The Employees’ Provident Fund Organisation is one of the two main social security organization under the Government of India’s Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees’ State Insurance.
Provident Fund
What is a provident fund?
What is a provident fund? A provident fund is an investment fund that is voluntarily established by Employer and employees to serve as long term savings to support an employee’s retirement. Sources of fund: Employee’s contribution: The amount deducted from the employee’s salary at a rate of 2% – 15%.
How do I get my provident fund money?
You need to contact the HR department of each of your former employers and a) find out where your money is; 2) request a withdrawal form if the money is still in the employer’s retirement fund; or 3) request the contact details for the administrator who looks after the unclaimed benefit fund if the money has already …
Can I claim provident fund if I resign?
If you resign, or you are retrenched, you are allowed to withdraw from your employer-sponsored retirement fund (that is a pension or provident fund). The “benefit” you can claim is the balance in your retirement account. Once you have withdrawn, you have no other claim against that fund.
How much will my provident fund payout be?
Kumarasen, You will receive the total value of contributions (net of any administration fees and risk premiums deducted) invested in your fund account plus the investment return (net of any fees) on those contributions. The investment return may be positive or negative.
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