Tech Mahindra
2014
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Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential.
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Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential.
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PF General FAQ’s
1.
What does EPFS stand for?
EPFS stands for Employees’ Provident Funds Scheme - 1952
2. What does EPS stand for?
EPS stands for Employees’ Pension Scheme – 1995
3. What does PPF stand for?
PPF stands for Public Provident Fund which is initiated by individuals in
consultation with the banker. Tech M has no involvement in PPF.
4. Is it compulsory to be a member of EPFS and EPS though I am a member of
PPF?
Yes, EPFS and EPS are compulsory while PPF (Public Provident Fund) is
voluntary.
5. When can I become a member of Employees’ Provident Fund?
You are eligible for membership from the day you join Tech Mahindra.
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PF General FAQ’s
6. What am I required to do at the time of joining?
You become a member of this scheme automatically once you join the
organization. At the time of joining, it is mandatory on your part to fill Form No 2 and
nominate your family members. In case of an event of death, the accumulated
amount in the PF account is paid to the member whom you have nominated. The
pension is paid to the nominee as per rules defined by the Provident Fund
Organization.
7. Who can become a member of Employees’ Pension Scheme?
Every employee who has become a member of Employee’s Provident Fund
becomes a member of Employee’s Pension Scheme.
8. When does Employees’ Pension Scheme membership cease?
The Employees' Pension Scheme membership will cease from the date the
member attains 58 years of his/her age.
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PF General FAQ’s
9. How is my EPF contribution calculated?
EPF amount is calculated on the following basis:
i. By employee (your contribution) @12% of Basic Pay + employer @12%
of Basic Pay. However, the employer's contribution is split into two, 8.33% towards
Family Pension Scheme & 3.67% towards EPF.
10. What is my PF balance as on today?
To know your PF amount as on 31st March 2014 kindly log on to the new PF
government website as mentioned below. http://www.epfindia.com/MembBal.html
Kindly select Pune and input the data in the format mentioned below {PU PUN
34224 000 PF account Number of Tech Mahindra}. If your balance is not available
then your can raise grievance with EPF INDIA Portal at link :
http://epfigms.gov.in/grievanceRegnFrm.aspx?csession=491YELhyoLk&
11. I received an SMS showing the balance as on 31st March 2014. Then why is
the statement issued till Feb 2014?
This is because PF for February is paid in March so the balance date shows till
March.
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PF General FAQ’s
12. What are the two figures reflecting on the SMS?
There are two kinds of contribution that is made in PF
i. EE: Employee contribution (12% of Basic)
ii. ER: Employer contribution (12% of basic out of which Rs, 1250 or
8.33% whichever is less as Pension fund. Pension Fund Contribution does not
reflect in the SMS balance)
13. I have joined after 1st April 2013. Will i be able to view the balance?
No. Balance can be viewed by all those who have joined till the month of Jan
2013.
14. What is the rate of interest on PF BALANCE?
The Interest rate for the current financial year 2013-14 is 8.75%
15. If the associate is onsite, can the PF balance be seen online?
If the associate is NOT receiving any Indian salary (Basic) then account has
been marked as In-operative Account. They will not be able to see the balance
online.
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PF General FAQ’s
16. If the associate has left the organization, can the PF balance be seen
online?
The amount will be seen by the ex-Tech M associates only if the amount has not
been withdrawn.
17. How do I Know my PF contribution for the current financial year
We have a provision of PF calculator made available on the HR Portal. It can be
check through the path mentioned below My beat >> HR >> FAQ >> know More>>
Calculate your PF
18. I got a confirmation of my transfer amount but it is not reflecting in the
balance.
The balance is for the financial year March 2013 to Feb 2014. Since your
transfer has happened post March 2014, the amount will reflect in the statement in
the next financial year. As per standard practice transfer of PF account gets
complete in 4 to 6 months’ time after submission of PF transfer form to respective PF
office. Entry transfer completion take another 6 month’s to reflect in E-passbook.
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PF General FAQ’s
19. I want to contribute for voluntary PF. What is the process?
If any employee so desires, he/she can invest an amount exceeding twelve
percent of his basic pay max 88%. The employer contribution will continue to be the
same which is 12 % if the basic, out of which Rs, 541 or 8.33% whichever is less as
Pension fund. You can send your request to [email protected] (Shekhar
Kshirsagar) techmahindra.com for additional provident fund deduction with your full
name, employee ID and % of basic towards additional PF contribution
b. For further details on VPF please visit Payroll FAQ on Mybeat site. Log on to
mybeat > Functions > Support > Finance > Payroll FAQ
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PF General FAQ’s
20. I want to change the name on my PF account. What is the process?
You need to submit an application for name change to the PF Department so as
to process it in the RPFC office. You need to draft a letter mentioning the PF account
number and earlier name and the corrected name. Please also attach a proof of
name like passport copy or Pan card copy along with the letter.
21. I wish to withdraw partial PF / take loan on my existing PF. What is the
process?
An associate has to complete min. 5 years’ service in order to be eligible for PF
loan. Please log a call to HUB to get more details on the same as from no 31 along
with documents are required to submit with HR.
22. Also how much % of PF I can withdraw if I require money.
The loan amount is defined by RPFC and may vary on a case to case basis.
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PF General FAQ’s
23. When will the Transfer of R&D/Axes technologies reflect in the PF
statement
All transfers that have been initiated in the month of February 2010 will reflect in
the PF statement of 2011-2012 or online/ sms during Apr, 2012, if the transaction is
completed by RPFC.
24. If I quit the company before completing 5 years do I get the PF or not?
All associates are eligible to claim the PF amount any time after 2 months from
exiting the company.
25. What is the tax liability for PF withdrawal? When is it tax free?
PF Office does not deduct any tax on withdrawal of PF. You may consult your tax
consultant at the time of tax declaration.
26. Where can I find the balance towards family pension?
Govt. PF Office does not provide any statement or balance towards family
pension.
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