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Old 17th December 2012, 17:20   #256
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Default EPF allowances: Clarification by Jan 2013

The Labour Ministry has asked the Employees Provident Fund Organisation to keep into abeyance the implementation of a new rule for clubbing various allowances into the basic wage, until a new list of such allowances are drawn up by next month.

The Ministry has appointed a Committee to look into the legal aspects and clearly prescribe what constitute part of the basic wage.

Although the EPFO Act mandates that basic salary should include only basic wages, dearness allowance including the cash value of any food concession and retaining allowance.

The EPFO has adopted a Supreme Court order and said, “All such allowances which are ordinarily, necessarily and uniformly paid to the employees are to be treated as part of the basic wages”.

Referred from:
http://www.financialexpress.com/news...by-jan/1046199
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Old 31st December 2012, 14:37   #257
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Default Re: Transfer PF or Withdraw and start a PF?

Quote:
Originally Posted by null View Post
My PF amount was transferred from a trust (Blore based company) into EPFO GGN when I shifted jobs (new one based in blore, but PF in GGN because of their head office is there). My company informs me that the PF transfer happened in 2010 itself, but I am yet to see it officially in EPFO records. My company is evasive in their response (I am still the employee) and suggests me to file a RTI to get clarifications on my official PF transfer status.

I have 2 questions:
1. Is it really such a pain to get PF transfers done (inward & outward) from GGN EPFO?
2. Isn't the employer legally responsible for the correct PF transfer for their employee? We submitted our PF transfer request forms to our employer for processing and not the PF office directly.

Anyone here knows the answers?
I have a similar story like yours. I changed job in end of 2008 and applied for PF transfer from a private trust to EPFO (bangalore)

Transaction was smooth from my old company(pvt trust) and i was handed over a DD favoring the PF officer within 2 months. Which i promptly submitted to our finance department(of new company)

Fast forward 2012 and i am yet to see that amount in my current PF account. My finance guy had told me to wait till 2010-11 statements are out so that it will be reflected by then, so i patiently waited, but it is still not there. my Finance dept says i should visit the EPFO office and talk to PF case officer since my transfer amount may be in suspended state.



I want to know the following from the fellow bhpians

1. Is this my headache of should i put pressure on my company finance department to get this issue resolved?
2. What does suspended PF account mean? Even if i manage to get back my hard earned money, will i still be loosing interest for last 4 years ?
3. I am loosing faith in the way EPFO is functioning after reading this thread. Is it a better idea to withdraw all the money when i change job next time and my invest it somewhere myself ?
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Old 20th January 2013, 00:36   #258
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Default Re: The "Provident Fund" Thread

I received these messages which essentially state the claim to transfer and to withdraw are Rejected. What is the other option- I am clueless. This is going on for 8 months now.


"Status : Claim Form 10C for Withdrawal Benefit AGAINST Member Account No (THTHA00993xx0000000xxx) has been rejected. Rejection letter is under dispatch/ dispatched to address in your claim"

"Claim Form 19 for PF Settlement AGAINST Member Account No (THTHA00993xx0000000xxx) has been rejected. Rejection letter is under dispatch/ dispatched to address in your claim form."
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Old 21st January 2013, 00:27   #259
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Default Re: The "Provident Fund" Thread

Alter.e.go
Hi
Around 6/7 years I had some problem in withdrawing my daughter's PF as she had ceased to become an employee and became self employed.
I went to the PF office in Bandra(east) submitted the form(less than 15 minutes) and followed over the telephone and within 30/40 days got the credit in her account.
I dont remember too many details but I did not give anything to anyone nor did I visit the office again.
Does your account come under Bandra jurisdiction?
Regards
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Old 21st January 2013, 04:12   #260
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Default Re: The "Provident Fund" Thread

Thanks..

Its at the Thane office. I guess I'll have to go there. Perhaps will need to get hold of an "agent".
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Old 27th February 2013, 23:31   #261
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Default Re: The "Provident Fund" Thread

I have been working for almost 6 years. Can I withdraw my PF amount while still working for the same organization?

If no, don't bother reading further.

If yes, what percentage of total PF amount can I withdraw? Is it a wise thing to withdraw PF amount this early? I am just 25, you see.
Most importantly, how do I do it?
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Old 28th February 2013, 00:15   #262
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Default Re: The "Provident Fund" Thread

I have a query and would be happy to get views.

I shifted jobs 3 years back and have neither withdrawn nor transferred the PF from my previous organisation.

I decided to withdraw, but one clause says that i need to confirm that i wasnt working for a period of time after i left my previous organisation. I dont conform to this clause. Does this mean that the only choice i have is to initiate transfer of the PF funds to my new organisation? Is there any other way / process to help me withdraw this money?
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Old 28th February 2013, 08:11   #263
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Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by Farukh View Post
I have been working for almost 6 years. Can I withdraw my PF amount while still working for the same organization?
Is it a wise thing to withdraw PF amount this early? I am just 25, you see.
Is it wise to withdraw PF amount at a young age? One word: "NO".
Don't forget that PF provides you some semblance of financial security for your retirement age when you do not have a steady source of income. So don't even think of withdrawing the PF money, unless its an emergency situation and you have exhausted all other means of monetary support.

