Provident Fund & Social Security

[PeaceSeeker]

Please help me with the information if you can.

1) In India, employee/employer contribute to the PF of the employee. On retirement, the whole amount is payable to the employee. On resignation, certain portion of the PF is payable depending on number of years of service completed. What are these slabs?

2) In USA, there is something called social security. For someone who has worked there for some years and then returned to India, is the accumulated social security payable? if yes, bow to go about it? Are there slabs/conditions attached?

TIA

[smellyfinger]

Originally Posted by PeaceSeeker

Please help me with the information if you can.

1) In India, employee/employer contribute to the PF of the employee. On retirement, the whole amount is payable to the employee. On resignation, certain portion of the PF is payable depending on number of years of service completed. What are these slabs?

2) In USA, there is something called social security. For someone who has worked there for some years and then returned to India, is the accumulated social security payable? if yes, bow to go about it? Are there slabs/conditions attached?

TIA

No - social security is not like a provident fund. A 401K is like a provident fund. Social security is more like a government pension plan, but it is not commutable into a lump sum. Moreover, you have to be a citizen or GC holder to receive SS. You can continue to receive SS even if you are in India as long as your GC or citizenship is valid.

If you were on an H/L/B visa, you do not get SS. What you contributed to it is gone.

disclaimer: this is from my knowledge. Please consult a lawyer/financial advisor before making any investment decisions

[PeaceSeeker]

Originally Posted by smellyfinger

No - social security is not like a provident fund. A 401K is like a provident fund. Social security is more like a government pension plan, but it is not commutable into a lump sum. Moreover, you have to be a citizen or GC holder to receive SS. You can continue to receive SS even if you are in India as long as your GC or citizenship is valid.

If you were on an H/L/B visa, you do not get SS. What you contributed to it is gone.

disclaimer: this is from my knowledge. Please consult a lawyer/financial advisor before making any investment decisions

Thanks