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Employee Provident Fund

A category for Employee Provident Fund, a retirement scheme for Private Sector Employees

270 Questions

Can one withdraw their provident fund fom mibfa as you are now only contributing towards momentum pension fund?

The best way to find out of one can withdraw their provident fund from MIBFA is to contact the source from which one opened the account. Another way to find out this answer might be to ask an accountant.

Online tracking of Provident Fund?

Yes, you can track your PF account balance online. go to the EPF India website and create an account using your pf account number and once complete you can view your details online.

How can you see if your company contribute to provident fund?

Every year company will provide PF Statement which contains your PF Contribution amount, Company's Contribution amount, total amount and Interest

Is it legal for a company to request employees to stop contributing to a 401K because the company cannot provide the matching funds that were previously agreed on?

Since "The Company" is asking nothing illegal from its employees in making such a request, there is nothing illegal involved by virtue of their request. What the officials of any company promise to employees is just a promise; and, things change. When it is no longer considered to be of benefit to a company to support such promises, revisions are made. In addressing these issues, it is not morality that is at stake--- it's business; and, there are a lot of things that may be "wrong" for a company to do that are in no way illegal. As far as the company asking the employees to avoid doing something which otherwise would be in the employees' interests to do, that's not illegal. If company policy provided you with "benefit-X" upon request, and the company decides to revise their benefits package to eliminate that option, there's nothing illegal about it--- regardless the reason the company might have for doing so. When it involves something like a 401-K plan, the details are a bit more intricate; but, there are never any "guarantees" for an employee that are not written in a black-and-white contract and/or supported by solid legislation. In the employment arena, the employer has the upper hand in most regards; and, it is best to remember one thing as you watch jobs and pensions and benefits packages evaporate around you this year: A promise is a promise is a promise, regardless of age...

How much provident fund will an employee get in case of quitting service after 17 years?

It depends on what your salary was and how much money you put into the EPF account every month. This question cannot be answered without that information

What is percentage of Provident fund?

Starting April 2012, the rate of interest will be 8.25% instead of the 9.5% that was offered so far

What is a balance transfer check?

Credit card companies send out checks that you can write to other creditors to pay off the balance. In turn, you get the balance of the other account transfered to your new account (the one who sent you the checks) and your old account is paid off.

What is minimum and maximum portion of basic salary will be duducted for provident fund and under what law?

The minimum amount is 12% of your Basic Salary

There is no maximum amount. You can contribute any % of your salary into your PF corpus

What do Aggressive growth funds do?

Aggressive growth funds seek to maximize capital gains, rather than current income

What is a provident Fund?

What is the Employee Provident Fund (EPF)?

The EPF is created by the Employees Provident Fund Organization (EPFO) of India, a statutory body of the Indian Government under the Labor and Employment Ministry. It states that an organization having 20 or more permanent employees on its payroll, should register with the EPFO.

A Provident Fund is a fund that is created, through contributions, to provide financial support to individuals in their future (Specifically for post-retirement). The Employee Provident Fund is just such a fund. Contributions are made on a monthly basis, by both employees and employers, thereby encouraging employees to save a portion of their salary each month. Investments made by millions of employees across India are pooled together and invested by a trust.

The EPF is a tax free investment instrument for the salaried class. Interest earned on it is tax free, and returns are also not taxed. You also get a deduction under Section 80C for contributions made towards your EPF.

How do you update dob in pf account details?

how to change the date of birth in my provident fund account

How do you withdraw money from PF account?

You can withdraw money from your PF account by submitting a written request to your regional PF office with your PF Account number. The PF account is not like normal bank accounts and hence you cannot do it anytime and everytime you wish. You can make only 3 withdrawals throughout the duration of the PF accounts lifetime.

How do you check Employee EPF Balance?

You can check your EPF balance from the finance department of your employer. Or, if you know your PF account number, you can check it online at the EPF website. Refer to the website in the related links section for details on how you can check it online.

Does PF AC no change if you change place of work?

Yes. You also need to submit a request to transfer the PF Money from your old employer to the new employer.

What action will govt take if the company not paid pf amount?

Deducting EPF from an employees salary and not remitting it to the EPFO is considered a Criminal Offense. If found, the regional PF Inspector can even arrest the employer.

Can you check your balance in your pf account balance online?

You can check your EPF balance from the finance department of your employer. Or, if you know your PF account number, you can check it online at the EPF website. Refer to the website in the related links section for details on how you can check it online.

How can calculate PF?

You can calculate pf very simply....you can choose EPF Calculator for that.IN that u just add your detail and monthly wage you will get all results which you needed....

Epf calculator is free you can download it from their site.
PF is 12% of your basic salary. If your basic salary is Rs. 1000/- PF will be Rs. 120 employee contribution + Rs. 120 employer contribution