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5/16/12 Employee Providend Fund (EPF) hidden facts which common
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10 facts you dont know about EPF
May 14, 2012 152 comments
We all know what is EPF Employee Provident Fund. A small part of
your salary (12% of your basic salary) is invested in something
called EPF and an equal amount is
matched by your employer each month. This is what 95% people
know about EPF. But there are many things in EPF which a lot of
people dont know and this article isgoing to open some not known
secrets of EPF. One should be aware about all the EPF related
information. So lets take them one by one in points format.
1: You can also nominate someone for your EPF
Do you know that there is also nomination facility in EPF. The
nominee will be contacted at the time of death of the person and
handed over the EPF money. However if
nomination is not present (which you should check), it can raise
to all sort of issues while claiming money. There is a form called
Form 2 which has to be filled to change or
update the nomination. Please contact your company finance
department or directly send the form to EPFO. One very strange rule
as per the Act is that you cant nominateyour brother for EPF. Not
sure why!
2: One can get pension under EPF
Do you know that there are two elements in EPF- one is called
EPF and other is EPS. The EPF is actually for your provided fund
and EPS is for your pension. The 12%
contribution from your side goes to EPF, but the 12%
contribution which your employer makes, out of that 8.33% actually
goes in EPS (subject to maximum of Rs 541)and the rest goes into
EPF. So understand it this way, a part of your employer
contribution actually makes up your pension corpus. But there are
some caveats to this.
One is liable for pension only if one has completed the age of
58.
One is liable for pension only if he has completed 10 yrs of
service (in case of more than one companies, the EPF should have
been transferred, not withdrawn)
The maximum Pension per month is subject to maximum of Rs 3,250
per month.Lifelong pension is available to the member and upon his
death members of the family are entitled for the pension.
3: No interest is given on EPS (pension part)
You must be thinking that you regularly get compound interest
each year on your contribution + employer contribution. But it does
not work like that. The compound
interest is provided only on EPF part. The EPS part (8.33% out
of 12% contribution from your employer or Rs 541 what ever is
minimum) does not get any interest. At the
time of withdrawal , you get both EPF and EPS.
4: You might not get 100% of your EPF money
Imagine your contribution + employer contribution has been total
Rs 3,50,000 till date. 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) . Now if you quit your job in 6th year
of employment and opt for withdrawal of your EPF money (EPF + EPS
actually) , then do you think you
will get total 3,50,000 . NO !
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Thats because you always get 100% of your EPF part, but for EPS
there is separate rule . There is something called Table D , under
which its mentioned how much you
get at the time of exit from your job, there is a slab for each
completed year and you get n times of your last drawn salary
(depending on the completed year of service)
subject to maximum to Rs 6,500 per month. So if your salary in
this case was Rs 30,000 per month, still you will be given only
6,500 * 6.40 = Rs 41,600.
Note that the table D is upto 9 yrs only, because if 10 yrs are
crossed, then you are liable for pension.
5: You can invest more in EPF, its called VPF
You can always invest more than 12% of your basic salary in EPF
which is called VPF. In this case the excess amount will be
invested in EPF and you will keep on getting
the interest, but the employer is not suppose to match your
contribution. He will just invest upto maximum of 12% of your
basic, not more than that.
6: Withdrawing of EPF amount at job change is illegal
Almost every one thinks that withdrawing of your EPF amount
after a job switch is totally fine and allowed, however as per law,
its illegal. You can only withdraw your
EPF money only if you have no job at the time of withdrawing EPF
and if 2 months have passed. Only transfer is allowed in case you
get a new job and you switch to it.
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, its illegal as per
law. However in case of EPS, if the service period is less than 10
years, youve option to either withdraw your
corpus or get it transferred by obtaining a Scheme Certificate.
Once, the service period crosses 10 years, the withdrawal option
ceases.
7: One can opt out of EPF if he wants
Yes!I know this might be a surprising fact for many , but if
ones basic salary per month is more than Rs 6,500, he has an option
to opt out of EPF and not be part of it. In
which case he will get all his salary in hand (without anything
deducted every month). But the sad part is that one has to opt out
of EPF in the start of his job. If a person has
been part of EPF even once in his life, then he cant opt out of
it. So if you have already had EPF in your life. This option is not
for you, but if you are new to job and your
EPF account number still does not exist, you can tell your
employer that you dont want to be part of EPF . You will have to
fill up form 11 for this.
8: Your EPF gives you some life insurance too
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. This is because there is something called Employees
Deposit Linked Insurance (EDLI) scheme and your organisation has to
contribute 0.5% of your monthly
basic pay, capped at Rs 6,500, as premium for your life cover.
However companies which already have life insurance benefits to
employees as part of the company, are
exempted from this EDLI scheme. The bad part of this EDLI scheme
is that the life cover under this option is very low and thats
maximum amount of Rs. 60,000. While
this is peanuts for most of the people in big cities. For
employees in small scale industries and small cities, this amount
of Rs 60,000 will still count something.
9: You can use EPF money can be withdrawn at special
occasions
So now you know that EPF withdrawal is not permitted if you are
still working. But there are occasions when EPF withdrawal is
allowed. While you cannot withdraw it
fully, you can withdraw a partial amount. Following is a list of
events when you can withdraw the EPF amount and the conditions you
need to fulfil
1. Marriage or education of self, children or siblings
- You should have completed a minimum of seven years of
service.
- The maximum amount you can draw is 50% of your
contribution
- You can avail of it three times in your working life.
- You will have to submit the wedding invite or a certified copy
of the fee payable.
2. Medical treatment for Self or family (spouse, children,
dependent parents)
- For major surgical operations or for TB, leprosy, paralysis,
cancer, mental or heart ailments
- The maximum amount you can draw is 6 times your salar
- You must show proof of hospitalization for one month or more
with leave certificate for that period from your employer.
