1
hi
the discussions and points, raised, are really helpful.
but, someone mentioned that in IT companies, there is no PF system. I am not aware of any such universal norm of IT sector. May be some of the companies are not providing the facility to their staffs. can anyone please explain, what is actual fact.
From India, Calcutta
the discussions and points, raised, are really helpful.
but, someone mentioned that in IT companies, there is no PF system. I am not aware of any such universal norm of IT sector. May be some of the companies are not providing the facility to their staffs. can anyone please explain, what is actual fact.
From India, Calcutta
Hi Sidheshwar,
The central Govt's liability comes in two parts:-
* The Central Government shall also contribute at the rate of 1.16 per cent of the pay of the members of the Employees' Pension Scheme and credit the contribution to the Employees' Pension Fund:
*Monthly Member's Pension.
(1) A member shall be entitled to :-
(a) superannuation pension if he has rendered eligible service of 20 years or
(b) more and retires on attaining the age of 58 years;
(c) retirement pension, if he has rendered eligible service of 20 years or more and retires or otherwise ceases to be in the employment before attaining the age of 58 years ;
(d) short service pension, if he has rendered eligible service of 10 years or more but less than 20 years.
(2) In the case of a new entrant the amount of monthly superannuation pension or retiring pension, as the case may be, shall be computed in accordance with the following factors, namely :- -
Monthly member's pension = Pensionable salary X Pensionable service
-------------------------------------------------- 70
Benefits to the family on the death of a member
(1) 1[Pension to the family] shall be admissible from the date following the date of death of the member if the member dies ..
(a) while in service, provided that at least one month's contribution has been paid into the Employees' Pension Fund, or
(b) after the date of exit but before attaining the age of 58, from the employment having rendered service entitling him/her to monthly member's pension but 1[before the commencement of pension payment or]
(c) after commencement of payment of the monthly member's pension
Note:- The cases where a member has rendered less than 10 years eligible service on the date of exit but has retained the membership of the Pension Fund, and dies before attaining the ge of 58 years, shall be regulated under sub-paragraph (8) of paragraph 12.
(2) (a) The monthly widow pension shall be :--
(i) in the cases covered by clause (a) of sub-paragraph (1), equal to the monthly members pension which would have been admissible as if the member had retired on the date of death or Rs 450/- or the amount indicated in Table 'C' whichever is more.
Cheers,
Rajat
From India, Pune
The central Govt's liability comes in two parts:-
* The Central Government shall also contribute at the rate of 1.16 per cent of the pay of the members of the Employees' Pension Scheme and credit the contribution to the Employees' Pension Fund:
*Monthly Member's Pension.
(1) A member shall be entitled to :-
(a) superannuation pension if he has rendered eligible service of 20 years or
(b) more and retires on attaining the age of 58 years;
(c) retirement pension, if he has rendered eligible service of 20 years or more and retires or otherwise ceases to be in the employment before attaining the age of 58 years ;
(d) short service pension, if he has rendered eligible service of 10 years or more but less than 20 years.
(2) In the case of a new entrant the amount of monthly superannuation pension or retiring pension, as the case may be, shall be computed in accordance with the following factors, namely :- -
Monthly member's pension = Pensionable salary X Pensionable service
-------------------------------------------------- 70
Benefits to the family on the death of a member
(1) 1[Pension to the family] shall be admissible from the date following the date of death of the member if the member dies ..
(a) while in service, provided that at least one month's contribution has been paid into the Employees' Pension Fund, or
(b) after the date of exit but before attaining the age of 58, from the employment having rendered service entitling him/her to monthly member's pension but 1[before the commencement of pension payment or]
(c) after commencement of payment of the monthly member's pension
Note:- The cases where a member has rendered less than 10 years eligible service on the date of exit but has retained the membership of the Pension Fund, and dies before attaining the ge of 58 years, shall be regulated under sub-paragraph (8) of paragraph 12.
