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Form 16

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1.What is EPFO?

Answer- The Employees’ Provident Fund (EPFO) is a retirement benefit scheme that’s available to all salaried employees working in a formal sector.
 

2. What is the contribution rate to the Provident fund & pension scheme?

Answer- Under this scheme, matching contributions up to 12% of salary has been paid by the employees and employers in each.

3. Is contribution to the PF mandatory?

Ans- For those who have a basic salary of up to Rs. 15000, contributing to the EPF is mandatory. Contributions are voluntary for those whose basic salary exceeds Rs. 15,000.

4. When can I withdraw my PF money?

Answer – You can withdraw from your PF account on the account your children’s education, marriage of self, children and siblings, purchase/construction of a house, or any medical emergencies etc. withdrawal is subject to certain conditions, non-compliance of which would result in penal interest: You should have completed minimum seven years of service; withdrawal can be made only three times in the period during which you hold the PF account, and the maximum aggregate withdrawal would be 50 per cent of the total contributions made by you.

5. Can I contribute more than 12 per cent of my basic salary towards PF?