3. Repay a housing loan for a house in the name of self, spouse
or owned jointly
- You should have completed at least 10 years of service.
- You are eligible to withdraw an amount that is up to 36 times
your wages.
4. Alterations/repairs to an existing home for house in the name
of self, spouse or jointly
- You need a minimum service of five years (10 years for
repairs) after the house was built/bought.
- You can draw up to 12 times the wages, only once.
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5. Construction or purchase of house or flat/site or plot for
self or spouse or joint ownership
- You should have completed at least five years of service.- The
maximum amount you can avail of is 36 times your wages. To buy a
site or plot, the amount is 24 times your salary.
- Can be avail of it just once during the entire service.
10: You can file an RTI application for EPF issues
Did you know that you can file an RTI applicable to get any kind
of information regarding your EPF. You can file it if you are
facing issues like no clarity about balance in
your EPF, no action taken for your EPF withdrawal or transfer.
To find out information about other issues on EPF. I have done a
detailed post on how to file an RTI for
your EPF issue.
Tagged as: EPF
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{ 152 comments read them below or add one }
1 Sathish May 14, 2012 at 10:14 am
Nice and informative. Particularly the loan for house/flat/plot
purchase which I was not aware at all!
Reply
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5/16/12 Employee Providend Fund (EPF) hidden facts which common
man does not know
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2 NARAYANAN May 14, 2012 at 11:12 am
Dear Manish,
very nice article. True, very few no the rules of EPF. I have
withdrawn twice after 9 years in two companies. I collected the
money and used. Never thought offinding how much it is or as the
govt given the full money etc.
Small clarification. You mention that EPS CAN BE WITHDRAWN ONLY
AT AGE 58. does that mean that i can make a claim at age 58 ?
Reply
3 Manish Chauhan May 14, 2012 at 6:04 pm
Narayanan
No , mostly you got your EPS also when you withdrew !
Reply
4 NARAYANAN May 14, 2012 at 6:09 pm
Thanks Manish.
Keep up this good job.
Reply
5 Manish Chauhan May 14, 2012 at 6:16 pm
Now you can take use of it !
Reply
6 Ankur May 14, 2012 at 10:23 am
Manish Thanks much for this post!!!! EPF and EPS clarification
was very very helpful.
Reply
7 Manish Chauhan May 14, 2012 at 6:15 pm
Thanks Ankur what else did you learn from post !
Reply
8 Arun May 14, 2012 at 10:31 am
Very useful information. Thanks a lot sir.
Reply
9 Manish Chauhan May 14, 2012 at 6:14 pm
Thanks Arun !
Reply
10 Ronak May 14, 2012 at 10:36 am
Nice read, Manish. Very informative. Keep up the good work.
Reply
11 Manish Chauhan May 14, 2012 at 6:13 pm
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Thanks Ronak !
Reply
12 Rachit May 14, 2012 at 10:41 am
A very good and informative article. Keep posting more.. PPF,
Health insurance, Stocks, MF etc.
Reply
13 Manish Chauhan May 14, 2012 at 6:12 pm
SUre
Reply
14 Siva Mohan May 14, 2012 at 10:43 am
Hi Manish,
Thanks for a very informative article. I have a query.
I have not transferred or withdrawn EPF from my first employer
where I worked for 2 years until 2009. I didnt bother withdrawing
as I am not in need of EPF
money.
What should I do now.. transfer it to my current employers EPF
account or withdraw it?
Thanks,
Siva Mohan
Reply
15 Kranti Goyal May 14, 2012 at 10:57 am
Hi,
As per current rule, In EPF if money is not deposited for
continuous 3 years then account status changes to be dormant and no
interest will be pay in future.
Manish you can also add this to article.
Thanks and Regard
Kranti Goyal
Reply
16 Manish Chauhan May 14, 2012 at 6:08 pm
Thats a good point , but I think a lot of people might know
this
Reply
17 Manish Chauhan May 14, 2012 at 6:12 pm
Siva
You need to fill up form 13 and apply for transfer , after 6
months of doing so if you dont see any progress , then file RTI and
get more info on
thathttp://www.jagoinvestor.com/2012/03/rti-for-epf-withdrawal-or-transfer.html
Reply
18 Siva Mohan May 15, 2012 at 10:30 am
Thank you very much for the reply Kranti & Manish.
Reply
19 Santosh Prasad May 15, 2012 at 12:47 pm
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Manish,
One should not wait till 6 months after submitting form-13. EPF
offices are computerized now and they are supposed to get it done
within 30
days(ideally). Hence after 30 days, one can file an RTI
application to know about the status of transfer request.
Reply
20 Krishna May 14, 2012 at 10:49 am
Hi Manish,It was an eye opener when it comes to using your EPF
for house/plot purchase. Should I repay it in case of partial
withdrawl for marriage / purchase of plot/flat. And
if yes is there any interest associated with it
Reply
21 Manish Chauhan May 14, 2012 at 6:11 pm
Krishna
Its not a loan , its a partial withdrawal , so no point of
interst !
Reply
22 Sharat Trehan May 14, 2012 at 10:51 am
At the end you have written that you have done a detailed post
on how to file an RTI on EPF issues. Can you possibly mail that
link? Regards, Sharat
Reply
23 Vishnu Agarwal May 14, 2012 at 12:06 pm
Hi Sharat,
Please go thru the following links posted earlier:
http://www.jagoinvestor.com/2012/03/rti-for-epf-withdrawal-or-transfer.html
http://www.jagoinvestor.com/forum/how-to-apply-for-rti/1957/
Please follow up the blog by signing up thru email at top left
box in the page for the future blog updates.
