Section 14 Provident Fund, General Rules and Policy

Section 14.01 Objective

No task or Scheme in any organization is implemented without objective and a fare objective with plenty of outcomes provide an ease in its existence.

To provide assistance to HRMPK employees in the form of Provident Fund as part of HRMPK employee welfare program.

Section 14.02 Eligibility

All employees having completed their probationary period and graded as the confirmed employees of any organization are generally entitled to avail this facility and are qualified to partake in Provident Fund Scheme.

Section 14.03 Key Principles

a.         PF will be contributed by the employee and the employer @ 10% of basic salary.

b.         The deduction shall be immediately started effective from the date of his job confirmation.

c.         Provident fund payment shall be made during the process of final settlement of an employee separated from service. However employees leaves organization within a year of confirmation because of misconduct, organization can retain employer contribution and profit thereon.

d.         All contributions to be managed through a separate bank account.

Section 14.04 Limitations

All daily wages employees, consultants, or any other service provider under contract with HRMPK shall not be eligible to participate in this scheme.

These are some general guidelines to deal with the provident fund in any organization but there may be some variation in actual dealing depending upon your organization or industry but the general rules and procedures will remain the same as defined and mention in  this post.  

For further assistance refer to Human Resource Process (HR.D.A Provident Fund Process).