प्रोविडेंट फंड ( Provident Fund )

It was the first day in office and he was very nervous to meet his new colleagues,boss & subordinates in Delhi. The boss seemed a polite and professional man and a man of attitude but he managed to have the colleagues somewhat familiar to his last organization. He was looking for the ease to speak to somebody and get easy. Suddenly his cellphone rang and he was about to receive the call somebody form the far end shouted ” put the cell on vibrate or switch it off as this is not allowed to ring in Office premises”. He suddenly reacted to this and dropped that call to switch the cellphone to vibration mode. Even if he felt sorry for the incident he was upset by the present-day behavior of the employees. The whole day he spent doing all shut things as his mood was spoiled by the incident in the morning. But being in professional attitude he managed to spend a good day with his colleagues in understanding the nature of his work in the new organization. It was 6 o clock in the evening and was time to swipe out the access card and exit, he looked for help from the receptionist and came out of the office premises. He wanted to celebrate the first day in a new job and went to a bar nearby his residence. It was a good drink and a good dinner to end the day. In this fashion he spent the whole first week and the first week. But at the end of the month his boss told him that for that month he wont be getting his salary as his employee code has not been generated by the IT team. It was like a shock for him as he was running short of funds to handle his day to day expanses and with this answer his hopes were shattered and he was lost for a second and was finding people among his circle to borrow money. Neither on that evening he went to the bar nor had a good dinner. Instead visiting hotel he preferred to cook dinner for himself. Having few sips of coffee he thought what if he could withdraw PF from the 3 last companies this could be a good amount to the bad times….
The above issue may or may not rise many a times but as far as pf is concerned you all will be in the favour of having this sum ASAP. But these days when people are changing their jobs very often they are leaving their pf in the pervious organizations. There could be many reasons for that ; lack of information about Pf, lack of information about withdrawing the same and lack of time could be the three main reasons for that. So being into HR this not being digested by me. SO for a lehman employee who doesn’t know about anything about PF here are few important things which could help him get the PF amount.
· Please take a note that PF is elaborated as Provident fund and this is mandatory for each and every employer to pay ( Please refer www.epfindia.com for the eligibility ).
· 12 % of your basic salary is deducted every month as Employee contribution to the provident fund ahd your company put its contribution of the same 12% of your basic salary and the whole amount is deposited in govt account under your pf number and govt provides a fixed annual intrest on the amount.
· Please take a note that out of the 12% deducted only 3.67% goes to the Pf fund and the rest 8.33 % goes to the pension fund.
· The most important thing is that if any employee is less then 6 months old in any organization he is not eligible to withdraw Pension from the Pension fund ( 8.33%).So don’t worry if your pf amount is lesser than what you were expecting as pf is only 3.67% pf the basic.
· After 40days of leaving any company an employee is eligible to apply for the pf amount.
Now you have two option. First to withdraw the PF amount and second teo transfer the PF amount to your present company’s PF account.
TO WITHDRAW PF
· To withdraw pf & pension one needs to fill up two forms ; form 19 & form 10C both can be downloaded from the url www.epfindia.com
· Please fill up the form and please don’t forget to affix revenue stamp (you will get in Post office across India) and sign on the stamp itself.
· There are options to receive the pf amount. As per my response is concerned payment through account payee cheque is the safest mode to receive the money. Please put a tick mark on the right option to receive the amount through Account payee cheque.
· If you select to receive the amount through cheque then you need to put the corect mailing address of the branch with pin code.
· After filling up the form you need to submit the forms along with your recent bank statement( If private bank & copy of passbook if a nationalized govt bank) in the last organization Hr department. Once its done then its the Hr department of your last company and the PF office to work on it. If everything goes in normal routine you pf amount will be in your account within 15days.

TO TRANSFER PF
To transfer the PF amount to your existing pf account in the new company you need to download Form 13 fom www.epfindia.com then please fill it properly and send the same to your last organization and teh HR from the same office will fill his part in the form including your PF contribution and will send the same to the regional PF office. Now its the PF office who will trasfer the amount to your regional pf office which in turn will send teh same into your account.
I think I have put all the basic information. If something else required then please let me know.
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