Is it necessary to use provident fund scheme?

Answer 1

It is a retirement planning scheme that is made mandatory by the government of India to all organizations that employ more than 20 employees as per their pay roll.

As per the PF act, a portion of the salary (Usually 12% of the basic salary) is deducted every month from the employees salary and deposited with the government PF trust. This money would be paid to the employee when he retires or when he quits his job and stops working.

Answer 2

Hi

Before this, I have already, discussed this matter with some one else. most of people are facing this problem.

People are not getting their PF money or its take too late.

but, do you know what is the reason behind that,

If your facing this kind of problem, try follow below mentioned ways.

ask to your ex- organization, your PF withdrawal form has submitted or not ? If yes, so, ask them about the acknowledge copy of same..

because, mostly people don't know is that, their employer has submitted their PF form to PF dept. or not..? they thing, they have submitted their pf form to employer that, their responsibilities are completed. but not. some time employer have not submitted the same but, give the wrong information to employees as It has submitted.

Or If PF form has submitted to PF dept. but, in case there is some problem in that, so, PF dept. will send back that form to employer for proper answer. but, some times employer ignore it or not able to give any reply on that.

Delay in getting the PF amount, there are many reasons, so, you have to find out with your ex-employer or PF dept.

Answer 3

When you retire or leave the job with the employer

Answer 4

Yes, if your company has more than 20 employees.