Regards,
Vishnu Agarwal
Reply
24 Sharat Trehan May 14, 2012 at 1:26 pm
Dear Vishnu,
Thanks for the prompt reply and the useful links.
Regards
Sharat
Reply
25 Kapil May 14, 2012 at 12:32 pm
There you go
http://www.jagoinvestor.com/2012/03/rti-for-epf-withdrawal-or-transfer.html
Manish you may want to add the link to the article
Reply
26 Manish Chauhan May 14, 2012 at 5:33 pm
Done Kapil !
Reply
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27 Manish Chauhan May 14, 2012 at 6:11 pm
http://www.jagoinvestor.com/2012/03/rti-for-epf-withdrawal-or-transfer.html
Reply
28 Dhanesh Chakraborty May 14, 2012 at 10:51 am
I worked in a private company for 10 years.. but not got any
penson even not received full PF..can I have any suggestion for
recoverning for pending pfRegards
DhaneshChakraborty
941126067
Reply
29 Anurag May 14, 2012 at 1:39 pm
Hi,
Pension starts after 58 yrs age of applicant not immediately.
You need to interact with EPF commissioner office to get the
details and reply when you reach 58yrs of age.
Rgds,
Reply
30 Manish Chauhan May 14, 2012 at 5:21 pm
Actually it can start after 52 yrs also subject to some
resitriction and condition
Reply
31 Manish Chauhan May 14, 2012 at 6:10 pm
You need to be above 58 age , to get get pension , If you have
applied for withdrawal , then you must have got the EPS money too
.. use RTI to know more
about it
http://www.jagoinvestor.com/2012/03/rti-for-epf-withdrawal-or-transfer.html
Reply
32 Rachit May 14, 2012 at 10:52 am
A few queries:
1. As EPS is 8.33% then let say that amount for an individual
crosses Rs 541 then where the rest of the money will go.
e.g. EE Contribution: 2000 Rs /month ER contribution: 2000 Rs/
Month Now 2/3 of 2000 Rs of ER will go for Pension which is almost
like 1334 Rs but asmaximum limit is 541 Rs / Month then 1334-541 =
793 Rs, where wil it go?
2. Will the compounding interest be given in baove example on:
2000 + 666 = 2666 rs OR on: 2000 + 666 + 793 = 3459 Rs
Thanks
Reply
33 Vishnu Agarwal May 14, 2012 at 12:11 pm
In my case only 541 is deposited for EPS. Rest of Employer
contribution & EPF I can see in my account, and elegible to
withdraw as per the conditions.
So the extra money goes into EPF account only.
Regards,Vishnu Agarwal
Reply
34 Paddu May 14, 2012 at 1:32 pm
2000-541 EDLI if applicable = 1459 EDLI if applicable, will go
to EPF.
[I noticed the discrepancy between Employee/er's contributions
in my EPF account statement (that I always get 2 years(!) after the
end of the financial year),
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researched epfindia.nic.in & found about EPS & EDIL and
I'm answering based on my EPF statement & that website.]
Reply
35 Manish Chauhan May 14, 2012 at 6:10 pm
Rachit
If EPS thing crosses 541 , then rest will go in EPF only , EPF
earns interst , EPS does not !
Reply
36 Poonam May 14, 2012 at 11:06 am
Very useful information. Thanks.
Regards,
Poonam.
Reply
37 Manish Chauhan May 14, 2012 at 6:07 pm
Thanks Poonam
Reply
38 Pro Money Investor May 14, 2012 at 11:07 am
In many private organizations,the owners prefer collecting even
their contribution from the staff salary and it is obvious that the
employees can not raise their voice sothat their job itself will be
at stake.
Reply
39 Manish Chauhan May 14, 2012 at 6:07 pm
Pro
Thats part of CTC .. Nothing wrong in it . They can always tell
you CTC less and then add their contribution , rather they tell you
in CTC . Whats wrong inthat ?
Reply
40 Santosh Prasad May 15, 2012 at 12:53 pm
Employer contribution of 12% of basic salary is part of en
employees CTC. Because, whatever employer is contributing, gets
deposited in employees
name and he/she is complete owner of this amount.
Reply
41 Amol May 14, 2012 at 11:10 am
Dear Manish,
Very Informative artcile about EPF and EPS. I have been working
from last five years and was not aware of this one. Thanks!
as You said withdrawing EPF is illegal and we should map
existing EPF with New Company, I found that we need to take a lot
of followup doing those things. I
heard from one of my friend that his earlier company did not
cooperated in doing so and he has to travel many time for that.
same about EPF office. Do we havefacility to transfer EPF account
online?
FYI. In your Diagram you have repeated Employees Contibution
instead of Employers. may be a typo:-)
Regards,
Amol
Reply
42 Paddu May 14, 2012 at 2:30 pm
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What I hear is that if your earlier companys EPF is managed by
private trustees it should be easy to transfer (they might even
have online transfer?).
But if it is managed by the EPF organisation
(http://epfindia.nic.in), you know how difficult it is to get work
done in govt. offices! As other people have said, filean RTI to get
the transfer done!
Reply
43 Manish Chauhan May 14, 2012 at 5:19 pm
Might be . I am not sure if private trustees are more efficient
!
Reply
44 Manish Chauhan May 14, 2012 at 6:06 pm
Amol
Withdrawing is illegal if you are still employed , if you are
really not having any job , you can withdraw it . Employer;s will
just fill up your form and start theprocess , after that they are
not suppose to and will not follow up , its not their work and not
their responsibility , they are right in saying so , its between
you
and govt now .
