What is eps employee pension scheme,emergency preparedness resource inventory committee,thunderstorm preparedness 101,preparedness plan template 80053 - Step 2

This is what 95% people know, but there are many things which a lot of people don’t know and this article is going to open some not known secrets about EPF rules.
Do you know that there is something called EPS (Employee Pension Scheme) in provident fund? The 12% contribution made by you from your salary goes into your EPF fully, but the 12% contribution which your employer makes, out of that 8.33% actually goes in EPS (subject to maximum of Rs 1250) and the rest goes into EPF. Lifelong pension is available to the member and upon his death members of the family are entitled for the pension.
You must be thinking that you regularly get compound interest each year on your contribution + employer contribution. So if your salary in this case was Rs 30,000 per month, still you will be given only 15,000 * 6.40 = Rs 96,000. Note that the table D is up to 9 yrs only, because if 10 yrs are crossed, then you are liable for pension. You can always invest more than 12% of your basic salary in Employee Provident Fund which is called VPF (Voluntary Provident Fund). Almost everyone thinks that withdrawing of your Employee Provident Fund amount after a job switch is totally fine and allowed, however as per the EPF Rules, it’s illegal. You can only withdraw your Employee provident fund money, only if you have no job at the time of withdrawing your money and if 2 months have passed.
However in case of EPS, if the service period is less than 10 years, you’ve option to either withdraw your corpus or get it transferred by obtaining a ‘Scheme Certificate’.
A lot of people might not know that in case a company is not providing group life insurance cover to its employees, in that case the employee is given a small life cover through EPF. However companies which already have life insurance benefits to employees as part of the company, are exempted from this EDLI scheme.
Did you know that you can file an RTI applicable to get any kind of information regarding your EPF. In the recent budget 2015, the govt has made it clear that now an employee can choose between EPF and NPS.
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Contribution to Employee Provident FundYou as an employee contribute 12 per cent of your Basic Pay towards your PF every month. Who manages provident funds?Some organisations manage their own PF and register this with Income Tax and the Labour Ministry. How to withdraw from provident fundYou can fully withdraw your PF once you attain 55 years of age.
I was in need of the EPF statement to resolve all the above queries and answer them in a simple and easy to understand manner. Many thanks to one of my good friends for sharing his latest employees’ provident fund statement and that has helped me in preparing this post. If you take out your monthly pay-slip and check, you can understand that every month 12% of your “salary” is contributed towards EPF account. As mentioned above, you contribute certain portion of your monthly salary towards EPS (Pension).
The minimum contribution used to be 12% of Rs 6,500 in most of the employees’ cases, now this is 12% of Rs 15,000 pm. The second column has two sections which gives you information about your employer’s and your share towards EPF deposit.
With reference to the above EPF statement, you can observe that Rs 780 and Rs 239 (12% of Rs 6500 pm) used to be employer’s and Employee’s contributions towards EPF account. Employer’s contribution towards EPS account used to be Rs 541 pm and now it is Rs 1,250 (from October 2014 onwards). You can observe that my friends has changed the company and had claimed EPF transfer online. You can also observe that there are transactions towards “Interest updated” in the statement as on 31st March of every year. Before explaining to you about the calculation of interest on EPF deposits, let us understand few relevant points regarding the interest calculation.
The rate of interest is notified by the central government periodically (every fiscal year). The interest amount is calculated monthly but the total interest amount is credited once a year only. Let me put all these figures in MS excel and calculate the total interest earned on EPF deposits from September 2012 to end of March 2013. The total interest amount of Rs 152 was added to April month’s balance, along with the monthly deposits. So, suggest you to try these calculations based on your monthly Provident Fund deposits and understand how is interest calculated on your Provident Fund Account.
Only your (employee’s) contributions towards EPF account are eligible for Income tax deduction under Section 80 C of Income Tax Act. If you still do not get to see the entries, you may first check with your employer and then submit a grievance at EPFO portal. Recently Updated Posts Sukanya Samriddhi Account Deposit Scheme – New Amendments 2016 Got a Gift? JavaScript appears to be disabled - most features on Can Stock Photo will not function correctly.Not a member yet?
Search Can Stock Photo for royalty free illustration, royalty free clipart, digital artwork, EPS vector clip art, stock illustrations, stock images, logo icon graphics, and cheap EPS format line art drawings. While Q1 expectations have been marked down notably, the full year has hardly budged as the back-end of 2013 gets more and more loaded with margin expansion hope and earnings growth faith. The bottom-up consensus estimate for 1Q 2013 is now $25.71, implying 3% growth versus 1Q 2012 on a recurring earnings base.