(2) (a) The monthly widow pension shall be :--
(i) in the cases covered by clause (a) of sub-paragraph (1), equal to the monthly members pension which would have been admissible as if the member had retired on the date of death or Rs 450/- or the amount indicated in Table 'C' whichever is more.
Cheers,
Rajat
From India, Pune
HI I AM RAHUL
I CAN HELP U REGARDING PF
1. ITS MANDATORY IF IN A UNIT 20 OR MORE EMPLOYEEES ARE WORKING
2. CELING LIMIT FOR PF IS 6500 i.e. IF BASIC SALARY OF EMPLOYEE IS LESS THAN 6500 THEN HE IS COVERED UNDER THE PF ACT AND IF HIS BASIC IS MORE THAN 6500 HE IS EXEMPTED FROM PF.
[/b]
From India, Madras
I CAN HELP U REGARDING PF
1. ITS MANDATORY IF IN A UNIT 20 OR MORE EMPLOYEEES ARE WORKING
2. CELING LIMIT FOR PF IS 6500 i.e. IF BASIC SALARY OF EMPLOYEE IS LESS THAN 6500 THEN HE IS COVERED UNDER THE PF ACT AND IF HIS BASIC IS MORE THAN 6500 HE IS EXEMPTED FROM PF.
[/b]
From India, Madras
Hi Anu,
If Basic+DA=<Rs6500/-, its compulsary for organisation to comply. but if more, not compulsion for employer. but one thing if employee is already a member of fund and his basic+da increases from 6500/-, employer compulsion to comply but employer contribution will be calculated on 6500/- only. employer is not bound in this regards. If still any confusion, pls write.
regards
sidheshwar
From India, Bangalore
If Basic+DA=<Rs6500/-, its compulsary for organisation to comply. but if more, not compulsion for employer. but one thing if employee is already a member of fund and his basic+da increases from 6500/-, employer compulsion to comply but employer contribution will be calculated on 6500/- only. employer is not bound in this regards. If still any confusion, pls write.
regards
sidheshwar
From India, Bangalore
Hi Sidhu,
Well, most of the companies don't process unless they have genuine reasons like if a person has embezzled or the company has filed the case against the employee..other than that they have no right for withholding..
Suggest keep the copy of the correspondence for submission of PF and after two-three reminders, file the compliant with PF authorities. You would be surprised how prompt they are in responding to grievances! or atleast they would guide you about this vexed issue..
A good point..would check & revert.
Have a great day.. :D
Cheers,
Rajat
From India, Pune
Well, most of the companies don't process unless they have genuine reasons like if a person has embezzled or the company has filed the case against the employee..other than that they have no right for withholding..
Suggest keep the copy of the correspondence for submission of PF and after two-three reminders, file the compliant with PF authorities. You would be surprised how prompt they are in responding to grievances! or atleast they would guide you about this vexed issue..
A good point..would check & revert.
Have a great day.. :D
Cheers,
Rajat
From India, Pune
Hi Rajat
Good morning,
Upto 2002, i was working with Coca-Cola, Bhopal as a labour officer but i was through agency. i was handling contract labour. when i left the job and approached to agency propreiter for withdrawal, every time he said i will process withdrawal. but he didn't do anything bze i had left the job against his willingness and coke mgt. Not a singal authority had responded. then i contacted one consultant who was providing service to coke. i explained my problem then he asked for complete filled up withdrawal form. i sent the said form and he processed and finally i received my payment. now u tell me, how he did?
sidhu
From India, Bangalore
Good morning,
Upto 2002, i was working with Coca-Cola, Bhopal as a labour officer but i was through agency. i was handling contract labour. when i left the job and approached to agency propreiter for withdrawal, every time he said i will process withdrawal. but he didn't do anything bze i had left the job against his willingness and coke mgt. Not a singal authority had responded. then i contacted one consultant who was providing service to coke. i explained my problem then he asked for complete filled up withdrawal form. i sent the said form and he processed and finally i received my payment. now u tell me, how he did?
sidhu
From India, Bangalore
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Mandatory submission of bank account details of PF members 17.9.2014.pdf