benefits under epf[1]

8/3/2019 Benefits Under Epf[1]

1/32

Ppt4hr.blogspot.com. [email protected]

Satyam @HR,PM&IR from BHU Varanasi. LLB.


2/32

Provident Fund Benefits

Pension Benefits

Death Benefits

Ppt4hr.blogspot.com. By

[email protected]


3/32

1. Employer also contributes to Members PF @ 12% (10% in case of sick industrial co., any

establishment having accumulated loss equal to itsentire paid up capital and any establishment

in Jute Industry, Beedi Industry, Brick Industry, Coir

Industry and Gaur Gum Factories. ) 2. EPFO guarantees the Employer contribution and

credits interest at such rates as determined

by the Central Government.

3. Member can withdraw from these accumulations to

cater to financial exigencies in life - No need to refund unless misused.

4. On resignation, the member can settle theaccount. i.e., the member gets his PF contribution,

Employer Contribution and Interest.



4/32

1. Pension to Member

2. Pension to Family (on death of member).

3. Scheme Certificate

This Certificate shows the service & family details of a member

This is issued if the member has not attained the age of 58 whileleaving an

establishment and he applies for this certificate Member can surrender this certificate while joining another establishment and the

service

stated in the certificate is added with the service he is gaining fromthe new

establishment.

After attaining the age of 50 or above, the member can apply for Pension bysurrendering

this scheme certificate (if total service is atleast 10 years)

This is a better choice than Withdrawal Benefit, as a member dies holding a validscheme

certificate, his family will get pension (Death when NOT in service)

CONTINUE------



5/32

4. Withdrawal Benefit

If not eligible for pension, member may withdrawthe amount accumulated in his pension account

The calculation of this amount is based only on (i)Last average salary and (ii) Service

(Not based on actual amount available in PensionFund Account)

5. No amount is taken from Member to give Pensionto the Member. Employer and Govt.

contributes to Pension fund @8.33% and @1.16%

respectively 6. EPFO guarantees pension to members, even if

the Employer has not contributed to

Pension Fund.



6/32

1. Provident Fund Amount to Family (or to

Nominee)

2. Pension to Family (or to Parent / Nominee)

3. Capital Return of Pension 4. Insurance (EDLI) amount to Family (or to

Nominee)

No amount is taken from Member for this

facility. Employer contributes for this.

5. Nominee is basically determined as per

the information submitted by the member at

this office through FORM-2Ppt4hr.blogspot.com. [email protected]


7/32

You, as your own, can not become an EPF Member. Tobecome an EPF member, you have to

work in an establishment which is covered under EPFand MP ACT, 1952.

If 20 or more employees are working in an

establishment, EPFO will cover that establishment.

If Employer and Employees of an establishmentdesires, that establishment can

voluntarily opt for EPF coverage even if the

employees employed therein is less than 20. If your establishment is not covered and atleast 20

employees are working in that

establishment, you can approach EPFO to cover it.



8/32

To withdraw money from EPF Account, you

have to either:

Resign or retire from the establishment and

apply for settlement of PF in Form-19 Apply for advance for some admissible

purposes



9/32

If you have attained the age of 50 years or moreand

If you have completed a total service of 10 years ormore and

If you are not getting any other EPF PensionThen you have to apply in Form-10D at the EPF Office

where you last worked through your last employer.

If you want to draw pension from a different place, youhave to furnish appropriate Bank / Post Office

address in the application form.Pension is distributed through Post Offices or through

some designated banks only (eg: IndianBank, SBI,Indian Overseas Bank, HDFC Bank, ICICI and UTI Bank)



10/32

1. On superannuation

Age 58 years or More and atleast ten years of

service

The member can continue in service while receiving

this pension

On attaining 58 Years of age, a EPF member cease tobe a member of EPS automatically

2. Before superannuation

Age between 50 and 58 years and at least ten

years of service

The member should not be in service

3. Death of the member Death while in service or Death whilenot in service

4. Permanent disability

Permanently and totally unfit for the employment which

the member was doing at the time of such disablement


No pensioner can receive more than one EPF

Pension.


11/32

You have to resign or retire from theestablishment and apply for settlement of PFin

Form-19. If the exit is before 55 years of age,the member should not work in any covered

establishment for a period of 2 months fromthe exit date.

