Kwanso (Private) Limited extends the benefit of Provident Fund (PF) to its permanent employees. Participation in the PF scheme requires each eligible employee to contribute a fixed percentage of their basic salary, with an equivalent contribution made by the Company. This policy outlines the terms of participation, contribution, withdrawals, and general provisions governing the Provident Fund, with an objective to maintain transparency and awareness among employees regarding PF practices.
1. Eligibility
All employees who are employed on a permanent basis (excluding contractual employees) shall become eligible to participate in the Provident Fund scheme upon confirmation of employment.
The date of admittance into the Provident Fund shall be either:
The date of confirmation of employment; or
January 1st, 2022,whichever occurs later.
2. Contributions
Each eligible employee shall contribute 6% of their basic salary to the Provident Fund on a monthly basis.
The Company shall make a matching contribution of 6% of the employee’s basic salary to the Provident Fund, effective from January 1st, 2022.
Upon separation from the Company, the employee shall be entitled to receive the total accumulated balance in their Provident Fund account, comprising both the employee’s and the employer’s contributions, along with any applicable profit.
Note: In the event of separation or resignation prior to completing one (1) year of service, the employee shall be entitled to only their own contributions. The employer’s contribution shall be forfeited.
Employees shall be eligible to apply for a PF loan withdrawal only upon completion of one (1) year of confirmed employment with the Company.
PF loan withdrawals are permitted under the following conditions:
Eligibility Period
Withdrawal Limit
After 1 year
100% of the employee’s own contribution only
Partial withdrawals (less than 100%) shall not be permitted.
An employee shall be permitted to avail only one (1) PF loan withdrawal in a calendar year.
Employees shall not be eligible to apply for any further PF loan withdrawal during the repayment tenure of an existing loan.
4. Repayment and Profit Terms
The entire amount of the PF loan withdrawal must be repaid in full within 1 year by the employee; repayment in installments shall not be permitted.
No profit shall accrue to or be payable to the subscriber for the financial year during which a PF loan withdrawal is made.