File RTI , it works in all situation :
http://www.jagoinvestor.com/2012/03/rti-for-epf-withdrawal-or-transfer.html
Reply
45 sri May 14, 2012 at 11:13 am
manish,
i think there are different PF schemesam not clear about of
pension and provident fund linkagecan you elaborate more mentioning
the source of info please. EPSis different scheme but for PF
employes has to contribute basic 8.33% and it has to be be clubbed
with employees contribution.
Reply
46 Manish Chauhan May 14, 2012 at 6:03 pm
Sri
What are you confused about . EPS is an internal thing in EPF ,
you can see the graph which i made and posted above
Reply
47 Pranav May 14, 2012 at 11:14 am
Thanks for sharing..
Reply
48 Kshitij May 14, 2012 at 11:23 am
I have a query (not able to post in the forum):
I was working from Feb 2004 to Jan 2008 in Satyam, Hyderabad. I
want to withdraw my PF (as I have been advised that transfer will
take ages). They have given
me a affidavit as it is 3+ years since I have left that job.
So will my withdrawal be taxable (considering that if you
withdraw before completing 5 years you get 30% taxed)?
Reply
49 Paddu May 14, 2012 at 1:42 pm
First withdrawing while having a job is illegal. Now, if you
have no job and withdraw the amount before 5 years elaborate
calculation is to be carried out
according to the IT Act Fourth Schedule
(http://law.incometaxindia.gov.in/DIT/HtmlFileProcess.aspx?FooterPath=D:\WebSites\DITTaxmann\Act2010\DirectTaxLaws\ITACT\HTMLFiles\2011&DFile=schedule4.htm)
Rule 9:
(i) for each of the previous years including the year of
withdrawal tax benefit due to EPF has to be removed & tax
recalculated,
(ii) the difference between the recalculated tax and tax
actually paid in all these years will be the tax on withdrawal.
As per Rule 10 the tax has to be deducted at source before
giving you the money, but I heard that usually they only deduct 10%
of the tax!
Reply
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50 Paddu May 14, 2012 at 1:42 pm
Oops! Please read 10% of the tax as 10% of the withdrawal amount
as tax.
Reply
51 Manish Chauhan May 14, 2012 at 5:21 pm
Thats really a good idea .. will you be able to give an example
using some figures !
Reply
52 Manish Chauhan May 14, 2012 at 6:02 pm
Yes .. you will be taxed and its not 30% , its actually added to
your income and then taxed as per your slab
Reply
53 Kshitij May 15, 2012 at 10:16 pm
Thanks Paddu and Manish,
Currently I do not have a job. So I guess Id better make that
affidavit and fill across.
Reply
54 Umesh Dwivedi May 14, 2012 at 11:24 am
hello ;
I did a job in a Pvt company for two years, and i have left the
job from last six months.Till i dont get a job , is it possible to
withdraw my EPF.What is the procedure,plz tell me.
Thanks.
Reply
55 Manish Chauhan May 14, 2012 at 6:01 pm
Yes . its possible ,you just need to follow this
http://www.jagoinvestor.com/forum/procedure-to-withdraw-epf/1011/
Reply
56 jake May 14, 2012 at 11:24 am
Nice Article Manish, this is really informative. I would like to
ask one question here. I have my previous PF account which is
dormant now. How do I transfer themoney from that dormant account
to my present PF account?
Reply
57 Manish Chauhan May 14, 2012 at 5:53 pm
Jake
You need to follow the procedure for transfer of EPF Fill form
13
http://www.thinkplaninvest.com/2009/02/epf-pf-transfer-and-form-13/
Reply
58 Ganesh Balasundaram May 14, 2012 at 11:25 am
The bottom portion in the embedded figure should indicate
Employer.
Reply
59 Manish Chauhan May 14, 2012 at 5:52 pm
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Changed !
Reply
60 Sylvestor May 14, 2012 at 11:29 am
Nice Article.
More clarity is needed how pension is calculated after 58 yrs of
age.
Reply
61 PATHY May 14, 2012 at 11:52 am
Hi MANISH GOOD INFORMATION CLARITY ON PENSION CALCULATION AFTER
58 YRS
Reply
62 Manish Chauhan May 14, 2012 at 5:47 pm
Pathy
Please post your questions in simple words !
Reply
63 Manish Chauhan May 14, 2012 at 5:51 pm
Sylvestor
Here is the reference
Under Employees Pension Scheme, the monthly retiring pension is
decided on the basis of Pensionable Service and Pensionable Salary
and is worked out
as follows
Monthly pension=( Pensionable salary*Pensionable service)/70
Pensionable Salary is arrived at by considering the average
contributing salary immediately preceding 12 months from the date
of exit from the scheme,
normally this would be limited to Rs 6,500 p.m. unless certain
enhanced contributions are made by the employer with permission.
Pensionable Service is the
service in years rendered by the member for which contributions
have been received maximum cannot exceed 35 years
Reference : http://www.bemoneyaware.com/blog/epf/
You can also see this article :
http://www.citehr.com/74122-pension-calculator-under-epf-scheme.html
Reply
64 Shrenik May 14, 2012 at 11:43 am
Hi Manish,
Once again very informative and useful article from your
side.
Here it is mentioned that One is liable for pension only if he
has completed 10 yrs of service (in case of more than one
companies, the EPF should have been
transferred, not withdrawn)
The maximum Pension per month is subject to maximum of Rs 3,250
per month.
I have completed 09 years of service in one company. can you pls
also elaborate on what basis amount of pension is being decided and
after a year (when I
complete 10 years) is it worth for me to apply for pension or I
can do that any time after completing 10 years ? Which one will
give more advantage?
Once again thanks for nice and article.
