RE:What is the provision of EPF for Self Employed Persons
by gaurav pandey on Jun 25, 2007 01:28 PM Permalink
no.open a PPF acct. or become an employer.
I am a self employed professional. I want to have my EPF account. Can I get. If yes, how much monthly deductions are permittedto a self employed professional.
dear sir, my employer says that there is a ceiling of Rs. 750/- p.m. on EPF contribution.(i.e. for monthly salery of Rs. 6500/- or more) my monthly salery is Rs. 30000/- but EPF deducted is only 750/- Is this right ? - PPsak
RE:EPF
by on Jun 25, 2007 12:32 PM Permalink
NO thats not the case...IT works from company to company..I think there is some law under which if all the employees of a company are above a particular income bracket then the company has the option of either deducting a sum of Rs. 750 P.M or dedecuting 12% of the basic. The thing is that it has to be uniform across the company. Al lof to agree to either of the above option. You cannto have one half contributing on Rs. 750 and the other half contributing 12%.
RE:EPF
by Jayant on Jun 25, 2007 12:33 PM Permalink
If employee & employer (both) are agree then EPF contribution can be raised upto 12% of Basic DA. In your case employer is not agree.
RE:EPF
by mahavir prasad hawa on Jun 25, 2007 12:32 PM Permalink
epf is deducted only on your basic pay dearness allowance.your employer is bound to contribute 12% on this pay component (out of it Rs 541 or 3.3% goes to pension fund).if the amount calculated by u this way is less u can ask the pay master to rectify.
RE:EPF
by rahul pandey on Jun 25, 2007 12:32 PM Permalink
Hi! EPF is deducted only Basic salary DA so u must be having 9k as your Basic salary rest will be HRA ,Medical,etc.
RE:Can any one tell me whether my EPF got transfered from my Previous enployer to current one?
by oinam gautam on Jun 25, 2007 11:59 AM Permalink
Prashant, When we change jobs, the EPF account will not get transffered automatically. We have to put some efforts here.
You may ask the Accounts people of your current organisation that you have a EPF a/C and need to transfer it. He/She will give a form and then accordingly you need to submit it to EPF office.
RE:Can any one tell me whether my EPF got transfered from my Previous enployer to current one?
by Nagendra Ramohalli on Jun 25, 2007 12:15 PM Permalink
Hi Prashant.
Please make sure that you fill Form-13, application form for transfer of your PF accumulations and submit the same to PF office through your present employer. In the covering letter you make request for copy of Annexure-K be forwarded to you. You will come to know your transfer of your PF accumulations
R G Nagendra Manager - HR Sugal and Damani Group of companies, Mumbai
RE:Can any one tell me whether my EPF got transfered from my Previous enployer to current one?
by pps on Jun 25, 2007 12:21 PM Permalink
you can check this with the office of a/c general of your state quoting your EPF a/c no.
I don't think that it is one of the best option. As the procedures for withdrawl are very cumbersome and probably govt. is not going to keep EPF funds with itself for long. It also might be handed over to some Corporate for management and then no body shall take the liability of paying the amount to its subscribers.
RE:EPF an option of investment
by Saswati Sinha on Jun 25, 2007 11:52 AM Permalink
Considering all other investment options risk factor in EPF is THE lowest. It's a myth that withdrawal is cumbersome, these days the withdrawl is really fast. My question is if I change job and don't transfer the PF from my previous employer, will those be considered as a separate account? I do have the social security number which is issued by Employee Provident Fund Organization. What is the purpose of this number?
If you do not transfer then there will be two accounts and at any point you can initiate merging of all your PF accounts into one. I am not sure about the purpose of social security number.
