How much employer contribute in pf

ET India Inc. ET Engage. ET Secure IT. Tax How to file ITR. Tax Saving. ITR Forms. Income Tax Refund. Tax Exemption Limit. Income Tax Slabs. Insure Life Insurance. Health Insurance. Motor Insurance. Other Risk Covers. Personal Finance News. Mutual Funds. Rate Story. Font Size Abc Small. Latest Minimum Wages. Privacy Policy. Toggle navigation Simple. Effective Compliance. Gazette Notifications.

Holidays List. Labour Welfare Fund. Minimum Wages. Professional Tax. Provident Fund. An employee with a basic salary of over Rs. But once they become a member, they cannot opt out of the scheme. What if an employee while joining an establishment has a basic salary below Rs. They do not have the option to opt out of the scheme once enrolled. On retirement, after a minimum period of ten years of service, the minimum pension per month is fixed at Rs 1, while the maximum monthly pension amount is Rs 7, Whatever goes into the EPS, the entire corpus stays with the government and the employee starts getting pension after retirement.

The employee has the option to either withdraw EPS funds or carry forward to the next job. This however, depends on the length of service and age of the employee. On joining the new employer, submit the scheme certificate to EPFO through the new employer.

Once ten years are completed, the withdrawal benefit stops and one can only take the scheme certificate from EPFO by filing the same Form 10C. Like us on Facebook and follow us on Twitter. Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates. Related News.