Provident fund withdrawal
4 months ago
I am resigning from State Bank of India to pursue higher studies. My service was for 4 years. Upon breaking, they are saying that I will get only MY part of the contribution and not bank’s. What are the norms? Can they do so?
A.Dear Client,
Employees Provident Fund Scheme (EPFS) is a long-term retirement saving scheme managed by the Employees Provident Fund Organization (EPFO) and it is covered under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Under EPF Scheme, an employee and employer have to pay a certain percentage of equal contribution in the provident fund account and on retirement, an employee gets a lump sum amount of contribution made by the employer and employee with interest on both. The percentage of contribution is calculated on basic wages plus dearness allowance plus retaining allowance of the employee. You can withdraw both your share and your employer's share from the Employees' Provident Fund Organization (EPFO) under certain circumstances, such as retirement, resignation, or in case of financial emergencies. The process for withdrawal involves filling out the necessary forms and submitting them to the EPFO office. After you resign, there is typically a 2-month waiting time before you can choose to take your PF funds. If you choose to take money out of your PF account before the full five years have passed, you will be required to pay tax on the amount.
Employees Provident Fund Scheme (EPFS) is a long-term retirement saving scheme managed by the Employees Provident Fund Organization (EPFO) and it is covered under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Under EPF Scheme, an employee and employer have to pay a certain percentage of equal contribution in the provident fund account and on retirement, an employee gets a lump sum amount of contribution made by the employer and employee with interest on both. The percentage of contribution is calculated on basic wages plus dearness allowance plus retaining allowance of the employee. You can withdraw both your share and your employer's share from the Employees' Provident Fund Organization (EPFO) under certain circumstances, such as retirement, resignation, or in case of financial emergencies. The process for withdrawal involves filling out the necessary forms and submitting them to the EPFO office. After you resign, there is typically a 2-month waiting time before you can choose to take your PF funds. If you choose to take money out of your PF account before the full five years have passed, you will be required to pay tax on the amount.
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A.Dear Client,
The provident fund withdrawal process and norms can vary, and it's essential to refer to the specific rules and policies of the State Bank of India (SBI) Provident Fund (PF) scheme. Generally, in many organisations, the provident fund is a cumulative contribution of both the employee and the employer. When an employee resigns, they are typically entitled to the entire accumulated provident fund amount, including both their contribution and the employer's contribution.
It's advisable to review the terms and conditions of the provident fund scheme applicable to SBI employees. If there are any discrepancies or concerns regarding the withdrawal process, you may seek clarification from the human resources or finance department of SBI. Additionally, you can refer to the official PF guidelines provided by the Employees' Provident Fund Organization (EPFO) in India. If needed, consult with a legal or financial advisor to ensure you receive the entitled benefits based on the specific circumstances and policies in place at SBI.
Thankyou
The provident fund withdrawal process and norms can vary, and it's essential to refer to the specific rules and policies of the State Bank of India (SBI) Provident Fund (PF) scheme. Generally, in many organisations, the provident fund is a cumulative contribution of both the employee and the employer. When an employee resigns, they are typically entitled to the entire accumulated provident fund amount, including both their contribution and the employer's contribution.
It's advisable to review the terms and conditions of the provident fund scheme applicable to SBI employees. If there are any discrepancies or concerns regarding the withdrawal process, you may seek clarification from the human resources or finance department of SBI. Additionally, you can refer to the official PF guidelines provided by the Employees' Provident Fund Organization (EPFO) in India. If needed, consult with a legal or financial advisor to ensure you receive the entitled benefits based on the specific circumstances and policies in place at SBI.
Thankyou
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A.Dear Sir,
You have to contact service advocate who is dealing exclusively matters of Banks etc. you may collect the relevant circulars of the Bank and accordingly you may file a Writ Petition before High Court.
You have to contact service advocate who is dealing exclusively matters of Banks etc. you may collect the relevant circulars of the Bank and accordingly you may file a Writ Petition before High Court.
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