What is EE in PF?

In PF EE balance means “Employee PF Contribution” and ER balance means “Employer PF contribution”, if you sum these two balances then you will know your total PF balance in your PF account.

What is meant by EE in PF?

EE here means the contribution made by you, the employee, and ER means the contribution made by your employer. Downloading account statement. To take the concept of “know your balance" to the next level, EPFO launched an e-passbook service for EPF members last month.

Can I withdraw full PF amount?

The new rules state that PF account holders can withdraw money equivalent to three months of their basic salary plus dearness allowance or 75 percent of the net balance in their PF account, whichever is lower.

Can we withdraw employer share in PF?

The maximum amount that can be withdrawn is evaluated as 75% of the total EPF balance i.e. member's and the employer's share and the interest amount. You can withdraw the remaining 25% after being jobless for a continuous period of two months.

What is total balance in PF?

EPF or Employee Provident Fund is a fund in which a portion of your salary gets deposited every month, for the purpose of building your retirement savings. EPF balance is the total amount of your salary that is deposited in the EPF account, under your name, on a particular date.

what means EE balance

How can I remove PF er balance?

90% Withdrawal Before Retirement

If you are 54 years of age, then you can submit online advance PF claim under this advanced mercury, in which you will get 90% of the amount deposited in the PF account (EE BALANCE & ER BALANCE) as advance, But you will get this option only when you are 54 years old.

What is EPS salary?

EPF Pension which is technically known as Employees' Pension Scheme (EPS), is a social security scheme provided by the Employees' Provident Fund Organisation (EPFO). The scheme makes provisions for employees working in the organized sector for a pension after their retirement at the age of 58 years.

Can I continue PF after resignation?

Ans : There is no restriction of period for membership. Even after leaving the establishment a person can continue his membership. However, if no contribution is received into a PF account for 3 consecutive years the account shall not earn any interest after 3 years from the stopping of contribution.

Is PF taxed if withdrawn?

As per the provisions of the Income-Tax (I-T) Act, 1961, the accumulated balance in EPF that is payable to an employee is excluded from the computation of the total income, in case certain conditions are met. This means the withdrawal is exempt from tax and the individual need not show the same in the return as income.

Can I withdraw my PF pension amount after 10 years?

PF and EPS amount cannot be withdrawn after the completion of 10 years of your service because if you have completed 10 years of your service, your employer will necessarily have to provide you with the pension benefits.

How many times can I withdraw PF online?

How many times EPF can be withdrawn? An employee can withdraw his EPF amount any time he wishes to. However, the maximum that can be withdrawn is either the total employee's share or six times his wage, whichever is lower. The number of times that you can withdraw for a similar reason is 3.

How long PF claim takes?

Once your employer has verified your details and you have filed for a PF settlement, an OTP will be sent to your registered mobile number. Enter the OTP and submit the Composite Claims Form. Once this is done, the process for making a withdrawal is initiated. Employees can expect their PF settlement within 5-10 days.

How can I apply for EPF 10k?

How to apply for the special withdrawal facility? Applications can only be done online via the Pengeluaran Khas portal, which can also be accessed directly from the i-Akaun mobile app.

Can I withdraw pension contribution?

An individual can withdraw Employee Pension Scheme depending on two factors- age and years of work experience. Once you reach the age of 50, you will be able to withdraw your EPS. However, the money you receive will be at a lower interest rate.

What is PF EDLI?

The Employees' Deposit Linked Insurance Scheme(EDLI) is an insurance cover provided by the Employees' Provident Fund Organization (EPFO). A nominee or legal heir of an active member of EPFO gets a lump sum payment of up to Rs. 7 Lakhs in case of death of the member during the service period.

How do I find out my credit on EE?

Is there any TDS on PF withdrawal?

If an EPF balance is withdrawn before 5 years of service, TDS is deducted at a rate of 10%. TDS will be deducted at the highest slab rate of 30% if PAN is not provided during withdrawal.

What if I withdraw PF before 5 years?

EPF is withdrawn before 5 years

If you withdraw from EPF before completing 5 years of continuous service, TDS will be deducted. In calculating 5 years of service, your tenure with the previous employer is also included.

Can I withdraw PF for marriage?

The Withdrawal limit is generally 50% of the amount that exists in Employee's Share in the PF account. Only 50% of the amount in Employee's Share in the PF account can be availed for Marriage Advance and it can be availed 3 times in a lifetime.

Can I withdraw my PF after 7 years of leaving company?

You cannot apply for withdrawal of EPF account balance immediately after your resignation from a company. If you chose to withdraw your money in the PF account before completion of 5 years, you will liable to pay tax on the amount.

How long is PF remains active?

One person, who is out of a job, cannot contribute to the PF account. However, if for the first 3 years, the PF account does not receive any contribution, the account will be tagged as an inoperative account. So, then you should withdraw some money before 3 years, which will keep the PF account active.

What is form 10C in PF?

Employees whod like to withdraw their pension amount in certain cases without fulfilling the basic withdrawal criteria can use Form 10C for withdrawal. The form can be filled and submitted online or offline for requesting the pension amount.

Can we withdraw EPS amount?

EPS amount can only be withdrawn if the individual quits the company before joining the new company. The individual can withdraw the savings of EPS on the EPFO portal by claiming Form 10C. The employee should have an active UAN and link it to the KYC details to withdraw the savings from the employee pension scheme.

Is EPF and EPS same?

EPS is another pension scheme that the Government of India offers. It springs from the EPF, i.e., not all of an employer's contribution goes towards an Employee Provident Fund. 8.33% of this amount goes to the Employee Pension Scheme or EPS. The rest becomes the actual EPF contribution.

Is EPS compulsory?

It is compulsory for salaried employees earning up to Rs. 15000 salary (basic + dearness allowance). Employees with more than Rs. 15,000 salary can contribute voluntarily.