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Old 11th March 2013, 21:40   #271
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Default Re: The "Provident Fund" Thread

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Originally Posted by perseus View Post
I see only 3 columns : deposits, withdrawal and diverted to pension funds.
Check your Hyd company's pay slips that they'd issued when you worked with them. The PF number allotted to you might be on those.

You can then approach the PF authorities to ascertain what is the balance in that account. You may even try for it online using the links in the prior posts.
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Old 2nd May 2013, 10:18   #272
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Default Re: The "Provident Fund" Thread

Got this message as a forward in office. Not sure how much of this is true.

Online EPF Transfer and Withdrawal from 1st July, 2013
“EPF withdrawal or transfer is only one click away”, Yes you read it right, starting 1st July, 2013, EPF account holders will be able to withdraw or transfer their PF account balance online from one employer to another employer, a move aimed at speedy settlement of claims.
EPFO have decided to set up a central clearance house which will be operational on July 1, which enable subscribers to apply online for settlement of the withdrawal and transfer of funds claims.
This move aimed to solve out the biggest problem faced by the subscribers while transferring their accounts at the time of change of job which at present takes months or sometime years.
Tracking Application Status
This central clearance facility will expedite the process and also this facility will enable subscribes to track online the status of their applications for transfer and withdrawals.
Permanent PF a/c number
EPFO is also planning to provide Permanent Account number to the account holders under which an employee once enrolled to EPF shall use the same account number when s/he moves to another employer. But this process will take considerable time since there are over 50 million EPF subscribers in India.
How the New System will Work?
Under the new system, the responsibility of verifying the details of the PF account from previous employers would be on the Employees Provident Fund Organization (EPFO). At present, employees have to get their applications verified from their employers for settlement of claims.
All you will have to do is just file an online application for transfer or withdrawal and rest of the work like gathering all the information from your previous owner and current employer, required to fulfill your request shall be done by EPFO. Although the time for the completion of the whole process is not yet mentioned but obviously it will take much less time.


Clubbing Allowances with Basic pay for Provident Fund deduction
Decks have been cleared for clubbing of allowances with basic pay for Provident Fund deductions under the EPFO scheme, a move that will increase savings but reduce take-home pay of over 5 crore subscribers.
A review committee, constituted to look into the nitty- gritty of clubbing of allowances with basic pay for PF deductions, has supported the idea for enhancing the social security benefit under the EPF scheme run by the Employees’ Provident Fund Organization (EPFO).
“The committee’s suggestion would be vetted by the Labour Ministry and would be put before the EPFO’s apex decision making body the Central Board of Trustees (CBT) for taking final call on it,” a trustee and Secretary Bharatiya Mazdoor Sangh B N Rai told PTI.
“On the issue of clubbing of wages, even the employers’ representatives supported the view that all such allowances which are regularly and uniformly paid to workers should form part of basic pay for PF deductions,” said Rai, who was the member of the review panel.
The suggestions of the committee have been already sent to Labour Ministry for scrutiny, EPFO officials said.
On November 30, the outgoing Central Provident Fund Commissioner R C Mishra brought out a notification to club all allowances which are regular in nature, with basic pay.
The notification had said: “All such allowances which are ordinarily, necessarily and uniformly paid to the employees are to be treated as the basic wages”.
The notification was an effort to check the practice of splitting of wages by employers to reduce their provident fund obligations.
However, the notification was put in abeyance following reports which criticized the move of the retirement fund body. The government later constituted a committee to look into the matter.
On limiting the period to 7 years for initiating inquiry against employers for lapses in maintaining EPFO accounts, Rai said: “The Committee has favoured keeping such inquiries open- ended if it is found that employers have not been depositing the PF contributions.
“You can put time-limitation for such inquiries, but ensure that a worker’s lawful right is not denied in case employers are found violating norms.”
The norms, which were issued by Mishra on his last day in office (November 30), seek to modify the provisions that often result in harassment of employers and establishments.
According to the circular, the inquiry against employers can only be initiated after, “actionable and verifiable information,” is placed for consideration before the compliance officers.
The EPFO would also not take action against employers who fail to deposit dues of unidentified workers into the PF accounts.
“There shall be no assessment without identifying individual members in whose account the fund is to be credited,” the circular had said.
With regard to the time period for initiating inquiry, it said: “No inquiry or investigation shall ordinarily go beyond seven years, i.e., it shall cover the period of default not exceeding preceding seven years.”
The open assessment, inquiries and investigations serve no real purpose the circular said adding, “Such inquiries often don’t result in identification of beneficiaries and only tend to harass the employers and establishments.”
“This circular which has time-barred such inquiries are anti-worker,” an EPFO trustee and Secretary Hind Mazoor Sabha A D Nagpal had said in December.
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Old 15th May 2013, 17:45   #273
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Default Re: The "Provident Fund" Thread

Looking at the interest rate offered , I am wondering will it be good if the same money is withdrawn and put in any Debt fund? The idea is not to withdraw this money for long term so if the money is added in debt funds and double indexation is used the returns should be ideally much higher than PF. Best debt returns are around 13- 14% and PF is offering 8.5. So even if someone gets 10 -11 % after double indexation the savings will be huge.

