Provident Fund is a mandatory post-retirement benefit in India (Social Security scheme) provided under the Employees Provident Fund and Miscellaneous Provision Act 1952.
Here’s how contributions to the Provident Fund (PF) work:
- Employees contribute 12 percent of their basic salary toward the Employee Provident Fund
- Intuit also contributes 12 percent of your basic salary toward the Employee Provident Fund
- Contributions by the employer are not treated as perquisite in the hands of the employee
- Contributions by the employee are exempted under Sec 80 C. (incl. VPF)
- Contributions remitted to Regional Provident Fund
- The fund will accumulate interest as specified by Government from time to time (e.g., the current interest rate (2017–18) is 8.55%)
Complete Form 13 (Transfer Form) to transfer the balance from your PF account with your previous companies to your PF account with Intuit. This form must be completed and submitted after you receive your second pay slip from Intuit, which will include your PF and UAN number to complete the form. This form may also be completed online.
Complete Form 10 and Form 19 (Withdrawal Forms) if you leave Intuit and withdraw the funds from your PF account instead of transferring them. The process can be initiated by Intuit post 60 days after your last date. The PF Department will take additional time to process the same.
Please ensure your nominee details are updated to so that your beneficiary receives the benefit.
As these are government forms, they have to be printed back to back, filled out by hand and submitted in hard copy with physical signatures to the Provident Fund Consultants.
Voluntary Provident Fund (VPF)
Employees can make a voluntary contribution toward the Employee Provident Fund (EPF), which will be deducted from their salary.
- Contributions can be a minimum of 0% and a maximum of 88% of the basic pay per paycheck. This is because the employer already mandatorily deducts 12% of an employee's basic salary to the EPF.
- You can enroll in, or stop or make changes to your voluntary contribution, between the 1st and 15th of every month. You can log in to Darwin, Your Benefits Administrator to update the percentage of basic pay you wish to contribute.
Provident Fund Consultants
If you have questions about the Provident Fund (PF) process, contact a PF Consultant. PF Consultants are available on site in the Bangalore office twice a month. You can check the Helpdesk schedule on Insight under Key Resources.
|1||Reddy (1st level)||Contact no: 9844165816
Email Id: email@example.com
|2||Vinod (2nd level)||Email Id: firstname.lastname@example.org|