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Old 6th January 2015, 15:18   #346
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Default Re: The "Provident Fund" Thread

Looks like I am in some hole now.

I had applied for a transfer by physically filling the Form 13 some 6 months back. Now I get this SMS that says:

Member ID: <my old PF no>-103 PF Claim ID: BNG***** Settled Amount: Rs x.xx Sent to A/c No.: xxxxxxx (IFSC code: SBINxxxxxx)-EPFO.

Now, this bank account number is not mine. And I had not applied for a withdrawal but a transfer.

Does this mean my money has been credited to the wrong account? What can I do about this now? I have raised a grievance on the EPF portal.
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Old 6th January 2015, 16:18   #347
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Does this mean my money has been credited to the wrong account? What can I do about this now? I have raised a grievance on the EPF portal.
Regarding the PF account in which you had asked for transfer, is it maintained by an exempted establishment? In other words, does your new employer maintain its own PF Trust?

If your new company maintains its own PF Trust then your money will be transferred to the PF Trust's bank account and hence the above SMS. Check with your company.
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Old 6th January 2015, 16:30   #348
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Default Re: The "Provident Fund" Thread

Oxy-Looks like that is your new company's account number. Check with your PF contact person in your new company to confirm.
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Old 6th January 2015, 16:54   #349
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Oxy-Looks like that is your new company's account number. Check with your PF contact person in your new company to confirm.
It says IFSC code, which means it is a bank account.

How was my money transferred to this bank account when I had not applied for a withdrawal?
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Old 6th January 2015, 17:05   #350
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Default Re: The "Provident Fund" Thread

Oxy - Yes, Even my PF transfer form (generated by PF cell in our company) had my new company's account number and IFSC code. It was transferred to my new PF account without any issues.

May be that is how PF transfer work.
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Old 6th January 2015, 17:17   #351
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Originally Posted by penpusher View Post
Regarding the PF account in which you had asked for transfer, is it maintained by an exempted establishment? In other words, does your new employer maintain its own PF Trust?

If your new company maintains its own PF Trust then your money will be transferred to the PF Trust's bank account and hence the above SMS. Check with your company.
No, my company does not have a PF trust. My new PF account is at the KR Puram Regional PF office.

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Originally Posted by Latheesh View Post
Oxy - Yes, Even my PF transfer form (generated by PF cell in our company) had my new company's account number and IFSC code. It was transferred to my new PF account without any issues.

May be that is how PF transfer work.
What do you mean by a PF cell? Is it a PF Trust like penpusher said above?
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Old 6th January 2015, 17:24   #352
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What do you mean by a PF cell? Is it a PF Trust like penpusher said above?
Yes, My company have PF trust and PF related works are managed by another company.
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Old 7th January 2015, 17:29   #353
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Does this mean my money has been credited to the wrong account? What can I do about this now? I have raised a grievance on the EPF portal.
The PF office is suppose to resolve all grievances registered on EPFiGMS within 15 days.

If you don't get a satisfactory reply in time, send an email to Central PF Commissioner, New Delhi at cpfc<at the rate>epfindia.gov.in and acc.csd<at the rate>epfindia.gov.in
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Old 8th January 2015, 12:29   #354
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Default Re: The "Provident Fund" Thread

With the EPFO, RTI applications work best if the online grievance system doesn't yield satisfactory results.

I've earlier had problems in transferring my PF and opened 3 online complaints that were conveniently closed down by the regional PF office. Then I filed a RTI application , and the transfer happened within a week.
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Old 12th January 2015, 10:45   #355
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Default Re: The "Provident Fund" Thread

Does anyone know if the EPS contribution has increased in the recent past? So far it was a constant figure of Rs 541 per month (8.33% of 6500).

I'm asking because from my September 2014 salary paid in October, the amount has increased by Rs 709 to Rs 1250 per month, and the employer's PF contribution has decreased by that amount.

Even though greater contribution is welcome, I'm not sure if this will result in greater pension after retirement. Most of my senior colleagues who've retired from SAIL are getting a meager amount of 500 to 1000 per month.
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Old 12th January 2015, 11:19   #356
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Does anyone know if the EPS contribution has increased in the recent past? So far it was a constant figure of Rs 541 per month (8.33% of 6500).

I'm asking because from my September 2014 salary paid in October, the amount has increased by Rs 709 to Rs 1250 per month, and the employer's PF contribution has decreased by that amount.

Even though greater contribution is welcome, I'm not sure if this will result in greater pension after retirement. Most of my senior colleagues who've retired from SAIL are getting a meager amount of 500 to 1000 per month.
Yes, the EPS contribution has gone up after the recent notification of 15,000/- min. basic wage by the central govt. Earlier it was 6500/- and the EPS amount was 8.33% of 6500/- = 541/- whereas now it is 8.33% of 15,000/- = 1249/-.

This will result in a higher pension amount after retirement based on a pro-rata basis from October 2014.
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Old 19th February 2015, 13:20   #357
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Default Re: The "Provident Fund" Thread

Hello Folks,

I am withdrawing my PF from the previous organization.
I had left the organization 15 months back.

The instructions from the previous organization says that I have to submit Form 10 C along with Form 19 and Cancelled Cheque.

Since I have worked for less than 5 years in the previous organization, is it mandatory to submit Form 10C even for PF withdrawal.

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Old 19th February 2015, 15:49   #358
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is it mandatory to submit Form 10C even for PF withdrawal.
If you have over 6 months but under 10 years service in an organisation, you can either take a Withdrawal Benefit from your Pension Fund contribution or opt for a Scheme Certificate.

By taking Withdrawal Benefit you basically opt out of the Employees Pension Scheme 1995 and your contribution is returned back to you according to a specified formula, while in case of Scheme Certificate, you are given a certificate from PF office specifying details of your contribution and service period in Pension Fund, which you can add to your service in any any other PF Covered establishment which you may subsequently join so as to get better pensionary benefits at retirement.

If you are still in service I would advise you to activate your UAN on EPFO website so as to link previous PF account as well as pension details with present account.
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Old 19th February 2015, 16:37   #359
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Quote:
Originally Posted by penpusher View Post

If you have over 6 months but under 10 years service in an organisation, you can either take a Withdrawal Benefit from your Pension Fund contribution or opt for a Scheme Certificate.

By taking Withdrawal Benefit you basically opt out of the Employees Pension Scheme 1995 and your contribution is returned back to you according to a specified formula, while in case of Scheme Certificate, you are given a certificate from PF office specifying details of your contribution and service period in Pension Fund, which you can add to your service in any any other PF Covered establishment which you may subsequently join so as to get better pensionary benefits at retirement.

If you are still in service I would advise you to activate your UAN on EPFO website so as to link previous PF account as well as pension details with present account.
Thank you so much for the clarity !
I am still working. I do not know what is my UAN. Will my previous employer be able to tell that ? Will I be able to activate it on EPFO website with just yhe UAN ?

I am not applying for PF transfer. It may take upto many years. My idea is to withdraw the PF and put it in a long term FD.
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Old 19th February 2015, 18:07   #360
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Default Re: The "Provident Fund" Thread

You can ask your previous employer to supply you with the UAN. Once you have that, it should be simple to initiate a PF transfer online. What makes you think it'll take years?
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