Hi, I have been working in the company for around four years. As my company was not provided PF, I have opened it with the Post Office, and it has been in place for four years. Now, my company wants to initiate PF. My question is, Can I hold both the Post office PF account and the company-provided PF account simultaneously?
Please. suggest me accordingly...
Thanks
From India, Bangalore
Please. suggest me accordingly...
Thanks
From India, Bangalore
604
Yes, ofcourse. You can have both at the same time. There is no legal bar for doing so. Both are different schemes with different rules.
From India, Madras
From India, Madras
In Post of office, you are depositing Public Provident Fund account.
It can be opened by any person/employee and can remit amount every month. But there won't be any matching contribution from Employer.You will get interest on the accumulation of amount.
Where as the Provident Fund in a company is different. It is as per the Provident Fund Act. It will be welfare measure. There will be matching contribution from the company and other benefits will be available to the employee/family members including interest and pension.
Both are different, you can continue both if you want.
From India, Hyderabad
It can be opened by any person/employee and can remit amount every month. But there won't be any matching contribution from Employer.You will get interest on the accumulation of amount.
Where as the Provident Fund in a company is different. It is as per the Provident Fund Act. It will be welfare measure. There will be matching contribution from the company and other benefits will be available to the employee/family members including interest and pension.
Both are different, you can continue both if you want.
From India, Hyderabad
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Hold My Incerement.jpg
Pre and post training assessment form X.doc