13 January 2014
PF and EPF are terms used to denote the same, Employees Provident Fund. Employees Provident Fund has three schemes, viz, Provident Fund, Pension Fund and Employees Deposit Linked Insurance. Towards Provident Fund the employees share of 12% (as also whatever his voluntary contributions is) and 3.67% of the employer's contribution are credited. The remaining portion of 8.33% of employer's share of contribution is credited to the Pension Fund. Since the Pension fund is dealt with separately with a contribution by the Central Govt to it, the balance is not reflected in the contribution card issued to the members. The Contribution statement, therefore, contains only the status of Provident Fund which will include employees share, 3.67% of employer's share and interest for the year.
Provident Fund can be withdrawn when an employee leaves the organisation or on his attaining the age of 58. Pension fund can be withdrawn subject to conditions if the employee has not put in 10 years of service. If he has put in more than 10 years (or at least 9 years and 6 months) he cannot withdraw this fund but will be eligible to get pension on attaining 58 years of age. Reduced pension is also available after 50 years of age.
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