Pf related

what is the query

If the company is maintain its own pf trust then it will get opportunity  to manage funds, but at the same time, they r  suppose to give pf office form 9 ( as per p.f act ) to give details of the employees who are eligible to become members of the p.f  Fund .

Whether the company has got permission of EPFO to form own trust

Such companies will be collecting their share of PF from the employee and there wont be any own PF trust of company.  Just check if the PF number they have given is valid or not.

yes they have got permission to run pf trust. if the company is running p.f trust ,then also they have to file Form 9. as per the employees join the company. am i right?

how are you sure they have got exemption from EPFO?

Mr. sudhir Kumar

    our  H.R. has told it is maintain by trust. but is there a way of finding that p.f is maintain by a trust  or not ? whether trust maintained p.f. also give Form 9?

The rules of the PF trust should have bare minimum provision so that an employee can see the account in computer terminal any time and also to get a pass book or annual statement.

Companies are known to claim that even if rules are not supplied or received the rules shall apply.

Therefore you may apply to supply you the PF rules or download from portal at which it has been kept by employer.

These rules should elaborate which Form in place of Form9 is being used in your establishment.

You may also approach this HR person or Trustees or Chairman or the Trust or MD or regulator e.g RPFC, Income Tax Dept. as the case may be.

You muse emphasize and obtain PF deduction in salary slip and PF number, Pension  allotted to you.

>> For scheduled employment the question of forming separate trust for Pf should  not arise and for exemption the EPFO should be convinced that the facilities provided by the establishment are better than those provided in the Act.

>> Exempt Provident Fund Trusts:

After being covered under the provisions of PF Act and if it is a profit making Company with 200 employees it may pass a Board Resolution and apply to the IT Dept for recognition of a trust and thereafter file for exemption with the RPFC. On receipt of the approval from RPFC the trust can comply as Exempt.

>> Excluded Employees' trust

An Excluded Employees' trust is one, which does not come under the purview of the PF Department, but its policies are framed based on the PF Act. The regulatory Authorities are the Income Tax department. 

>> If your establishment has been approved to have its own “ ________________ Employees Provident Fund Trust “

EMPLOYEES’ PROVIDENT FUND AND MISCELLANEOUS PROVISIONS ACT 1952 then it should have framed the rules also which are on the pattern of the scheme and it should been approved by RPFC at the location of redg. office of the company.

If the establishment has its own trust then it should have taken your consent to become member and at that time should have supplied copy of PF rules.

The rules must have provision so that an employee can see the account in computer terminal any time and also to get a pass book or annual statement.

You may go thru the details at;

https://www.epfochennai.tn.nic.in/pdf/Excemptionsrevised.pdf

Rule 2

Definitions:

(iii) Nomination of Trustees:

a) Election of employees’ representatives:

(k) Reference to Regional Provident Fund Commissioner:-  In cases of any dispute or doubt the matter shall be referred to the Regional Provident Fund Commissioner. His decision in the matter shall be final and binding.

Rule 12. Member’s Account:-

 An account shall be kept by the Board of Trustees in the name of each member in which shall be entered:

 i) the member’s contribution;

 ii) the contributions made by the company to the member’s account;

 iii) the interest or profit accruing to the member’s account;

 iv) the advance / withdrawal, if any, made to the member out of the fund to be debited;

 v) the repayments, towards advance made to the members.

 The maintenance of such records shall be done electronically and necessary provisions shall be made to enable all the members to be able to see their account balance from the computer terminals as and when required by them.

 The establishment would periodically transmit the details of members’ accounts electronically as and when directed by the CPFC/RPFC.

Rule 13. Member’s Pass Book:

 Every member shall be given a Pass Book or an annual statement of Accounts within six months of the close of the year in which shall be entered the particulars referred to in the Rule 12 above. All Pass Books or the Annual Statements shall be made up to date at the interval of one Year. Such statement/Pass Book shall be accepted as correct and binding on the members save that if any manifest error shall be found therein and notified by the

member to the Board of Trustees in writing within six months after the date of making such entry, the same may be rectified. A member of the fund is also allowed to inspect his account himself or through any person duly authorised by him in writing to do so, within 72 hours of making such request provided that no such request shall be entertained more than once in every two calendar months.

So the querist raised a query and Mr Kumar Daob could give detailed analysis