plaban (Service) 29 August 2012
1. If an employer deducts 8.33% of an employee's salary for EPS contribution, who is the custodian of the money (Govt or Employer)?
2. If an employee, does not put in 10 years of service with the organisation, what will happen to the money deducted for EPS?
3. If an employer, joins another organisation before 10 years, can the PF member employee transfer his EPS from previous employer to new employer?
Sudhir Kumar, Advocate (Advocate) 06 September 2012
1. If an employer deducts 8.33% of an employee's salary for EPS contribution, who is the custodian of the money (Govt or Employer)?
Ans : Custodian should be EPFO. If employer has retained it is illegal he is liable under s/206 of IPC.
2. If an employee, does not put in 10 years of service with the organisation, what will happen to the money deducted for EPS?
Ans : he cna take money back or scheme certificate.
3. If an employer, joins another organisation before 10 years, can the PF member employee transfer his EPS from previous employer to new employer?
Ans : Yes previous contributed years will add in pensionable service.
plaban (Service) 07 September 2012
Thank you Mr Kumar. Please help us woth more information about "he cna take money back or scheme certificate".
1. Did you mean that the EPS amount will be included in the Full and Final settlement when I leave the company, or claim it from EPFO like we do for PF.
2. What is a scheme certificate ad how does it work?
Thanking you in advance. Your efforts are highly appreciated.
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