of pension is meager. If one would have invested Rs 541 in a recurring deposit at the rate of 8% for 35 years one would get 12,49,263 as maturity amount. If this maturity amount is put in buying the Pension plan and put the above amount Rs 12,49,263 with option as Annuity payable for life, one would get montly pension of Rs 10,150 which is much more than Rs 3,250.
  • 30. Less Known EPF Rules 1: You can also nominate someone for your EPF • One very strange rule as per the Act is that you can’t nominate your brother for EPF.
  • 31. Less Known EPF Rules 2 : No interest is given on EPS (pension part)
  • 32. Less Known EPF Rules 3: You might not get 100% of your EPF money you always get 100% of your EPF part, but for EPS there is separate rule . There is something called Table ‘D’ , under which its mentioned how much you get at the time of exit from your job, there is a slab for each completed year and you get n times of your last drawn salary (depending on the completed year of service) subject to maximum to Rs 6,500 per month. So if your salary in this case was Rs 30,000 per month, still you will be given only 6,500 * 6.40 = Rs 41,600.
  • 33. Less Known EPF Rules 4: Withdrawing of EPF amount at job change is illegal You can only withdraw your EPF money only if you have no job at the time of withdrawing EPF and if 2 months have passed. Only transfer is allowed in case you get a new job and you switch to it. For your information you should know that if you got a new job and took it and then you are applying for withdrawal, its illegal as per law.
  • 34. Less Known EPF Rules 5: One can opt out of EPF if he wants If one’s basic salary per month is more than Rs 6,500, he has an option to opt out of EPF and not be part of it. In which case he will get all his salary in hand (without anything deducted every month). If a person has been part of EPF even once in his life, then he cant opt out of it.
  • 35. Less Known EPF Rules 6: Your EPF gives you some life insurance too • Your organisation has to contribute 0.5% of your monthly basic pay, capped at Rs 6,500, as premium for your life cover under Employees’ Deposit Linked Insurance (EDLI) scheme. • The bad part of this EDLI scheme is that the life cover under this option is very low and that’s maximum amount of Rs. 60,000. • For employees in small scale industries and small cities, this amount of Rs 60,000 will still count something.
  • 36. Less Known EPF Rules 7: You can use EPF money can be withdrawn at special occasions 1. Marriage or education of self, children or siblings - You should have completed a minimum of seven years of service. - The maximum amount you can draw is 50% of your contribution - You can avail of it three times in your working life. - You will have to submit the wedding invite or a certified copy of the fee payable.
  • 37. Less Known EPF Rules 7: You can use EPF money can be withdrawn at special occasions 2. Medical treatment for Self or family (spouse, children, dependent parents) - For major surgical operations or for TB, leprosy, paralysis, cancer, mental or heart ailments - The maximum amount you can draw is 6 times your salary - You must show proof of hospitalization for one month or more with leave certificate for that period from your employer.
  • 38. Less Known EPF Rules 7: You can use EPF money can be withdrawn at special occasions 3. Repay a housing loan for a house in the name of self, spouse or owned jointly - You should have completed at least 10 years of service. - You are eligible to withdraw an amount that is up to 36 times your wages. 4. Alterations/repairs to an existing home for house in the name of self, spouse or jointly - You need a minimum service of five years (10 years for repairs) after the house was built/bought. - You can draw up to 12 times the wages, only once.
  • 39. Less Known EPF Rules 7: You can use EPF money can be withdrawn at special occasions 5. Construction or purchase of house or flat/site or plot for self or spouse or joint ownership - You should have completed at least five years of service. - The maximum amount you can avail of is 36 times your wages. To buy a site or plot, the amount is 24 times your salary. - Can be avail of it just once during the entire service.
  • 40. Withdrawal or Transfer of Employee Provident Fund • Legally it is mandatory to transfer EPF Account at the time of job change. But, people generally don’t do it; instead of transferring, they withdraw the amount. • In case of EPS, if the service period is less than 10 years, you’ve option to either withdraw your corpus or get it transferred by obtaining a ‘Scheme Certificate’. Once, the service period crosses 10 years, the withdrawal option ceases.
  • 41. An EPF account holder can withdraw a maximum of 90% of his EPF balance between the later of the two— (a) He has attained 54 years of age; or (b) 1 year remaining for his actual retirement. In any of the above two cases, application has to be submitted to the Provident Fund Office in claim form number 19.
  • 42. Tax implications, if I withdraw the EPF balance at the time of a Job change? In case you are a member of recognized provident fund it depends on if contribution is over 5 years or not, including transfers from different companies. • An employee who has worked with X company for say 3 years, then he resigned from that organisation and joined Y company, wherein he worked for 2 years, then resigned from there to join establishment for 2 years but during these 7 years of service he has not withdrawn but transferred his Employee provident fund, then we say continuous service of 7 years.
  • 43. Tax implications, if I withdraw the EPF balance at the time of a Job change? • If you withdraw before completing a period of 5 years, then all your previous years income gets recomputed as if the fund was unrecognized from the very beginning (i.e., the tax benefits you received on your own contribution u/s 80C/88 in earlier years will get forfeited) and further the employer contribution and interest received will be added to your current income • So the next time you think of withdrawing your PF, you must as an individual also assess whether the same is taxable or exempt.
  • 44. Are Withdrawal of EPF and EPS related? • EPS and EPF are not linked . • You can withdraw the PF once you leave the organization after filling Form 19. • In case of EPS, if the service period is less than 10 years, you’ve option to either withdraw your corpus or get it transferred by obtaining a ‘Scheme Certificate’. • Once, the service period crosses 10 years, the withdrawal option ceases . • For pension, withdarwal benefit, scheme certificate etc. application should be through ex-employer.