Reply
65 Manish Chauhan May 14, 2012 at 5:50 pm
You also need to complete 58 yrs of age ! .. So if you have
completed 10 yrs of service , but not of 58 yrs ,still you need to
wait for pension
Reply
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66 Shrenik May 16, 2012 at 4:40 pm
Thnx Manish
can you pls also elaborate on what basis amount of pension is
being decided.
Reply
67 SHYAM May 14, 2012 at 11:44 am
Dear Manish,
Very -2 usefull information.
I have a query that my basic salary is 6500.00 and my total
contribution is for 20 year How much pension amount i will get on
retirement.
Thanks
Shyam
Reply
68 Manish Chauhan May 14, 2012 at 5:49 pm
Shaym
There can be changes in between .. You can search more on the
formula on EPF pension calcualtion
Reply
69 Deep Vineet May 14, 2012 at 11:46 am
Nice Article Manish, will it be possible for you to add the
information about the calculation of interest part, also a
calculator in excel would be of great help.
Reply
70 Manish Chauhan May 14, 2012 at 5:48 pm
Calculation of Interest ?
Its a normal way of yearly compound interest . With 8.5% , 100
becomre 108.5 at the end of year .. and then again 8.5% of 108.5 is
added back so on
Reply
71 Anurag May 14, 2012 at 11:52 am
Hi Manish,
What is the procedure to be followed for transfer of EPF Account
when switching jobs. I just received a statement from my Company
regarding my EPF Balance but
isnt there any way so that I can check it myself online like
some account number.
Thanks
Reply
72 Manish Chauhan May 14, 2012 at 5:46 pm
Anurag
You can follow these
http://www.rtiindia.org/forum/19466-how-withdraw-pf-without-signing-previous-employer.html
http://www.jagoinvestor.com/forum/epf-account-transfer-issue/2892/
http://www.jagoinvestor.com/forum/transfer-of-epf-account/234/
Reply
73 Vishnu Agarwal May 14, 2012 at 11:53 am
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Hi Manish,
Again you surprised us with such a detailed information.
Further, Ive few questions, if you can help:
1. Ive worked in 3 years in one company, and transfer to other,
where further worked completing total 6 years. As funds are
transferred from Delhi to Bangalore,
PF account number is also changed. Than, what is the life of PF
(Table D)?
2. If I want to decrease the PF contribution from 12% to say 2%,
is it possible? If it is, Is it dependent on company?
3. How to check the total EPS accumulate as I transferred my PF
from previous employee to current, and raising query to epfindia is
only giving me EPF & Emp
contribution and telling me if EPS got transferred or not?
Thanks,
Vishnu Agarwal
Reply
74 Paddu May 14, 2012 at 2:46 pm
2. PF contribution has to be 12% of PF basic, period. However
the PF basic can be declared to be anything between Rs. 6,500 p.m.
and your actual basic, in
case your basic exceeds Rs. 6,500 p.m. Thus minimum PF is 12% of
Rs. 6,500 p.m. = Rs. 780 p.m.
Now, my company was allowing this option until it got acquired
and now the parent company doesnt give the option of declaring a
lower basic to EPF, so
Im sure this is dependent on company.
3. Yeah, EPF account statement is totally silent on EPS. There
seems to be no easy way of knowing the EPS balance. Proly need to
file an RTI?
Reply
75 Manish Chauhan May 14, 2012 at 5:17 pm
Paddu
Yes .. It actually depends on the company that they want to take
6500 or your actual basic . But most of the companies take the
actual numbers .
To get your EPS balance , follow this article :
http://www.jagoinvestor.com/2012/02/epf-balance-status-online.html
. You might get the SMS and it will
contact two numbers , the lower one is mostly your EPS . Else
RTI is the sure shot tool for find all answers
Manish
Reply
76 Manish Chauhan May 14, 2012 at 5:44 pm
1. It would be 9 yrs (6+3) , because it was transfered .
2. No you cant do that. . 12% of basic is mandatory
3. Use RTI
http://www.jagoinvestor.com/2012/03/rti-for-epf-withdrawal-or-transfer.html
. Works faster , is a little pain to do !
Reply
77 Sundeep Gupta May 14, 2012 at 12:19 pm
Hi Manish,
1. I requested for transfer of my EPF from my previous 2
organisations to my current organisation. This was done in Aug
2011, and I have no updates so far. My
employer say they do not follow up on this. How can I get the
information / status of my transfer request.
2. Given that I requested for transfer in aug 2011 and there is
no action on that yet, can I opt for withdrawl from my previous EPF
account (knowing that its illegal) ?
3. This is a general question. Assuming a person is no longer
working and has withdrawn his PF and all his EPF accounts are
closed. And after say 1year he plans to
join a job. Can he/she fill form 11 and opt out of the EPF
contribution (Given basic is > 6500)
Reply
78 Manish Chauhan May 14, 2012 at 5:41 pm
Sundeep
1. This happens all the time , its just few months as of now and
your delay is below average . But you can now file an RTI and find
how why is it stuck , do
this :
http://www.jagoinvestor.com/2012/03/rti-for-epf-withdrawal-or-transfer.html
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2. Yes mostly you can do that, use RTI again in this case .
3. This is tricky , but as per the wordings in the rule of EPF
If a person has earliar been part of EPF , then he cant opt out of
it , I would say NO
Reply
79 Nita May 14, 2012 at 12:21 pm
Very nice article manish. I was not aware about the pension one
can get under EPF
Reply
80 Manish Chauhan May 14, 2012 at 5:35 pm
Yes .. Most of the people dont know because we never see someone
sticking to a job for 10 yrs or so !
Reply
81 ravindra May 14, 2012 at 12:21 pm
Thanks, for information gate Rs.3500 maximum limit EPF pension
& How to caculate EPF pension
Reply
82 Manish Chauhan May 14, 2012 at 5:33 pm
Welcome !
