The Private Security Sector Provident Fund has over 330,000 active members and assets of over R5.7 billion. The Foundation, through its Board of Trustees, has a proven track record of protecting the interests of its members and protecting the value of the retirement assets of active members.
Since PSSPF came into effect in 2002, it has improved the lives of its members and their families by providing better retirement, disability, death and funeral benefits. The provision of such services directly and indirectly benefits her over two million families who are part of this statutory fund.
The Fund is managed by the Board of Trustees representing stakeholders in the private security sector. The Trustees were appointed by their respective Trade Unions and Employers Organisations based on the criteria contained in the rules of the Fund. An independent Trustee is also appointed in line with these rules.
Based on the rules, The Trustees will remain in office for a period of five years. Their role and responsibility amongst others, is with due care and diligence act in the best interest of the Fund and its members and take all reasonable steps to protect the interest of members.
It is the objective of the Private Security Sector Provident Fund to make certain that employers are compliant and that the employees in the security sector are not denied the Provident Fund benefits. The Fund in fulfilling its objective works in conjunction with enforcement agencies such as Private Security Industry Regulatory Authority (PSIRA), Department of Labour, South African Police Services (SAPS), Financial Sector Conduct Authority (FSCA), Pension Fund Adjudicator (PFA), Trade Unions, Employers Organisations, Employers and Members.
Provident fund (PF) is the designated small savings scheme which has been institutionalised to create a buffer for long-term for all the salaried-class people in India. The Employees’ Provident Fund Organisation (EPFO) manages the EPF account of all the registered individuals, as well as the credit, disbursal, claim status and passbook of provident fund account holders.
A person is allowed to withdraw the provident fund balance after retirement. However, the EPFO has certain provisions under which a salaried individual can apply for partial/premature withdrawals from the EPF account to meet the monetary requirements. The provident fund balance withdrawn before completion of 5 years is taxable also. Namely, a person is eligible to withdraw the partial amount from the provident fund account in case of unemployment, retirement, marriage/education of children, illness, loan repayment, purchase of land/house, renovation of house etc.
People who have applied for the withdrawal of provident fund balance can check the claim status through the EPFO online portal, www.epfindia.gov.in. A person who wishes to check the provident fund claim status can click ‘For Employees’ option given under the drop-down menu of ‘Our Services’ option on the EPFO website. After this, you can click on ‘Member Passbook’ to visit the EPF passbook login page. A registered user can log in with the valid UAN number and password.
You can select the member ID for which you want to check the claim status and then click on ‘View Claim Status’ option given on the extreme right of the page. The PF claim status for the selected member ID will be shown. Earlier last month, the EPFO notified an interest rate of 8.65 per cent on provident fund deposits for the financial year 2018-19. The EPFO has started crediting the interest in the EPF accounts of the individuals from this month.