EMPLOYEES -- KNOW YOUR BENEFITS::
Fund Act is applicable to specified establishments in
which 20 or more persons (including contract employees)
establishment can seek voluntary application of the Act.
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
is required to pay Contribution to the Provident Fund @
12%/10% of their Basic wages and Dearness Allowance
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.
is added annually on the Provident Fund accumulations.
are informed of the balance of their Provident Fund
accumulations every year through the Annual Provident
Fund Statement of Accounts (Form 23)
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
or on leaving the service, the Provident Fund
accumulations can be withdrawn in full by submitting
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
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.
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
amount of contribution is payable by the employee
towards Pension Fund.
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.
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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