Reply
83 Koganti Srinivasa Rao May 14, 2012 at 12:46 pm
I am 42 years old. If I want to a get a monthly pension of Rs
15000 per month from my 60th year, how much I have to invest per
year and how many years. Please,
let me know which is the best pension plan and insurance
company.
Reply
84 Manish Chauhan May 14, 2012 at 5:27 pm
Koganti
In this case EPF will not be useful because one can not get
15000 per month in EPF , its limited to 3-4k only as you can read
about . To get 15000 per month
, all you need is 20 lacs and investing in something giving 10%
per annum , I think you should focus right now on growing your
wealth , so just do SIP in mutualfunds , after 18 yrs , when you
are at 60 , there will be plenty of ways of doing it !
Reply
85 SURESAN RAJA May 14, 2012 at 1:01 pm
Mr.Manish, You are great for giving this another good blog.
I need some more clarification of the following:
5. Construction or purchase of house or flat/site or plot for
self or spouse or joint ownership
- You should have completed at least five years of service.
- The maximum amount you can avail of is 36 times your wages. To
buy a site or plot, the amount is 24 times your salary.
- Can be avail of it just once during the entire service.
If my gross salary is 40000 p.m. then I will be eligible for
Rs.144000/- or it is calculating basic pay i.e. suppose Rs.18000/-
then I will be eligible for Rs.648000/-.
My service balance is only for 7 years. Is there any terms to
link with available EPF/EPS amount to sanction the advance? What
will be the interest? I heard that it is
2% p.a.
Please clarify sir,
Reply
86 SURESAN RAJA May 14, 2012 at 1:03 pm
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In my earlier comments please read Rs.1440000/- instead of
Rs.140000/-
Regards,
Reply
87 Manish Chauhan May 14, 2012 at 5:25 pm
Suresan
The first thing is that you are not getting any LOAN , you are
actually getting your own money from EPF , its partial withdrawal
here .
Next thing is that it will be 36 X BASIC Salary , because there
can be two different people with same basic but different take home
. So it does not make
sense to assume take home salary or gross salary . Its basic
!
Reply
88 SURESAN RAJA May 15, 2012 at 9:59 am
Thanks sir. But a doubt that if the calculation for 36xBasic
goes to Rs.6,48,000/- where as I got the SMS through online PF
balance is only
Rs.2,00,000/-. So how much I will get whether it is 6.48 lacs or
80% of the PF balance of Rs. 2 lacs? Regards,
Reply
89 Manish Chauhan May 15, 2012 at 9:40 pm
Better enquire using RTI
Reply
90 Sandip May 14, 2012 at 1:04 pm
Dear Manish, thanks for nice informative article. I want to know
one thing thatwhen any EPF loan is due then can anyone repay and
take another loan in the same
financial year or not?
Reply
91 Manish Chauhan May 14, 2012 at 5:23 pm
I am not sure what exactly is your question . What is meant by
EPF loan ?
Reply
92 SURESAN RAJA May 16, 2012 at 9:13 am
I think he meant for the EPF Loan is the EPF advance we can take
for different reasons i.e. for contruction/purchase of
flat/house/land, education,
marriage, medical etc. For some of the reason above can take
advance only one time eg. we can take 80 to 90% our EPF balance for
the
custruction/purchase of flat/house/land only one time in the
life. We have to submit the possession certificate within a year.
If we use the money to anyother purpose then it will recover in
lumsum or from salary with interest @ 2% p.a.
Reply
93 PATEL BHAVESH May 14, 2012 at 1:31 pm
Very nice.Thank u very much for updating as its very helpful in
our life as far as fro the serviceman and women.
Reply
94 Manish Chauhan May 14, 2012 at 5:22 pm
Welcome Bhavesh
Reply
95 Bishal May 14, 2012 at 2:19 pm
Hi, does this elf information apply only in India or other
countries too? Thanks.
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Reply
96 Manish Chauhan May 14, 2012 at 5:20 pm
Its only for India
Reply
97 Bishal May 14, 2012 at 2:20 pm
Sorry, I meant EPF and EPS.
Reply
98 Roshni Nayak May 14, 2012 at 2:26 pm
Hi Manish,
Nice article, you can add 2 more points here,
1. No interest will be credited in the EPF acount which are
lying dormant for 3 years or more. This is with effect from April
1,2011.
2. If you withdraw EPF money before five years, it will be
taxed.
Regards,
Roshni
Reply
99 Manish Chauhan May 14, 2012 at 5:20 pm
Thanks for those points Rashmi
I considered them to be more known points actually .. But those
are points many people would not know about !
Reply
100 Charu Gupta May 14, 2012 at 3:06 pm
Manish,
A very very useful information, especially point 6 and 10. I had
been looking for this information from a loong loong time and here
you are, heard it and fulfilled it!
Thanks a lot. Btw, though Ill go through you post on how to file
for your EPF information, just wanted to know what can I do if my
previous employer is not able to
retrieve my EPF account information and details. If my current
employer has to contirbute to my EPF, how can they do so when I
dont even know my EPF account
number?
Charu!
Reply
101 Manish Chauhan May 14, 2012 at 5:13 pm
Charu
When your new employer does not have your old EPF details , in
that case they open a new EPF account on your name and you then
have 2 EPF accounts .
You can then choose to transfer your old EPF money to new EPF .
You old Employer is not able to locate your EPF account number also
? Just number ! ..
If you have the account number somewhere in old salary slips etc
, you can then just fill up a form for transfer of your EPF to new
EPF . Do use RTI if this
does not happen fast (6 months)
Manish
Reply
102 Veeraf May 14, 2012 at 3:19 pm
Excellent article contents and presentation. I have not meet a
single person in my life time who was able to explain in points
EPF, EPS and VPS.