Although differences between the two series are usually small, 2012 operating EPS ($97) is significantly different from 2012 adjusted EPS ($104). For example, atypical operating items such as pension charges in AT&T, Verizon and UPS and Hewlett-Packard’s write-down reduced operating EPS while adjusted EPS rose. Recurring 2012 earnings offer a better base for 2013 earnings than both adjusted and operating. Bottom-up consensus full-year 2013 EPS is now $112, down 1% from $113 at the start of the year. The majority of companies and market cap in the S&P 500 will report earnings during a three week period (April 15 –May 3).
Home > Investments > When To Withdraw Money From Employee Provident Fund (EPF) Account?
First of all withdrawal of EPF on job change is not allowed as per law, which means if you change your job you should transfer your existing EPF account with your new employer.
So here we can conclude that the period of service is very important for the withdrawal of EPF amount.
Withdrawal after 5 years of continuous service (Continuous contribution to one EPF account for 5 years or more.).
Note : Once you complete your 10 years of service then the amount contributed towards EPS will become eligible for pension and you will not be able to withdraw the EPS amount. But as per EPF law any withdrawal before retirement is not allowed but there are few categories which allows an employee to withdraw its EPF funds. You can request the withdrawal of your EPF fund after 2 months from the date of your resignation and EPF will settle your account by transferring your EPF balance directly to your bank account (except any amount less than Rs 2000). Search Can Stock Photo for royalty free illustration, royalty free clipart, digital artwork, EPS vector clip art, stock illustrations, stock images, logo icon graphics, and cheap EPS format line art drawings. A small part of your salary (12% of your basic salary) is invested in something called EPF or Employee Provident Fund and an equal amount is matched by your employer each month.
The nominee will be contacted at the time of death of the person and handed over the money from the provided fund. Please contact your company finance department or directly send the form to EPFO department. So understand it this way, a part of your employer contribution actually makes up your pension corpus. Out of this 3,50,000 , suppose 2,50,000 has gone in EPF , and rest 1,00,000 has gone in EPS (for pension) . In this case the excess amount will be invested in PF and you will keep on getting the interest, but the employer is not supposed to match your contribution. I know this might be a surprising fact for many , but if one’s basic salary per month is more than Rs 15,000, he has an option to opt out of PF and not be part of it. The bad part of this EDLI scheme is that the life cover under this option is very low and that’s maximum amount of Rs. You can file it if you are facing issues like no clarity about EPF balance, no action taken for your EPF withdrawal or transfer. A common man does not know all these EPF rules, but knowing these minimum 10 EPF rules will help him in his financial life. Do you contribute a portion of your monthly salary towards Employees’ Provident Fund (EPF)?
Since I am a self employed individual, I can’t contribute to Employees provident Fund and do not have online access to EPF UAN (Universal Account Number) member portal.
Before analyzing the EPF statement and how EPF’s interest is calculated, let us first understand the various components of EPF.
So, you contribute 12% of your basic salary and your employer contributes 3.6% of your basic salary towards EPF deposits.
On any unfortunate event (on death), the family member of the EPF subscriber will receive Rs 3 Lakh as insurance coverage. Check your pay-slip or EPF statement to know about your employer’s and your contribution percentages. EPF subscribers are eligible to get interest amount on their contributions and employer’s PF deposits. In the month of September 2012 the interest amount was zero because the available EPF balance was zero in the month of August 2012. We need to consider September month end balance (Rs 1019) and EPF applicable interest rate ( it is 8.5% in 2012-2014) divided by 12 months (we are calculating monthly interest amount). Even after the recent amendments to minimum contribution amount, the interest calculation procedure has not changed.
If you have contributed for 5 years in EPF then there is no tax deduction but for less than 5 years TDS (Tax Deduction at Source) is deducted for EPF amount withdrawals. He is an Independent Certified Financial Planner (CFP), engaged in blogging, financial counseling & property consultancy for the last 6 years through his firm ReLakhs Financial Services . Can Stock Photo has the royalty free illustration, line art drawing, EPS vector graphic, or stock clipart icon that you need.
As Goldman notes, consensus expects S&P 500 will deliver year-over-year EPS growth of +3% in 1Q 2013 driven by Financials earnings growth of 9%.
Bottom-up consensus forecasts stronger earnings growth in defensives versus cyclicals (6% vs. This reflects methodology differences among stocks like the treatment of employee stock option expenses. The recurring EPS series maintains a uniform approach but excludes atypical operating items. Earnings revisions to 1Q 2013 estimates fell 3% and account for over half of the year-to-date revision to full-year 2013 earnings. We expect the most downside to 4Q EPS, which has the highest earnings growth expectations, the smallest negative revision year-to-date, and margin expansion.
Whenever we switch our job from one employer to another what we usually do is either we transfer the EPF fund by submitting the details of our existing EPF account to new employer or we open a new EPF account and keep the first one idle.

