What is Provident Fund? All you need to know - PowerPoint PPT Presentation

faydabook
what is provident fund n.
Skip this Video
Loading SlideShow in 5 Seconds..
What is Provident Fund? All you need to know PowerPoint Presentation
Download Presentation
What is Provident Fund? All you need to know

play fullscreen
1 / 8
Download Presentation
Presentation Description
176 Views
Download Presentation

What is Provident Fund? All you need to know

- - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

  1. What is Provident Fund? Visit www.faydabook.com

  2. Employee Provident Fund or EPF or PF as normally referred is a retirement scheme for Private sector employees. 12% is compulsorily deducted from your salary and 12% is contributed by the employer. • You may contribute higher % from your salary but there is no such obligation on the employer. • The amount accumulated is disbursed at retirement or VRS. It can be transferred while changing jobs. • You or your family get pension after the age of 58. Employee Provident Fund (PF) Overview Visit www.faydabook.com

  3. Employee Provident Fund (PF) Overview Visit www.faydabook.com

  4. The Public Provident Fund (PPF)is an investment scheme for any individual (general public). This is a voluntary can be opened from Post Office or Nationalised Banks. • The minimum annual investment is Rs 500 & maximum investment is Rs 70,000. • The amount accumulated can be withdrawn after 15 years. You may also extend the maturity by 5 years & also make fresh deposits during this period. • There is no pension in this scheme. PF & PPF are different Visit www.faydabook.com

  5. Employee Provident Fund (PF) Advances Visit www.faydabook.com


  6. Employees are also insured under the Employees Deposit Linked Insurance Scheme • The Employer pays for the insurance charges. The employee does not have to pay for the insurance. • The insurance amount is payable to the nominee or family members in case of death of the employee while in service. • The insurance amount is subject to a ceiling of Rs 60,000. Accident death benefit ceiling is Rs 1 Lakh. Employee Provident Fund (PF) Insurance Visit www.faydabook.com

  7. You are eligible for lifelong pension after the age of 58. You need not pay for this scheme. The employer's contribution is used to pay the pension. • You need to complete 10 years of service. In case of job change, the PF account has to be transferred & not withdrawn. • The legal heir/nominee is eligible for lifelong pension in case of death of the member. • The maximum pension is Rs. 3250 per month. Employee Provident Fund (PF) Pension Visit www.faydabook.com

  8. Form 19- To claim final settlement at retirement • Form 20- To claim settlement by legal heir/nominee in case of death of employee • Form 10 C- To claim withdrawal advance • Form 31- To claim temporary withdrawal/advance • Form 31- To transfer account at time of changing job PF Forms for Employees Visit www.faydabook.com