Originally Posted by Oxy (Post 3434519)

As far as I know, there is a process in place for online transfer of PF, provided both your employers (current and previous ones) have registered for it. That can be verified here:

http://www.epfindia.com/Employee_OTCP.html

However, if you wish to withdraw, your physical presence is required.

I suggest you get it transferred. The PF is supposed to be your retirement corpus. It really does not make any sense to withdraw the money unless you really need it immediately.

Originally Posted by benbsb29 (Post 3435139)

Based on your reply, it does appear that it wouldn't be possible to withdraw without submitting my application in person.

Originally Posted by DCEite (Post 3438395)

Suppose a person has 24000 lumpsum to invest in PPF.

Is it advisable to invest every month (before 5th ) in amounts of 2000 per month for next 12 months or does it make to sense the complete amount in one go ?

Originally Posted by Oxy (Post 3432380)

Did quite a bit of research yesterday to see where the Pension Fund amount vanishes when we initiate a PF transfer.

A little background on the issue:

If you view your e-passbook on the EPFO website, you can see three components - Employee contribution, Employer contribution and Pension Fund. Every month, Rs.541 is diverted to the pension fund from the Employer contribution (unless your salary is Rs.6500 or less). This pension fund component does not gain any interest.

When you initiate a transfer of this PF, the Employee and Employer contributions are correctly reflected in the passbook of the new account, but the Pension Fund shows nil.

What I have gathered so far:

When you transfer your earlier PF, the date since you have been a PF member is updated, based on the Date of Joining the previous organization you fill in your transfer form, but the pension fund money itself is not transferred.

Now if you are a PF member for 9 and a half years or less, you have an option to fill the form 10C and withdraw your pension fund, but you won't get the entire amount. The amount of pension fund you get depends on when you withdraw it as per Table D (Google EPS Table D). This partial amount will then come directly to your bank account after approval.

However, if you have been contributing to your PF since 10 years or more (anything above 9 and a half years is rounded off to 10 years), then your pension fund will be used to give you a monthly pension of Rs.3250 when you retire at the age of 58 years. There's an option to receive this monthly pension from the age of 50 as well, but the amount will be lesser.

What will a pension of Rs.3250 mean 20 plus years from now? :Frustrati

And as I understand, you don't have a choice but to put up with this nonsense.

Originally Posted by Oxy (Post 3446293)

I had raised a grievance for this issue on the EPF portal, got an SMS from them today that the matter is resolved.

Logged in to find the status "No Action Required". The explanation given is this:
Can anyone help me understand this?

Originally Posted by vnabhi (Post 3446348)

I had to read it three or four times to guess what he is saying. Typical government parlance, mostly used by officers and staff who joined service in reserved quota. :Frustrati

I guess he is trying to say that during transfers, EPS is not transferred, but only service details like salary details for past 12 months. So if you were to retire soon after the transfer, they'll calculate the pension based on your average pay for the past 12 months. If your retirement is far off, they will calculate the pension based on your PF deductions at that point of time.

Actually almost all the people working in IT industry or even a clerk or LDC in State Government would have a salary that is way above the max limit in the EPS. Therefore average pay for preceding 12 months does not make sense in such cases.

Originally Posted by gemi_kk (Post 3434285)

There is an excellent analysis on net, probably from Jago Investor.

There they have shown that what we get is not even interest part of what we contribute. Forget the principal. Not even the interest part of it. If there is a way to stop contributing to this damn scheme, i would do it right now.

Originally Posted by supremeBaleno (Post 3447541)

There was a news-item yesterday about an EPFO ruling / clarification that organisations can if they choose to, restrict their PF contribution to a max of Rs6500 per month (and not go as high as 12% of basic as it is now).

Originally Posted by supremeBaleno (Post 3447541)

There was a news-item yesterday about an EPFO ruling / clarification that organisations can if they choose to, restrict their PF contribution to a max of Rs6500 per month (and not go as high as 12% of basic as it is now).

Originally Posted by supremeBaleno (Post 3447541)

There was a news-item yesterday about an EPFO ruling / clarification that organisations can if they choose to, restrict their PF contribution to a max of Rs6500 per month (and not go as high as 12% of basic as it is now).

Originally Posted by sdp1975 (Post 3487851)

Has anyone received their UAN number from their employer ?

I checked on http://uanmembers.epfoservices.in/check_uan_status.php and it says that my UAN has been allotted and I should contact my employer for it.