When a company is eligible for PF?
All the employees will be eligible for a PF from the commencement of their employment and the responsibility of deduction & payment of PF lies with the employer. The PF contribution of 12% should be divided equally between the employer and employee. The employer’s contribution is 12% of the basic salary.
How can I register my company for PF?
In the EPFO Official Website, www.epfindia.gov.in, select the ‘For Employers’, under ‘Our Services’ and then select the fourth item, ‘Online Registration of Establishment (OLRE Portal)’ this will open the Employer Registration Homepage.
What is the procedure of provident fund?
So, what exactly is the PF process? According to the EPF rules, 12 percent of your salary must go towards your provident fund. Your company is also required to contribute the same 12 percent, out of which 8.33 percent of the salary is directed towards the Employee Pension Scheme or EPS.
How do I calculate my provident fund?
The employee contributes 12 percent of his or her basic salary along with the Dearness Allowance every month to the EPF account. For example: If the basic salary is Rs. 15,000 per month, the employee contribution shall be 12 % of 15000, which comes to Rs 1800/-. This amount is the employee contribution.
Is PF taxable after resignation?
Once your EPF account becomes inoperative, then it stops earning interest. However, while the accumulated balance up to the date of retirement (58 years) or end of employment is not taxed, any interest earned on the PF account post resigning, retirement, or end of employment is taxable as per law.
What happens to my PF after leaving job?
Employees often have a question “Will my EPF account earn interest after leaving job?” According to the existing rules, your EPF account is eligible to receive interest even after leaving the employment. In case, there is no fresh contribution, the rule remains the same.
Can 1 person have 2 PF accounts?
A member can have two pf accounts with single pan. Whenever a member switches job a new account number is given to that member. So, it is natural to have more than one account number with pan. But UAN will be same for all account numbers and you should also get it activated through your current employer.
Can I withdraw my PF after 3 years of leaving company?
Under EPF Act 1952, you can withdraw the full PF amount if you retire from your service after having attained the age of 58 years and you can also claim the EPS amount (Employees’ Pension Scheme amount) at the same time.
Do we get double PF after leaving job?
And when you leave the job, you get the money given as PF in these three columns. So friends, you must have understood how PF is double. You get double the amount you deduct from your account by deducting it in PF because the same amount is deposited in your PF account from your company.
How can I withdraw old PF?
EPF withdrawal can be done through the UAN member portal. The member has to first activate his UAN and then log in to the portal for online withdrawal. The portal can also be used to transfer funds from his old PF account to a new account. Other online services such as eKYC, contact details update, etc.