What is EPF and Pf Money Deduction Details

Most of the people do not know that what is EPF so friends today let’s talk about EPF, how to get EPF.

What is EPF and Pf Money Deduction Details

What is EPF Details

Let’s talk about what is EPF, If you do not know then know that EPF i.e. Employees Pension Scheme which is also called Employees Provident Fund in English or it can be called Employees Provident Fund.

This happened in the year 1995, which was brought in place of the Family Pension Scheme, according to the information received, in addition to 8.33% (maximum Rs 1250) of the employee’s monthly EPF (maximum salary ₹ 15000) contribution, there would have been 1.77% contribution from the government. Is.

The purpose of which is to give the employee 20 years of service or full pension on retiring at the age of 58, here again 20 years of service but retirement pension or temporary complete disability pension or temporary complete disability pension on retirement at the age of 58 years or more than 10 years but 20 To provide short service pension on service for a period of less than one year.

EPF not deducted What happened?

If EPF is not being deducted from the salary of an employee. So for that let us tell you that why it is not being cut, there can be only two reasons for this.

First reason – When an establishment has less than 20 pump employees, then PF deduction is not necessary there, so PF is not deducted.

Second reason – If there are more than 20 employees in an establishment and then EPF is not deducted, then the basic salary and dearness allowance of all the employees, which is called DA, is more than ₹ 15000 monthly and all of them have filled form 11 from EPF. If you have decided to stay out, then there is no deduction in such a case.

What to do so that our EPF is not deducted and we get full salary

If you are doing a job and want that our EPF is not deducted and the entire EPF money should be added to our salary, then it may happen that this facility is provided by the company. But for that, if the salary and DA of an employee together is more than ₹ 15000, then he can apply to keep himself apart by filling Form 11.

However, it is worth noting that any such option will have to be selected at the time of starting the job. If you contribute PF even once, then after that you cannot phone 11 home, that is why you have to apply form 11 even before opening PF account.

What happens if I do not apply for EPFO?

In this way, EPS is necessary and mandatory for everyone, if you do not contribute to PF, then if you do not contribute to the given PPF, then your EPF will continue to do so from the salary and you could not even get its money, EPF is mandatory, you must Should be done.

Whether EPF remains even after changing job

The question is that if an employee has changed many jobs, due to which he does not even remember the PF number, will he get EPF, why will he not get the answer, because once the EPF is created, he will work in all the salary, in which company do you work? If you are going to any other company after leaving it, then there too you will get your money deducted from the same PF number portal in the hotel.

When can I withdraw EPF

Yes, now you can withdraw EPF. For that you have to select the following option. For PF withdrawal you have to fill and submit Form 31

For this, you will have to tell in the phone that you are taking out a place to buy a house plot or get a house from an agency or to pay a housing loan and another for the marriage of your son daughter brother sister.

Is there any tax on withdrawal of any PF?

If the employee has contributed for a period of less than 5 years and has received benefits under section 80C, then the withdrawal will be taxed as per the tax bracket slab for the last 4 years.

Is minimum 6 months contribution required for EPF withdrawal?

No because it can be withdrawn even the smallest amount of your contribution Another supplementary question that if it is less than 6 months contribution will get deposited in the Employees Pension Scheme when you are there only more than 6 months and 9 and half years Contribution to pF can be withdrawn only if it is not otherwise. 

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