In that case the amount contributed by the employer will be clubbed to the income of the employee and accumulated interest will be treated as income from other sources and taxed accordingly. The only condition lies is, the withdrawal from EPF account should be made either for self, children, spouse or parents. Withdrawal for this purpose can be made by an employee only once in his total service period.
Stay tuned to Fingyan by following Fingyan Official Facebook Page and sign up for our free newsletter. 769 Employee benefits illustration graphics and vector EPS clip art available to search from thousands of royalty free clipart providers. However if nomination is not present (which you should check), it can rise to all sort of issues while claiming money. Now if you quit your job in 6th year of employment and opt for withdrawal of your Provided Fund money (EPF + EPS actually) , then do you think you will get total 3,50,000 . While there are no cases where EPF office tracks these things and takes up this matter, still just for your information you should know that if you got a new job and took it and then you are applying for withdrawal, it’s illegal as per law. Just for your information, you can withdraw your EPF money without the help of past employer signature by attesting your withdrawal form by a bank manager or some gazette officer. For all others, the PF is optional -- such employees can opt out of the PF at his discretion. In either case, the returns to you as an employee remain the same.Currently, the PF is allowed to invest only in debt -- such as government bonds. Are you aware that your employer also contributes a matching amount towards your EPF account? Whereas, you employer may now be contributing Rs 550 pm and Rs 1,250 pm towards EPF and EPS (pension) respectively. Our designers and illustrators provide royalty free stock images, clip art, clipart graphics, and pictures for as little as 1 dollar. Bottom-up consensus quarterly earnings growth rises from 3% in 1Q 2013 to 18% by 4Q 2013 using a recurring earnings 2012 base (Operating EPS is expected to surge to 29% growth by Q4).
The differences between recurring and operating earnings were greater in the second half of 2012. Bottom-up consensus quarterly earnings growth rises from 3% in 1Q 2013 to 18% by 4Q 2013 using a recurring earnings 2012 base. The prospect that margins may have peaked was a consistent theme that emerged during the 4Q 2012 earning conference calls. Familiarize yourself with our legal and use policies every time you engage the site: they're updated constantly without notice.
People usually do it unknowingly as they are not aware about the EPF transfer policy or do it to withdraw the accumulated amount from first EPF account and contribute fresh in the new one.
But in that case if your total working years in your first company are less than 5 years then your EPF withdrawal will attract taxes. The amount of withdrawal can be 36 times the monthly salary of the employee with a condition the housing property should either be registered in employee’s name or spouse name or jointly registered. The amount of withdrawal can be 24 times the monthly salary of the employee with a condition that plot should either be registered in employee’s name or spouse name or jointly registered. The amount of withdrawal can be 12 times the monthly salary of the employee with a condition that house should either be registered in employee’s name or spouse name or jointly registered.
The amount of withdrawal can be 36 times the monthly salary of the employee with a condition that house should either be registered in employee’s name or spouse name or jointly registered.
The EPS part (8.33% out of 12% contribution from your employer or Rs 1250 whatever is minimum) does not get any interest.
This option is not for you, but if you are new to job and your PF account number still does not exist, you can tell your employer that you don’t want to be part of Employee provident fund . It is not allowed to invest in equity, though there have been some demands to allow it to invest a small portion in equities.The interest that the PF pays is independent of the performance of the fund, and is fixed by the Board of Trustees that manage the PF.
Against this, the level of consensus sales is highly correlated with economic growth expectations (i.e. In other words, any EPF withdrawal before completion of 5 years of service i.e before 5 years from the date of opening EPF account will attracts taxes. He can withdraw this amount for the marriage of children, siblings or self whereas the withdrawal can be made for the education of self or children only.
For employees in small scale industries and small cities, this amount of Rs 60,000 will still count something.
Are you aware of ‘how interest is calculated on your monthly subscriptions to Provident Fund?
Consensus expects Financials and Consumer Discretionary to post the strongest year-over-year quarterly earnings growth in 1Q. Consensus estimates for the Industrials and Energy sectors imply year-over-year EPS declines.
The valuation of the EPS and pension amounts are complicated and we will not go into them here. However, as Goldman notes, the prospect that margins may have peaked was a consistent theme that emerged during the 4Q 2012 earning conference calls; but we warn that 2013 earnings comparisons to 2013 will be problematic due to the significant differences between Operating and Adjusted EPS - which could also be quite telling in terms of accounting gimmickery. But this is a good starting point.SummaryIn summary, the PF and the associated pension schemes are useful tools given by the Government to facilitate retirement planning. However, in themselves, they are unlikely to be adequate to cover all retirement and pension needs, especially with our exploding prices and lifestyles.

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