Dear Sir,
As all of us know that we can withdraw amounts from our PF savings and Gratuity.
I want to know the detailed informations about what are the causes upon which we can get benefits, the minimum eligibility, the eligible amount etc.
If anybody has the detailed chart regarding this, i would appreciate if they can share the same here.
Regards,
Sandeep K. Rai
From India, Bangalore
1As all of us know that we can withdraw amounts from our PF savings and Gratuity.
I want to know the detailed informations about what are the causes upon which we can get benefits, the minimum eligibility, the eligible amount etc.
If anybody has the detailed chart regarding this, i would appreciate if they can share the same here.
Regards,
Sandeep K. Rai
From India, Bangalore
Your understanding about 'withdrawal' of gratuity and PF is wrong. Both these cannot be withdrawn while you are in service. Gratuity is an amount which will accrue only when you leave the establishment after completing at least five years of continuous service. In order to say that you have been in continuous service you should have worked at least for 240 days (pay days) in a year. Therefore the question of its encashability does not arise if you are leaving the company before the said period of five years. Though there are confusions regarding whether gratuity can be claimed if you have worked for four years and some 240 days in the fifth years as is supported by some court5 verdicts, the employer can refuse to pay gratuity in such cases since there is nothing mentioned in the Payment of Gratuity Act regarding eligibility of gartuity for an employee who has not completed five years but has completed only 4 years and 240 days.
As regards EPF, it is also a payment which cannot be withdrawn while on service . However, subject to some conditions relating to uyears of service, you can get advances from PF accumulations for purchase or construction of residential building, marriage, education, etc.
Regards,
Madhu.T.K
From India, Kannur
As regards EPF, it is also a payment which cannot be withdrawn while on service . However, subject to some conditions relating to uyears of service, you can get advances from PF accumulations for purchase or construction of residential building, marriage, education, etc.
Regards,
Madhu.T.K
From India, Kannur
Dear Madhu Sir,
Thanks for your reply, I wanted to know the details for getting advances against PF accumulations. IN what all conditions we can claim for the advances, the eligibility and the maximum amount etc.
Regards,
Sandeep
From India, Bangalore
Thanks for your reply, I wanted to know the details for getting advances against PF accumulations. IN what all conditions we can claim for the advances, the eligibility and the maximum amount etc.
Regards,
Sandeep
From India, Bangalore
It is 12% in general. However, the contribution is 10% in respect of the following categories of establishments:
1. Any establishment covered prior to 22.9.97 in which less than 20 persons are employed.
2. Any sick industry which has been declared as such by the Board for Industrial and Financial Reconstruction.
3. Any Establishment which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth.
4. Any Establishment engaged in manufacturing of (a) Jute , (b) Beedi , (c) Brick , (d) Coir (other than spinning sector), (e) Guar Gum industries.
Regards,
Madhu.T.K
From India, Kannur
1. Any establishment covered prior to 22.9.97 in which less than 20 persons are employed.
2. Any sick industry which has been declared as such by the Board for Industrial and Financial Reconstruction.
3. Any Establishment which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth.
4. Any Establishment engaged in manufacturing of (a) Jute , (b) Beedi , (c) Brick , (d) Coir (other than spinning sector), (e) Guar Gum industries.
Regards,
Madhu.T.K
From India, Kannur
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ESI-PF-Gratuity .xls
PF Withdrawl.doc
Online PF Withdrawl Process.pdf