Protected by Copyscape Unique Content Check
Published: 08th April 2015
Views: N/A


Is contribution to the EPF mandatory for all the employees?

Employees drawing basic salary upto Rs 6500/- have to compulsory contribute to the Provident fund and employees drawing above Rs 6501/- have an option to become member of the Provident Fund.
What is the current interest rate on EPF Account?

The Central government revises EPF interest rates every year depending upon the revenues made by EPFO on its previous years' deposits. For FY13, the EPF interest rate is 8.50 percent.

What are the benefits under the Employee Provident Fund Scheme, 1952?

a) Compulsory savings with equal additional amount from the Employer
b) Allowed for deduction from Income Tax (Pl check the Direct Tax Code applicable from 2012)
c) Interest earned is not liable for Income Tax (Pl check the Direct Tax Code applicable from 2012)
Which form has to be filled while becoming member of provident fund?

Nomination Form No 2 has to be filled to become a member of the Provident fund, form is
available with HR department.
Which form has to be filled while transferring provident fund deposit ?

You just have to fill form no 13 to transfer your P.F amount

When can I withdraw my EPF money?

You can withdraw from your EPF account on the account your children's education, marriage of self, children and siblings, purchase/construction of a house, or any medical emergencies. However, withdrawal is subject to certain conditions, non-compliance of which would result in penal interest.

You should have completed minimum seven years of service; withdrawal can be made only three times in the period during which you hold the EPF account, and the maximum aggregate withdrawal would be 50 per cent of the total contributions made by you.
For medical emergencies, there is no minimum service period.

Can I contribute more than 12 per cent of my basic salary towards EPF?
Yes, you can. The additional contribution is known as voluntary contribution. But such additional contribution will not be matched by your employer. All the same rules and interest rate will apply to your voluntary contribution regarding withdrawal, transfer, interest rate, etc.

What should I do when I change my job? And what should be done when I quit my job without joining elsewhere?

At such times, the PF balance could be transferred from one employer to another. The existing balance would continue to stay, with fresh contributions made by the new employer. When you quit your job, the PF could be withdrawn. You need to provide a declaration that you do not intend to work for the next six months.

How would I know the amount of accumulations in my PF account ?

PF office sends an annual statement through the employer which gives details about the PF accumulations. The statement contains details like, Opening balance, amount contributed during the year, withdrawal during the year, interest earned and the closing balance in the PF account. This statement is sent by the PF department on completion of the financial year.

How do I check my EPF account statement online?

EPF members can access their account statements online at www.epfindia.gov.in. This facility is available only to active members who are currently contributing to their EPF accounts.

What is the accounting year for Provident fund account?

Accounting year is from March to February.
Can I make nomination?

Yes, every member has to give the details of himself & details of the nominee for Employees' Provident Fund & Employees' Deposit Linked Insurance Schemes and details of family for Employees Pension Scheme, 1995 in form no. 2.

When is an employee eligible to enjoy pension scheme ?

For an employee to become eligible for Pension fund, he has to complete membership of the Fund for 10 Years.

This article is copyright

Report this article Ask About This Article

More to Explore