Epf Form 9
Epf Form 9 Revised DownloadFacts you should know about. Ive already covered PPF extensively, but hardly wrote anything about EPF Employees Provident Fund EPS Employees Pension Scheme assuming people are well aware of its workingbut the reality is otherwiseIve come across scores of people who hardly know anything about EPF working although making regular contributions through their employers. So this post is an attempt to shed some light on the little known aspects of EPF EPS. Provident Fund Pension Contributions Q 1 What is EPF What is EPS A EPF Employees Provident Fund Scheme 1. Employees Provident Fund Sponsored Links. EPF Employees Provident Fund is maintained by the Employees Provident Fund Organization, India EPFO. Porbu, You would have to spend some time visiting EPFO office. Go prepared with all your documents. Go with the acknowledgement of Form 13. If they say they have. EPS Employees Pension Scheme 1. Employees Provident Fund and Misc Provisions Act, 1. Note Government Semi Government Employees are covered under Provident Funds Act, 1. Q 2 Is it mandatory for every employee to make contribution towards EPF EPS
Epf Form 9 Excel Format DownloadA Yes, it is mandatory. However, employees drawing a basic pay of more than Rs. Q 3 What is the total amount of contribution made to EPF and EPS A Usually, both the employer and employee contribute 1. DA if any. The entire 1. EPF and out of employers contribution 1. EPS and the balance 3. EPF. There is also a subsidy of 1. EPS. So the total contribution which goes towards EPS is 9. EPFO has issued a notification dated 15. EPF admin charges has been reduced to 0. Earlier EPFO had reduced the. TO BE FILLED UP BYTHE EMPLOYER AUTHORISED OFFICER OF THE ESTABLISHMENT lIJIfiIRr Fcmrr lJJill Certified that 1. IiTmlHI Theparticulars ofthemember. Now Know the EPFO Claim Status via Online, Search your PF Claim Status by using UAN Number, How to know PF Status via SMS. Some of the employers have. PF withdrawal process Form 19 EPF Form 10C EPS When I applied for withdrawal of PFEPF from my last company, it took me some time to understand the process. However, where your basic pay exceeds Rs. EPS gets restricted to 8. Rs. 6,5. 00 i. e., Rs. EPF. Q 4 Can I voluntary contribute more than the statutory limit to EPF A Yes, you can contribute additional amount over and above 1. Provident Fund by depositing VPF Voluntary Provident Fund. However, employer is not bound to do a matching contribution. Q 5 What is the rate of interest applicable on EPF EPS A EPF rate which was 8. FY 2. 01. 0 1. 1. EPS being a pension scheme, interest is not applicable. Q 6 What is the tax benefit available on EPF EPS A The employer contribution is exempt from tax and your own contribution is taxable but eligible for deduction under section 8. C of Income tax Act. Q 7 Whether premature withdrawals allowed A Yes, the EPF scheme allows partial withdrawals for the purpose of marriageillnesshigher educationhouse construction etc. Q 8 Is it also possible to check the EPF Account balance online A Yes, indeed. The service has been launched in 2. Msi 533 Motherboard Drivers Free Download. Memb. Bal. html Follow these instructions Click on the link mentioned therein select the EPFO Office where your account is maintained enter your PF Account number, name and mobile number and youre done Within a minute, youll receive a SMS. Pension Benefits Q 9 When can an employee start receiving a Pension A A employee can start receiving the pension under EPS only after rendering a minimum service of 1. However, no pension is payable before the age of 5. In case of death disablement, the above restrictions doesnt apply. Q 1. 0 How long the pension is available A Lifelong pension is available to the member and upon his death members of the family are entitled for the pension. Q 1. 1 What is the formula for calculating the monthly pensionA Under Employees Pension Scheme, the monthly retiring pension is decided on the basis of Pensionable Service and Pensionable Salary and is worked out as follows. Monthly pension Pensionable salaryPensionable service7. Pensionable Salary is arrived at by considering the average contributing salary immediately preceding 1. Rs 6,5. 00 p. m. unless certain enhanced contributions are made by the employer with permission. Pensionable Service is the service in years rendered by the member for which contributions have been receivedmaximum cannot exceed 3. Q 1. 2 What is the maximum amount of Pension available under EPS A Based on a maximum employment period of 3. Pension formula would be Rs 3,2. Q 1. 3 Is it possible to commute pension fully or partly under EPSA Earlier there was a provision under EPS allowing commuting of one third of monthly pension by paying 1. However, the amended scheme w. Sep 2. 00. 8 doesnt allow it anymore. Employees Deposit Linked Insurance Scheme EDLIQ 1. Is there any other benefit under Employees Provident Fund and Misc Provisions Act A Yes, PF Act also includes EDLI scheme under which life insurance cover is provided to the PF members. The cost of the scheme is borne by the employer but as the amount of life coverage under this statutory scheme is very low a maximum amount of Rs. EDLI scheme by going for group insurance scheme which usually provides higher coverage to employees without any increase in cost to the employer. Withdrawal of PF Pension. Q 1. 5 Is it mandatory to transfer EPF Account at the time of change of Job What happens to EPSCan one withdraw the entire amount A Yes, legally it is mandatory to transfer EPF Account at the time of job change. But, people generally dont do it instead of transferring, they withdraw the amount. In case of EPS, if the service period is less than 1. Scheme Certificate. Once, the service period crosses 1. Q 1. 6 Are there in any tax implications, if I withdraw the EPF balance at the time of a Job changeA See, Ten Common Income tax Fallacies. Q 1. 7 How do I know the status of my withdrawal application A Visit http www. Claim. StatusNew. EPFO Office where your account was maintained and furnish your PF Account number. In next part, EPF Provisions applicable to International Workers will be discussed. Meanwhile, if theres anything I missed out, you can write in the comment section. Also see 1. PPF 1. Practical Tips. 2. Tax Saving Options under Section 8. C3. Section 8. 0C 1. Smart Tips. 4. Section 8. C Conditions Restrictions.