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New Page 2 Welcome to the Official Website of EPFO - Regional Office, Hyderabad EMPLOYEES -- KNOW YOUR BENEFITS::

The Provident Fund Act is applicable to specified establishments in which 20 or more persons (including contract employees) are working:

Any establishment can seek voluntary application of the Act.

All employees are eligible to become a member of Provident Fund from the date of their joining the establishment

On becoming a member, an employee is eligible for Provident Fund benefits, Pension benefits and Insurance benefits

Every employee is required to pay Contribution to the Provident Fund @ 12%/10% of their Basic wages and Dearness Allowance


The employer will also pay an equal amount of contribution of which 8.33% shall be credited to Pension Fund and remaining to Employee P.F. Account.

The interest is added annually on the Provident Fund accumulations.

The members are informed of the balance of their Provident Fund accumulations every year through the Annual Provident Fund Statement of Accounts (Form 23)

The Provident Fund members can avail advances/withdrawals for House constructions, Marriage, Illness, Closure of establishment, etc., through Form 31 which provides details and documents to be submitted

On retirement or on leaving the service, the Provident Fund accumulations can be withdrawn in full by submitting Form 19

For premature settlement of P.F accumulations two months waiting period from date of leaving service is compulsory.

In case of premature death, the Provident Fund is payable to Nominee?s or family members, through Form 20 immediately.

A member of the Provident Fund is also a member of Insurance Scheme.

In case of death of an employee while in service, up to Rs.60,000/- is payable to Nominee/Family members, through Form 5 IF.

No contribution is required to be paid by the employee for the insurance benefit. On behalf of the employee, the employer is required to pay the contribution.

A member of the Provident Fund also acquires membership under Pension Scheme.

No separate amount of contribution is payable by the employee towards Pension Fund.

The pensionary benefit is not related to the quantum of contribution paid and no individual account is kept for Pension contribution. Hence no annual statement of account is supplied for pension Account.

Pension is based on the service, age and wage of an employee at the time of his leaving the service.

The payment of Pension is guaranteed and assured even in cases where the employer fails to deposit the Pension contribution.

 

 


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