EPF Scheme certificate
I have obtained scheme certificate upon resigning form a company about 10 years back. Later I have joined new company and covered with EPF facility. But earlier obtained scheme certificate is not submitted to my present employer. Now I intend to leave the present company. I intend to take scheme certificate of My EPF instead of transfer of my present EPF money to my new establishment PF Account.
Do I need to submit the earlier obtained scheme certificate to my present employer in order to take the scheme certificate from the present EPF A/C ? Please enlighten me more
Do I need to submit the earlier obtained scheme certificate to my present employer in order to take the scheme certificate from the present EPF A/C ? Please enlighten me more
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The earlier scheme certificate can be produced to the EPFO, at the time of superannuation or at the time of availaing reduced pension at the age of 50. In the case of EPF settlement from the new company another scheme certificate incorporating the pension details of that company shall be obtained separatelyl. All such scheme certificates can be combined and submitted to EPFO at the time of settlement for claiming EPF pension or in case of any emergency for the member can be used for claiming dependants pension. more
Nov 18
Usually all such queries should be clarified during your final interview with the new company executives,so that immediate actions can be taken. more
Nov 18
I am not an accounts person. My understading of PF issues, especially in the context of Private sector coompanies is like this. Goevrnment created PF - to protect employees- for their future use. Large public sector companies, banks etc - which are owned by the Goevrnment itself - are robust and hence allowed to retain teh PF funds deducted from employees. However tehy have to ahve a PF department and they are given directive to invest in Government securities, bonds etc and may be for their working capital etc- % are all fixed. Any deviation is looked upon strictly. They can'tt invets in equity, mutual funds and gambling etc. May be large private sectors like TATAs, Infosys might be having similar permission. So tehy are supposed to act responsibly. Otehr private sectors are supposed to deposit money deducted every month with PF Commissioner's offce established under Sate/ Centarl Government. Any default in depositing monthly is a crime and ca lead to jail term. However companies- which are not so well of or market is down, sales are not good, take a chance- by deducting from employees and using it for their working capital. This may not be correct legally- but even judiciary/ police are also a bit human and do not take it seriously- until it reaches a flashpoint. Right now India is passing through a recessation and hence Government amy be a bit liberal. Companies will give excuses- but here is the truth. But if excuse is being given for 5 to 10 years (when economy was doing well)- tehn it is a seriosu matter. There are Chartered accountants, lawyers who are more kowledgeable and can give better answers. more
Nov 18
You need not submit scheme certificate to your present employer, but keep it in safe custody. After attaining the age of 58 yrs, you can submit scheme certificate to EPFO for pension. Similarly, you can submit earlier obtained scheme certificate(s) to EPFO for cumulative pension benefits. Thanks. more
Nov 18