Just so you know, there are some conditions under which you can take a loan from PF (partial withdrawal). The below link will give you an insight on how this can be done. But my recommendation: DO NOT withdraw PF. Even if you leave your current employer, have it transferred to your new employer. You will be surprised at how fast this money accumulates and grows, provided you leave it untouched.
Source: CAclub.
http://www.caclubindia.com/articles/...p#.US7AUaIyblY

Quote:
Originally Posted by jkrishnakj View Post
I shifted jobs 3 years back and have neither withdrawn nor transferred the PF from my previous organisation.
I decided to withdraw, but one clause says that i need to confirm that i wasn't working for a period of time after i left my previous organisation. I don't conform to this clause.
Yes. You need to fill the Form 19 of withdrawal and submit to your previous employer(s). The two month clause non-employment clause is not fully enforced, so if you submit the form after two months of leaving your job, its still okay. Link from the PF office is here:
http://www.epfindia.com/downloads_forms.html

My suggestion: Don't withdraw it. Arrange to get all the earlier PF amounts transferred to your current employer. It may take time. But hey, you have been living without the amount so far right, so you should be able to still manage without this money physically coming into your hands.

In the near future, every member of PF will be alloted a unique PF account number, which will be common across employers. So, it will not be possible to withdraw when you are leaving service. Transfer will be the only option. As we speak, in Karnataka, this is being implemented.

Last edited by hrman : 28th February 2013 at 08:17.
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Old 28th February 2013, 17:14   #264
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Default Re: The "Provident Fund" Thread

While it might be tempting (esp. early on in one's career) to withdraw the PF amount when moving to a new job, it is prudent to either let it be or continue using that account in the new orgn. for atleast 2 reasons - (1) the power of compounding and (2) nest egg for the future. Just forget that the amount exists and let it accumulate over time with the compound interest helping the corpus grow over the years. Infact it would help to utilise the feature of PF where one can deposit more than the mandated minimum of 12% of basic - ofcourse the company's contribution would still remain a max of 12%.

And infact when one starts his/her career, it would be better to also open a PPF account for again the same reasons as earlier. As those who have been operating PPF a/cs for a while and making the max. allowed annual deposits (70K earlier and 1lakh from last few years) would be aware, after some years the annual interest credited into the a.c would be more than the annual deposit made. Add to it the fact that PPF is fully tax-free and the attractiveness increases. Maybe not relevant to most, but the corpus cannot be attached by even court of law.

Quote:
Originally Posted by NetfreakBombay
Yes its not completly tax free. As per income tax site, gratuity up to a limit is tax free (max 3.5Lakh)
This limit was recently increased - though I forget to what amount.
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Old 28th February 2013, 17:55   #265
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Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by hrman View Post
Is it wise to withdraw PF amount at a young age? One word: "NO". You will be surprised at how fast this money accumulates and grows, provided you leave it untouched.
hrman, thank you for the info. Point taken. I am not withdrawing it anytime soon.
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Old 28th February 2013, 18:02   #266
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Default Re: The "Provident Fund" Thread

Hi Guys, I have a question regarding the transfer of PF.
I had switched job in Nov'11 and now when I check my e-passbook, I see that the PF amount of say X is reflected on Dec'12. I want to know what happens to the interest on this amount? It is not reflected. Or I won't get the interest for this period (Dec'11 - Dec'12)? please clarify.
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Old 11th March 2013, 09:55   #267
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Default Re: The "Provident Fund" Thread

Where do you see interest earned on my PF account. All I see on my PF statement is employee/employer shared. There is no column/field which tells the interest earned? Or am I missing something?
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Old 11th March 2013, 11:23   #268
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Default Re: The "Provident Fund" Thread

How do I get the PF contribution that was collected while I was working in Hyderabad (currently I am in Pune)?

As far as I know, the Hyderabad company has shut down now ...
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Old 11th March 2013, 11:26   #269
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Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by alpha1 View Post
How do I get the PF contribution that was collected while I was working in Hyderabad (currently I am in Pune)?

As far as I know, the Hyderabad company has shut down now ...
I guess you may be having the PF account number of Hyd company
I suggest you to check with your current employer if they can help as almost all company have PF agent or yourself can go to PF office and check what is the procedure.
IMO money is safe and lying idle with govt

Quote:
Originally Posted by perseus View Post
Where do you see interest earned on my PF account. All I see on my PF statement is employee/employer shared. There is no column/field which tells the interest earned? Or am I missing something?
Try checking though e Passbook
It shows interest earned.
You see column of previous balance total contribute interest earned and total
Total contribute can be also be taken from you salary slips so if you remove this amount from previous balance then it would show total interest earned for previous balance + current year contribution

Last edited by aka_iitd : 11th March 2013 at 11:30.
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Old 11th March 2013, 20:45   #270
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Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by aka_iitd View Post


Try checking though e Passbook
It shows interest earned.
You see column of previous balance total contribute interest earned and total
n
I see only 3 columns : deposits, withdrawal and diverted to pension funds.
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