  • 45. Transfer of EPF account • When an employee joins a new company and he wishes to transfer his previous company provident fund amount, he should inform the HR department or Accounts department of the new company. • The employer will issue Form 13, in which the member has to fill the details of the previous company like – name, address, provident fund account number and address of the provident fund office where the account was held. • On Form 13, the signature of the previous employer is not required.
  • 46. Transfer of EPF account • Once he fills the required details and submits it to the current employer, the current employer will forward it to the provident fund office for the transferring process. The new regional PF office then gets in touch with your previous regional PF office to effect the transfer. • The time taken for transferring the fund from one account to other account normally takes about 30-40 days from date of submission.
  • 47. What are Problems Faced in withdrawing /transferring EPF/EPS and the remedies. Some of the normal reasons for the problems are quoted here below: • Mismatch of Signature of the employer • Mismatch of Signature of the member • Mismatch of Provident Fund Account number of the member • Incorrect bank account details furnished by the member • Incorrect address given by member • Mismatch of date of joining / resignation • Communication from PF department while processing the request would not have reached the employer • Failure of employer to remit the PF amount recovered from members to PF Account • Member might have changed his / her official name and the same has not been informed to the provident fund office • Change in Authorised Signatory of the employer when the application is in process
  • 48. What if EPF is not transferred? • The good news is that even if you don’t transfer your previous balance, your previous accounts are live and accessible. You can withdraw or transfer the balance to your current PF account • However, remembering your employer and your EPF number may not be easy. So, keep all EPF slips.
  • 49. “After a considerable waiting period, EPFO (Employees’ Provident Fund Organisation) will transfer funds to an unclaimed deposit account. Your funds will not earn interest during that period. A better strategy is to remember to transfer your account at the time of changing jobs.”
  • 50. RTI for EPF Withdrawal and Transfer issue • One can file a RTI (Right to Information) if one is unclear about what your EPF status is or if one’s EPF transfer work has even started? Why did one’s EPF money still not credited in bank account etc etc… • You can ask all these questions and you should be getting the 100% right and clear answers within 30 days. The only point here is that you should be doing it the RIGHT way.
  • 51. Before filing the RTI , a good idea would be to file a : EPF grievance redressal form online http://epfigms.gov.in/
  • 52. File RTI in 3 easy steps Step 1: Buying a Postal Order of Rs 10 from Post Office • It should be in favor of Accounts Officer of the Concerned EPFO Office. Like if you are sending your EPF letter to Bangalore, the Rs. 10 postal order should be in favor of Accounts Officer, EPFO, Bangalore. The fees can also be paid by demand draft, but that would be expensive, better go for Postal order as it is commonly used for RTI. Step 2: Drafting your RTI letter • The first step is to draft RTI letter for your EPF related queries. All you need to do is write a letter on a normal paper (better take a very high quality A4 size paper). Though there is no specific format for RTI application letter, still there are some rules of drafting it. • The letter subject should start as ”Application Form for Seeking Information under RTI Act 2005″ • The letter should be addressed to Central Public Information Officer, Employees’ Provident Fund Organisation, (Provide Concerned PF office address). Refer to this EPFO directory for exact address of PF office for your jurisdiction.
  • 53. File RTI in 3 easy steps • Make sure you mention your Name, Address, Contact telephone number and your Email id along with EPF account number. • Now, put all your queries which you want to ask regarding your EPF (putting them as bullet points is recommended) • As a next thing, you should have a declaration - ”I do hereby declare that I am a citizen of India. I request you to ensure that the information is provided before the expiry of the 30 day period after you have received the application” • Finally at the end of the letter, mention the proof of payment of fees as - Proof of payment of application fee: Attached Indian Postal Order for Rs. 10 /- dated dd/mm/yyyy favoring “Accounts Officer of EPFO” as application fee. • And complete the letter by putting your Signature, Place and Date. • Sign the letter and Put your Postal address • Mention the payment details like Postal order number, issuing post office, date, cash receipt details, etc., towards the end of your application • Following is a sample RTI letter.
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  • 55. File RTI in 3 easy steps Step 3 : Send the RTI letter by Registered Post or Speed Post • The final step is to send this RTI letter by Registered post only, as no courier is accepted. Please make sure you keep the acknowledgement receipt carefully for all the future communication (if any). It might be required by you. • Once you complete the 3rd step, the RTI letter should reach the concerned authority in few days and then within 30 days you should be getting the reply within 30 days (as per RTI act). When you file an RTI application, there are some important points which you should remember depending on different state (viz. applicable fee, length of application, content type etc.), because in case you don’t take care of legal critical points, it would mean rejection of your application and unnecessary work again.
  • 56. • The employer should forward claim forms to PF authorities within 5 days of its receipt (Ref clause 72 5(a) of EPF Act.) • Usually companies adopt their own internal HR system that they compile all applications/forms of withdrawal and submit to concerned PF office twice a month on specific dates. • The PF office should be in a position to settle the claim within 30 days and credit the amount in bank a/c of the member in say 45 days. • Redressal of grievance is within 30 days. • You may obtain signature & seal of Astt. Commissioner of Labour or Govt Labour Officer or Gazetted officer (in place of employer, signature of gazetted officer is required in case of a closed establishment), Manager of a bank, Member of the Central Board of Trustees./committee/Regional Committee (Employees’ Provident Fund Organization), Magistrate/Post/Sub Post Master/ President of Village Panchayat/Notary Public and submit the same to RPFC, with a letter as mentioned above.
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