If the member dies, Family

members/Nominee have to apply in Form-20for settlement of

PF (In case of death, apply in From-10D andForm-5IF for Pension and EDLI also)



12/32

You have to apply in From-13(R) through the

NEW Employer at the EPF Office from which

transfer is sought clearly stating New and Old

EPF Numbers. You have to obtain new EPFNumber from your New Employer. New EPF

Number will be allotted by New Employer,

not by EPFO.



13/32

On death of a member, the Family Members orNominee (whoever has the entitlement toclaim Provident Fund amount) can claim forEDLI Benefit. Maximum amount payable is Rs.

60,000/-.The nominee(s) have to apply in From-5IF

through the Employer. No amount is takenfrom the Member for this facility. Employer

contributes for this. Average PF Balance,salary and service are the factors consideredfor the calculation of this amount



14/32

1) While joining an establishment, furnish details of previous employment if any, withprevious Provident Fund a/c number and scheme certificate.

2) In case of existing Provident Fund/ Pension a/c, apply for transfer of previous a/cnumber to the present a/c number.

3) Ensure that employer furnishes Form-5 with details of previous Provident Fund a/cno. to

Employees' Provident Fund Organisation.

4) Execute Form-2, with details of self, nominee for Provident Fund and pension anddetails of

family, so that it is forwarded to Employees' Provident Fund Organisation by theemployer.

5) Ensure that particulars furnished are correct in all respects.

6) Ensure that enrolment to Employees' Provident Fund/ Employees' Pension Scheme isdone

immediately on the date of joining the establishment.

7) Ensure that Provident Fund is deducted at statutory rate from the total wages i.e.basic, D.A.

and retaining allowance if any.

Continue



15/32

8) If desirous of enhancing rate of contribution, informyour willingness with the higher rate opted and forward toEmployees' Provident Fund Organisation through employerand allow employer to deduct at enhanced rate from thewages.

9) If the wages drawn is more than Rs. 6500/-, intimateyour willingness to contribute on the whole salary as perhigher rate to Employees' Provident Fund Organisationthrough employer.

Employer can also contribute on the whole amount drawnas wages under intimation to Employees' Provident FundOrganization.

10) Check up periodically with the employer thatcontribution and other charges are paid to Employees'Provident Fund Organisation and ensure it's correctness byverifying the Form-3A (contribution card) maintained bythe employer.



16/32

1) Don't give false declaration and incorrectparticulars to Employer and EmployeesProvident Fund Organisation.

2) Don't fall victim to middleman/ agents.

Please Contact PRO for Doubts /Clarifications if any.

3) Don't allow Employer to deduct his ownshare of contribution or administrative

charges payable by him from your wages.4) Don't be a party to misclassification of

allowances of your wages, with a view toavoid payment of Provident Fund.


17/32

Marriage / Education

Treatment

Purchase or construction of Dwelling house

Repayment of Housing Loan Purchase of Plot

Addition/Alteration of House

Repair of House Lockout

Withdrawal Prior to Retirement

Other Advances


18/32


19/32

Continue


20/32


21/32


22/32

Continue.


23/32


24/32


25/32


26/32


27/32


28/32


29/32

Eligibility- Certificate of damage from

appropriate

authority.

State Govt declaration.Eligible Amount-- Rs. 5000/- or 50% of

members own share of contribution (To

apply within 4 months)

Form- No.31

Documentary Support- Certificate from the

Appropriate Authority.


30/32

Types of Benefit- Grant of advance to membersaffected by cut in the supply of electricity.

Eligibility-- The advance may be granted only toa member whose total wages for any one month

commencing from the month January 1973 were3/4th or less than 3/4th of wages for month.

Eligible Amount-- Wages for a month ORRs.300/-

Form- No.31

Documentary Support- Certificate from StateGovt.

regarding cut in the supply of electricity.


31/32

Types of Benefit- To Physically Handicapped member for purchase of anequipment required to minim the hardship on account of handicap.

Eligibility- Production of medical certificate from a competent medicalpractitioner to the effect that he is physically handicapped.

Eligible Amount- Basic wages+DA for six months or own share ofcontribution with interest or cost of equipment which ever isleast.

NOTE The amount of advance/withdrawal is not required to berefunded under normal circumstances. If the amount is not utilised, thesame should be refunded with penal interest

A fixed minimum balance in the account will be kept before arriving at theamount of advance admissible subject to the above conditions

For calculation/ computing the period of membership U/P 68B, 68BB,68K, total service exclusive of periods of break under the sameemployer before the scheme is applied to him, as well as period ofmembership of the fund is always included


32/32

benefits under epf[1]

Documents