In this age of job-hopping would it be better to withdraw the EPF amount or transfer it?
The members of the EPF scheme are also covered under the Employees Pension Scheme, 1995. This blog gives an introduction to this Pension Scheme as now and then many have been raising queries on this.
Whistleblowers’ Bill 2010
The Public Interest Disclosure and Protection to Persons Making the Disclosure Bill 2010.
What is disclosure?
Disclosure’ means a complaint relating to –
o An attempt to commit or commission of an offence under the Prevention of Corruption Act 1988;
o Willful misuse of power by virtue of which demonstrable loss is caused to the government or demonstrable gain accrues to the public servant;
o Willful misuse
Many subscribers to EPF get a doubt whether the amount of money they are getting at the time of settlement of their EPF account is taxable or not. Similarly there is also a doubt whether, if they resign from a job and get their EPF settled before joining a new job, the amount of such EPF settlement is taxable or not. There is also a common fear that the EPF settlement amount one gets on resigning a job within five years of service is taxable. All these confusions arise because of the
Deuctions are made from the salary of employees every month towards EPF. This is reflected in the pay slip. But does the Employer really deposit such recoveries in the EPF account of the employees?
Many times subscribers to the EPF are in doubt whether the employer has remitted the full and correct amount in the EPF account of the employee/subscriber.
Is there any way out to check and verify this? Yes. There is. Please read on... The contributions recovered from
Each member of the EPF have many rights as provided under the EPF Act and Scheme. Right to membership of PF, Pension and EDLI Schemes for every employee of covered establishment drawing monthly Basic pay and D.A. upto Rs.6500/-To receive Annual Statement of Provident Fund account by 30th September of the following year.To obtain claim form free of cost from any Provident Fund Office.To obtain assistance/guidance from Public Relations Officers
Claiming of EPF on death of a subscriber On death of a member, the Provident Fund amount is payable immediately to the nominee/s. If there is no valid nomination the Provident Fund amount is payable equally to all the eligible members of his family. If both nominee and ‘family’ members are not applicable the legal heir is eligible to claim the Provident Fund dues of the deceased member. In such cases the claim is
Many members repeatedly query how to check EPF balance on-line.
Now i find that there is also such a facility in the Pune EPF office. The link is http://www.epfopune.gov.in/balance.aspx
Updated 01-12-2009 at 08:41 PM by taurus
When one hops from one job to other is it better to withdraw or transfer the EPF amount?
MS BANGA spent 22 years at Hindustan Lever Limited before becoming chairman of the company.
Some of us know about how his loyalty reaped him rich dividends in terms of respect, position, salary, etc. But not many know of the benefit that Banga and other long runners like him have garnered, that of an unbroken Employees' Provident Fund.
Your company PF could build you
Updated 01-19-2009 at 11:12 PM by taurus (add info)
This explains the legal provision which can be used for RTI applications
Some special queries are received regarding settlement of EPF claims in the case of employees of establishments that have unfortunately come under BIFR. This is to clarify the position in such cases.