Team-BHP - The "Provident Fund" Thread

Quote:

Originally Posted by AltoLXI (Post 4472785)

Not credited to me either. Raised a grievance also but no reply yet. Informed to my company HR as well who said they will check with PF office.

Puzzles me too.
FWIW, my PF office is Chennai (TN/MAS)

I was trying to raise a grievance through EPFO portal 'https://epfigms.gov.in/grievanceRegnFrm.aspx ' .But some how I am not able to submit my request, it keep on notifying mandatory fields and not filled.

I verified I have filled all mandatory fields but still the system keep warning preventing me from submitting the request. Any one faced this issue? I did a transfer from ex employer (TCS) almost two months before but the same is not getting reflected in UAN passbook.

Quote:

Originally Posted by speedgun (Post 4472867)

Nothing wrong with what you entered! I too had a same issue since past one week. Trying to create issue during non-office hour's works! I believe it's either system overload, or deliberately disabled (more likely as page itself loads, but won't create grievance). Try lodging after 9~10 pm or before 8 am.

Quote:

Originally Posted by smartindboy (Post 4472172)

My employer has sent an email that PF office has informed the company about a few system and accounting challenges, thus a further delay of two months.

So I got reply for my grievance
-------------------
It is informed that your grievance is being treated as non-actionable due to the following reason(s):
With reference to your query, please be informed that the interest for the financial year 17-18 shall be credited to all the subscribers after the compilation of annual accounts which is under way as per the recent instructions issued by our Head Office to go ahead with the same. Hence, your kind patience is highly appreciated till the necessary procedures are completed.

Therefore, we are closing your grievance from this office.Please quote the same in your future correspondence.
--------------------
So as you mentioned, I suppose, we will need to wait till 30th Nov.

Quote:

Originally Posted by ajmat (Post 4490429)

I have the opportunity of withdrawing my PF and reinvesting or letting it remain.

...
Any opinions of this?

EPFO rolled back the decision of not paying interest on inoperative accounts after 3 years of inactivity, so your account will earn the interest even if inactive (no monthly contributions).
This year the rate of interest was 8.55%

Let it remain till you can find good Investment opportunities that can fetch more interest/returns (hopefully with lesser risk and greater tax benefits).

If your PF has been held for more than 5 years (even if that's across employers via transfers) it will be exempted from income tax as per current rules.

I'm not an expert in this area, I hope what I've mentioned regarding interest earned and tax liability are correct :)

For inoperative accounts, I believe the interest is taxable. So that could be a reason to withdraw and reinvest elsewhere. If it is a active account, 8.5% + tax benefit should be a good option to have for next 1 year as the stock market is expected to be volatile at least till the next year elections.
Another option is to switch the EPF balance to a NPS tier 1 account, where you can decide the equity and debt exposure. The catch is while withdrawing, 40% has to be mandatorily used to buy a annuity product.

Quote:

Originally Posted by NPV (Post 4490465)

Quote:

Originally Posted by NPV (Post 4490465)

Interest earned on PF is taxable if a person is not employed.

https://www.financialexpress.com/mon...xable/1264758/

Quote:

Originally Posted by lambuhere1 (Post 4505460)

Hi Guys,

Just logged into PF to check the credit and have noticed that interest is not credited for FY 2017 - 2018.

Do we need the follow up with the organisation or raising a point of epf website will help ?

Appreciate your guidance

I had already raised the grievance in the month of September. I was told that the accounts are being updated and interest "will be credited shortly". Do not know when shortly means :Frustrati.

Checked today and no signs of credit

Quote:

Originally Posted by Superleggera (Post 4505738)

Guys, which would be a better option in long term? VPF or NPS?
I currently move the maximum allowed limit of my base salary to VPF - would like to know if it makes sense to split that and move certain percentage to NPS.

Yes it makes sense to split your investment amount between VPF/EPF and NPS.
NPS has dual investment objective i.e. retirement planning and regular pension whereas EPF is solely for retirement planning. If you are above 40 then split could be 50:50. If you are below 40 then you have a long time horizon and hence you can invest a higher proportion in NPS.