Is there any flaw in this logic?
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Old 19th June 2013, 14:05   #274
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I had submitted PF withdrawal application to my ex-employer (in Pune). I got a call from them today informing that the application can not be submitted to PF office because I've provided a joint account for depositing funds. The reason is that PF office rejects applications with joint accounts. Has anybody come across this situation?
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Old 19th June 2013, 14:32   #275
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Default Re: The "Provident Fund" Thread

Hi guys, I have a query regarding the PF account. I will be going abroad for long term and am recruited by the company over there (it is not an onsite assignment). I wanted to know what should be done with the PF account in such case? Kindly advise!
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Old 19th June 2013, 14:42   #276
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Default Re: The "Provident Fund" Thread

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Originally Posted by MotoNanu View Post
Hi guys, I have a query regarding the PF account. I will be going abroad for long term and am recruited by the company over there (it is not an onsite assignment). I wanted to know what should be done with the PF account in such case? Kindly advise!
Withdraw and invest elsewhere. If I remember correctly, interest accrual stops if there is no activity for over 3 years.
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Old 19th June 2013, 14:53   #277
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Default Re: The "Provident Fund" Thread

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Originally Posted by hrishig View Post
Looking at the interest rate offered , I am wondering will it be good if the same money is withdrawn and put in any Debt fund? The idea is not to withdraw this money for long term so if the money is added in debt funds and double indexation is used the returns should be ideally much higher than PF. Best debt returns are around 13- 14% and PF is offering 8.5. So even if someone gets 10 -11 % after double indexation the savings will be huge.

Is there any flaw in this logic?
If you withdraw, it will straight away attract the income tax (30%?). Taxes may not be applicable if the account is there for more then 5 years (but I am not sure about this)
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Old 19th June 2013, 15:25   #278
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Default Re: The "Provident Fund" Thread

1. Not able to see PF balance for PY/BOM region office (Bangalore/Bommasandra) with correct est. code and a/c number. What could be the problem?

2. And is the tax on PF withdrawal a TDS or left to us to declare later?
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Old 20th June 2013, 10:49   #279
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Default Re: The "Provident Fund" Thread

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Originally Posted by Guna View Post
If you withdraw, it will straight away attract the income tax (30%?). Taxes may not be applicable if the account is there for more then 5 years (but I am not sure about this)
No as per the the double indexation you will be paying only around 2/3 % tax on the interest (varies with the inflation rate declared in those years) and definitely not 30% as long as you are putting the money for more than one financial year . Search for the double indexation in Google and you will be clear about the concept. :-)
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Old 21st June 2013, 11:26   #280
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Default Re: The "Provident Fund" Thread

EPFO wants to settle PF claims in three days - http://www.moneylife.in/article/epfo...ays/33256.html

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Employees’ Provident Fund Organisation (EPFO) is planning to claims like transfer and withdrawal of provident fund within three days. The move from the retirement fund body will benefit over one crore such claimants every year.
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Old 21st June 2013, 13:23   #281
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Default Re: The "Provident Fund" Thread

My E-Passbook still shows the status as on 15/10/2012.

Are everybody else here able to view their latest passbooks?
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Old 1st July 2013, 13:06   #282
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Default Re: The "Provident Fund" Thread

Even my passbook shows last updated on 10th Jan 2013. Since then I did a PF transfer from my earlier employer. Is there any other way to verify the transfer?
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Old 9th July 2013, 22:37   #283
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Default Re: The "Provident Fund" Thread

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Originally Posted by Oxy View Post
My E-Passbook still shows the status as on 15/10/2012.

Are everybody else here able to view their latest passbooks?
Quote:
Originally Posted by perseus View Post
Even my passbook shows last updated on 10th Jan 2013. Since then I did a PF transfer from my earlier employer. Is there any other way to verify the transfer?
Mine has remained static from August 2012. I contacted a lady officer in the Hyd branch of EPFO today to seek my current balance. She was reporting to me in our previous organization, so she readily obliged.

Here's an interesting feedback I wanted to share with all of you:
  1. Provident Fund annual statements were, till last year, manually filed by the respective employers. They used to do it by April or May, as they were quite used to that task. But from 2013 onwards, they need to do it online. Being unfamiliar with this new method, they are fumbling and taking time. Hence the non-updates to the online portal for many months.
  2. I believe most employers have got the hang of it now, and are completing that task. So in about a couple of months' time, we can expect to see our updated balances.
  3. Once they complete their filing, the EPFO would need to calculate and credit interest for FY 2012-13.
  4. They would then need to update the credits from April till July or August, 2013.
This being the case, we can expect to see our updated balances in a couple of months' time.

Last edited by vnabhi : 9th July 2013 at 22:39.
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Old 3rd August 2013, 12:22   #284
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My PF was credited to my account in 20 days time. The EPFO was Bandra office.

That was incredible as no follow ups were done and I was pleasantly surprised as my expectation was credit in 8-12 months time.
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Old 25th September 2013, 15:06   #285
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Default Re: The "Provident Fund" Thread

I used to work in a small start up here in Bangalore, from where I had resigned on April 2007. I have neither withdrawn nor transferred the PF from this account (plain laziness and negligence ).

Today someone mentioned PF in some conversation in office and I decided to dig this one out. When I attempted to check the balance, I got this message:

Your Account has been marked as In-operative Account. For details please contact respective EPF Office.

This company does not even exist anymore. What are my options now? Is there any way I can withdraw or get this amount transferred to my current PF account?
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