Best Regards,
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Reply
103 Manish Chauhan May 14, 2012 at 5:11 pm
Good to hear that Veeraf ! thanks for appreciation . Teach to
others now
Reply
104 Satish May 14, 2012 at 4:29 pm
Thanks for posting the great information which many of us does
not know. Keep posting similar information regularly
Dr.Satish (Hyderabad)
Reply
105 Manish Chauhan May 14, 2012 at 5:10 pm
Thanks Satish .. I hope you learnt some really new things which
you were unaware of !
Reply
106 Praveen May 14, 2012 at 5:16 pm
Hi Manish
Lets say i quit my job and withdraw my EPF.
What are the tax rules for this? Do i need to pay any tax on
it?
Reply
107 Manish Chauhan May 14, 2012 at 5:27 pm
Praveen
If you have completed 5 yrs of service , then no tax ,else it
will be added as your income and taxed as per your slab !
Reply
108 Sushil May 14, 2012 at 5:27 pm
Manish Ji.Excellent Article once Again.though i knew much about
EPF yet point no 3 and 4 are absolutely new for meThis information
was indeed very well
I am a regular visitor of your blog and now it has become my
habit to visit it atleast once daily to check if anything new is
therei am addict to jagoinvestor.compls keep it up
Reply
109 Manish Chauhan May 14, 2012 at 5:28 pm
Good to hear that Sushil .. keep it up
Reply
110 C.R.KESAVAN May 14, 2012 at 6:05 pm
Manish,
The article is a very good one. I did not know about the EPS
part(8.33%) does not generate any interest. Employees who get12% of
their actual basic(instead of
Rs780) will lose substantial amount of 8.33% of their employers
contribution because of inflation & Zero interest. This is
really terrifying.
Reply
111 Manish Chauhan May 14, 2012 at 6:09 pm
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Yes
Reply
112 Manoj May 14, 2012 at 6:14 pm
Thanks for the info. I have one queryYou have mentioned Employee
contribution can go beyond 12% of basic. Is there any cap on this
contribution?
Reply
113 Manish Chauhan May 14, 2012 at 6:17 pm
No, there is no cap on this .. 100% of your Basic can go in EPF
..
Reply
114 Pavan May 14, 2012 at 6:31 pm
HI Manish,
Many thanks for your post. My understanding of 4th point (4: You
might not get 100% of your EPF money) is below.
Assume monthly salary is 20834. His contribution towards EPS
(subject to 541 per month is maximum) is 6492.
He leaves job after 1 year and opts for withdrawal. The EPS he
gets is 20834*1.02 (As per table D) = 21250.But this amount is more
than the balance he has. Is this correct.
Also, if 10 yrs are crossed, then you are liable for pension
Does this mean if he withdraws after 10 years he will get a
pension? If Yes how is this calculated.
Reply
115 Manish Chauhan May 14, 2012 at 6:46 pm
Pavan
No . Your EPS is subject to Maximum the amount is there in EPS .
So whatever is lower will be given to you . Another thing is that
here the salary is basic
salary , not the gross
Also Pension will be given only once you are above age 58
yrs
Reply
116 Pavan May 14, 2012 at 6:57 pm
Hi Manish,
Thanks.. I meant basic salary only since EPFO will only know our
basic salary .
One more query..
Do we need to give seperate application to transfer EPS or once
we transfer EPF it will happen automatically ?
Reply
117 Manish Chauhan May 14, 2012 at 11:28 pm
It will not happen automatically .. Note that you fill form 19
for EPF withdrawal and form 10 C will be filled for EPS
Manish
Reply
118 Vineet May 14, 2012 at 7:51 pm
Very nice and informative article as usual.
>>>Lifelong pension is available to the member and upon
his death members of the family are entitled for the pension.
Till what time family members can get pension? Which family
members get it? Only those which are nominee?
Reply
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119 Vineet May 14, 2012 at 7:53 pm
Another question what happens if person dies before reaching age
58. Are famliy members able to get pension in such case? If yes,
till what time will they
continue to get pension?
Reply
120 Manish Chauhan May 14, 2012 at 11:25 pm
Vineet
Family can only get pension only when the pension was already on
.If a person has not started pension, then his nominee will get the
EPS money in
lumpsum
Reply
121 Manish Chauhan May 14, 2012 at 11:25 pm
Nominee will be handed over the money ,then it will move to
legal heirs !
Reply
122 Suresh Kr. Ray May 14, 2012 at 8:53 pm
Manishji,Once again the article is very relevant and
informative. You have made known many hidden aspect of the EPF. One
can seldom get these hidden aspect of
EPF anywhere. And Its Happens only In JAGOINVESTOR. THANX
Reply
123 Manish Chauhan May 14, 2012 at 11:24 pm
Thanks Suresh . Keep reading !
Reply
124 Sachin May 14, 2012 at 11:14 pm
Hi Manish very useful information, thanks. I have one Q about
VPF..
- You are eligible to withdraw an amount that is up to 36 times
your wages.
How is VPF is calculated for withdraw?
Reply
125 Manish Chauhan May 14, 2012 at 11:22 pm
VPF is nothing but EPF only .. just that anything above 12% of
your BASIC is labeled as VPF , but withdrawing rule is just same ..
everything is EPF once the
money is invested in that
Reply
126 Sudhanshu May 15, 2012 at 12:30 am
Hi Manish,
What is the difference between PPF & EPF ? Can i have both
accounts ? Also, please let me know about tax exemption, whether
70000 is for PPF or cumulatively
for both PPF & EPF ?
