Tech Mahindra 2014 1 Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential. 1 2 Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential. 2 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. 3 Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential. 3 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. 4 Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential. 4 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. 5 Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential. 5 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. 6 Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential. 6 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. 7 Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential. 7 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 shekhark@techmahindra.com (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 8 Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential. 8 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. 9 Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential. 9 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. 10 Copyright © 2014. All Rights Reserved. l Tech Mahindra Confidential. 10 Thank you Visit us at www.techmahindra.com Disclaimer Tech Mahindra Limited, herein referred to as TechM provide a wide array of presentations and reports, with the contributions of various professionals. These presentations and reports are for informational purposes and private circulation only and do not constitute an offer to buy or sell any securities mentioned therein. They do not purport to be a complete description of the markets conditions or developments referred to in the material. 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