An employee starts with a basic salary of Rs. 20,000 at 25 years and works till 60 years. Every year, on average, he gets a 5% increment. He contributes 12% of his basic salary towards PF which is matched equally by one’s company, (EPF contribution is 3.67%, EPS 8.67%). Over t...
EPF, EPS and EDLIS are calculated on the basis of your Basic + Dearness Allowance (DA) (including cash value of any food concession allowed to the employee) + Retaining Allowance (RA) if any. (Retaining Allowance means allowance payable for the time being to an employee of any factory or...
Statutory means controlled or determined by a law or rule.The difference is between statutory and legal. If something is legal, it is allowed by the law, whereas if it is statutory, it is regulated by law. It is easier to understand if one looks at the what is not legal or Statutory....
But inspite of being a solid retirement savings product, please do not be under the notion that its enough for retirement. YourProvident Fund is not enough for retirement. And niether will be thehigher EPS pension optionthat was made available to EPF subscribers in 2023. A good retirement por...
Partial withdrawals are subject to restrictions. A partial withdrawal request is to be made by electronic means by the account holder. When an employer contributes, 8.33% of the 12% goes to the employee pension plan, and the remaining 12% goes to the provident fund account. ...
EPF Act 1952 and Employees Pension Scheme 1995 govern the deductions of employer’s and employees’ contributions to the pension scheme. In 2014, an amendment was made to the EPS 1995 and it limited the scheme to employees drawing a salary below 15000 alone. Those who draw above 15000 are ...
Hi Sir, Twice my claim got rejected stating “StatusClaim Rejected SUBMIT FORM 15G ALONG WITH FORM 19 AND 10C” What exactly it means(is I need to submit form15g and other form in one go?)Btw I have submitted the form 15g in last claim ...
EPF Withdrawal:How to withdraw from EPF and EPS EPF Partial Withdrawal or Advance New UAN Unified Portal for Employees EPF Withdrawal before 5 years,TDS,Form 15G,Tax and ITR Hope it helped you to do EPF Withdrawal. Where did you find problem while filing ITR?
Insufficient Service rejection means that you have not servedyour service for a min. duration of 6 months. In such scenarios, you would be able to apply for EPF Withdrawal using Form 19 but cannot apply for EPS(pension) withdrawal using Form 10C. ...
If your claim status is showing aspending at DAit meansit is stuck at the EPFO office. The approval process in EPFO goes through DA(Dealing Assitant), AO(Assessing Officer) and CO(Cash officer) as shown in the image below. In EPFO,Dealing Assistant(DA),is the first person who checks th...