Dear friends, Pl refer attached circular dated 11.2.2014 on the subject. Thanks
From India, Malappuram
1444From India, Malappuram
Hi i worked with my previous company for 20 months.after leaving the company i applied for epf.i received my pf but it was the ammount not expected by me.so i just wanted to know that how can is this possible....
From United Arab Emirates, Dubai
From United Arab Emirates, Dubai
As per your posting i came to know that you have completed 20years of service and you must aware of the the fact that in epf there should be 2 share one is employee share which is 12% of the basic salary and other is employer share which is also 12% but birfurcated into two component (3.67% in epf and 8.33% in eps-employee pension scheme).By this the actual figure come out is 12%+3.67%=15.67% is epf component and 8.33% is eps-employee pension scheme .Rate of interest is also on 15.67% instead of 8.33%.I think you have received 15.67% + interest but not 8.33% -eps which is till with pension scheme since after 10 years of contribution the fund diverted to pension scheme, which you can avail after completing the age of 58 years and/or who has rendered 20 years pensionable service or more, his pensionable service shall be increased by adding a weightage of 2 years. For availing the benefits first you have to obtain scheme certificate with the related EPFO then only furthur action can be done.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Dear Sumit,
You have very well laid out the benefit an employee gets once he leaves the employment. Only two point needs to be mentioned herewith first the the period of service in question here is 20 months and not 20 years and secondly the addition of two years service is possible only under the provisions of the Employees Pension Scheme 1995 and therefore it'll come into effect only for those employees who have rendered continuous service of 20 years after its launch on 16.11.1995 i.e. after 16.11.2015 passes by and that no period of previous service (i.e. worked under the old Employees pension Scheme 1971) is counted for availing this additional two years service.
Sincerely,
Amit Kumar
From India, Delhi
You have very well laid out the benefit an employee gets once he leaves the employment. Only two point needs to be mentioned herewith first the the period of service in question here is 20 months and not 20 years and secondly the addition of two years service is possible only under the provisions of the Employees Pension Scheme 1995 and therefore it'll come into effect only for those employees who have rendered continuous service of 20 years after its launch on 16.11.1995 i.e. after 16.11.2015 passes by and that no period of previous service (i.e. worked under the old Employees pension Scheme 1971) is counted for availing this additional two years service.
Sincerely,
Amit Kumar
From India, Delhi
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PF Arrears Calculation July 12.xls
SC on interest on PF arrears 18.10.13.pdf