EPF employee provident scheme provides for the savings of fund from employee salary to be availed after the retirement of the employee this provident fund is administered by EPFO employee provident fund organization under the employee provident fund scheme.EPF scheme 12% of employee basic salary plus ( including allowances such as dearness allowance and house rent allowance etc…) is deducted and contributed toward the provident fund account. And employer also contributes 12% of what employer pays to the employee and it is divided into share between different schemes and only 3.67% is contributed towards the employee provident fund and government deducts an interest of 8-12 % from the employee. The current annual interest rate is at 8.75 %. To withdraw provident fund employer and employee needs to submit forms released by the EPFO, particularly the employee and employer needs to fill the form 19 10c and form 3A for the withdrawal of provident fund savings. After submission of these forms, the employer needs to state and write a letter to the regional provident fund commissioner as an acknowledgment for submission of forms regarding PF withdrawal of the particular employee so that EPFO office stats processing the withdrawal claim of the employee.
Covering letter for PF withdrawal must contain following details
● first, it must be addressed to regional provident fund commissioner
● address of the regional office of EPFO
● what type of forms submitted to be stated
● establishment PF code
● employees name
● employee PF number
● date of leaving service
● Company Name
● Authorised Signatory
The covering letter for pf withdrawal should be attested with the copies of the forms submitted if needed supporting documents must be produced or copies should be attested with the covering letter.
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