Reply
127 Manoj May 15, 2012 at 10:26 am
PPF Public Provident Fund, which is not linked with the emplyer
and entirely voluntary for a person just like NSC, while EPF Is
linked with the employer
as employer has to add 12% amount from his side. You can have
both PPF & EPF A/Cs. The limit of Rs. 70000 is increased to Rs.
100000 since lastfinancial year & it is for PPF (not for EPF +
PPF). You can have A/Cs for yourself, kid also. But the cumulative
amount for you + kid should not exceed Rs.
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100000.
Reply
128 Viswa May 15, 2012 at 2:10 am
Very detailed and informative article.
Here is my question:
I have worked in a company in India for 4 years and got
transferred USA as an US employee for last 4 years. Since I didnt
received any salary in India for the past
4 years, there is no contribution to my EPF account also. So I
think my EPF account would be dormant. Can I withdraw the EPF
account or any other option isthere.
Thanks.
Reply
129 Manish Chauhan May 15, 2012 at 9:43 pm
Viswa
Yes , you can now withdraw it . Fill up the form 13 for that
Reply
130 Sukesh Choudhary May 15, 2012 at 2:42 am
Hi,
Nice article to go through.
One query regarding pension fund withdrwal, had joined company
on 31-Dec-2010, left the organization on 31-Oct-2011, somewhere 10
months service is there,
had applied for EPF and FPF withdrawl after 3 months, got the
EPF amount only, had queried the reason behind not getting the
pension fund; but still doesnt get any
clarification for the same from the concerned person there.
Can you please update whether i will be eligible for the
withdrwal of accumulated pension amount for 10 months service.
Thanks in advance.
Regards,
Sukesh
Reply
131 Manish Chauhan May 15, 2012 at 9:42 pm
Hmm.. if you see the article, as per table D ,the minimum
service tenure should be 1 yr, but now its time you file an RTI
application for this issue
Reply
132 Sukesh May 15, 2012 at 11:42 pm
In case, me notbeing eligible t withdraw pension fund, whats the
use of file of RTI ???
Reply
133 Kannadasan May 15, 2012 at 7:18 am
Hey Manish,
there is a option like get a loan without interest instead of
withdrawl a aprtial amount. is it true?.
Reply
134 Manish Chauhan May 15, 2012 at 9:42 pm
No , i have not heard about loan option
Reply
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135 SURESAN RAJA May 16, 2012 at 9:15 am
There is no loan but advance against our EPF balance.
Reply
136 Venkatesh May 15, 2012 at 9:18 am
Hi,
The information is very useful. These are very important for
each individual. Very specific and to the point. Keep up the good
work.
Thanks & regards,Venkatesh R
Reply
137 Manish Chauhan May 15, 2012 at 9:40 pm
Thanks Venkatesh
Reply
138 Suresh K Narula May 15, 2012 at 10:41 am
Excellent Manish, but one fact is always missed while talking
about EPF which is interest calculation. Every year, I get PF slip
but I could never get right calculation ofinterest i.e. monthly
compunded or yearly comounded. Please explore this fact.
Reply
139 Manish Chauhan May 15, 2012 at 10:53 am
Suresh
I am not sure about it, but I think its just normal way ..
Compound interest at the end of the year . Will try to find out
more
Reply
140 pari May 15, 2012 at 11:02 am
Very informative article!
Reply
141 Manish Chauhan May 15, 2012 at 9:33 pm
Thanks !
Reply
142 Mehul Naik May 15, 2012 at 11:05 am
Very informative post Manish. Thanks!
My parents were both in government service and are now retired.
They are getting regular pension. The EPS is in addition to the
regular pension govt. employees getor is it included in the
same?
Please reply. Thanks.
Reply
143 Manish Chauhan May 15, 2012 at 9:33 pm
Do they have EPF component . I think its in case of private
salaried employees
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144 pophale May 15, 2012 at 11:10 am
Dear Manish,
Excellent informative article.I am at the age of 60 and not yet
getting pension.What can be done.will I get interest on delayed
payment?
Reply
145 Manish Chauhan May 15, 2012 at 9:32 pm
No , you will have to apply for pension . Else you can withdraw
it, but you need to take one action
Reply
146 Neerav May 15, 2012 at 2:37 pm
This is regarding point 7. If a person leaves job and for 2
months he has no job then he can withdraw EPF. Now if he joins the
new job does he have the option ofnot being part of EPF (although
he was a member before)?
Reply
147 Manish Chauhan May 15, 2012 at 9:17 pm
No , he does not have this option . He has been part of it once
and now he has to be part of it .
Reply
148 Neerav May 15, 2012 at 2:38 pm
Also regarding the nomination, I think after marriage one has to
re-nominate.
Reply
149 pophale May 16, 2012 at 10:36 am
Dear ManishThanks for your reply.I have already applied for
pension by submitting documents through my company office.However,
pension is not yet started.As usual no
proper answers from govt. dept.Matter is under followup through
my company official, being away from my residential place.Any quick
remedial action isrecommended by you.
Reply
150 Siddhant May 16, 2012 at 12:48 pm
Hi Manish,
one fact which is important is that The money withdrawn before 5
years in the PF scheme is Taxable in income tax at full rate.This
can cause serious issues in personal income tax
Reply
151 Ms Hyacinth May 16, 2012 at 4:16 pm
Hi Manish
Real good insight into EPF keep it UP!!
It would be good if you give some info on FPS also for people
who have completed more than 20 years of service in an
organisation.
thanks
Reply
152 munish May 16, 2012 at 4:39 pm
hello manish
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i was an employee of an insurance co and i have worked for 1
year , nw after around 6 year i want to withdraw my PF but my
account is dormant nw
Kindly confirm what is to be done in this case ????
Kindly revert
Munish
Reply
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