Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 29th August 2019, 09:16   #811
BHPian
 
Join Date: Sep 2010
Location: Bangalore
Posts: 77
Thanked: 63 Times
Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by rovingeye View Post
For those who invest in EPF, has your last year's interest gotten credited into your accounts yet? Could you please check and let me know.
No. Two years interest is still to be credited.

The last interest entry is :

2017-06-17 2017-2018 Int. Updated upto 31/03/2017
DigitalOne is offline   Reply With Quote
Old 29th August 2019, 09:19   #812
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,417
Thanked: 2,794 Times
Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by rovingeye View Post
For those who invest in EPF, has your last year's interest gotten credited into your accounts yet? Could you please check and let me know.
My PF is in the Company trust and have been regularly following with the trust members regarding the interest for 2018-19 to be credited. As per them, they are yet to receive the gazetted notification for a go ahead to credit the interest.
ghodlur is offline   Reply With Quote
Old 29th August 2019, 09:46   #813
BHPian
 
Join Date: May 2008
Location: Bengaluru
Posts: 309
Thanked: 418 Times
Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by DigitalOne View Post
No. Two years interest is still to be credited.

The last interest entry is :

2017-06-17 2017-2018 Int. Updated upto 31/03/2017
I got the interest till 2018 credited in June 2019. 2018-19 was supposed to be credited in April 2019 but not yet done till now.
AltoLXI is offline   Reply With Quote
Old 29th August 2019, 10:09   #814
BHPian
 
rovingeye's Avatar
 
Join Date: Nov 2018
Location: New Delhi
Posts: 332
Thanked: 875 Times
Default Re: The "Provident Fund" Thread

That's just bizzare. I hope they give arrears for the interest loss on the long pending interest component.

I have a feeling it's delayed because of write downs they've experienced in their debt portfolio as a result of all the defaults happening left and right.
rovingeye is offline   Reply With Quote
Old 29th August 2019, 11:40   #815
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,417
Thanked: 2,794 Times
Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by rovingeye View Post
That's just bizzare. I hope they give arrears for the interest loss on the long pending interest component.

I have a feeling it's delayed because of write downs they've experienced in their debt portfolio as a result of all the defaults happening left and right.
No arrears applicable as the interest for the PF contribution is credited once a year at the end of FY. The reason which is being circulated around is that the approval for the same is pending post the budget in July from the Finance ministry. Even last year the interest was credited 6 months late.
ghodlur is offline   Reply With Quote
Old 30th August 2019, 17:49   #816
BHPian
 
rovingeye's Avatar
 
Join Date: Nov 2018
Location: New Delhi
Posts: 332
Thanked: 875 Times
Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by ghodlur View Post
The reason which is being circulated around is that the approval for the same is pending post the budget in July from the Finance ministry.
EPF interest rate to be hiked to 8.65%: Gangwar
rovingeye is offline   Reply With Quote
Old 31st August 2019, 05:30   #817
BHPian
 
Simhi's Avatar
 
Join Date: Mar 2010
Location: Pune
Posts: 489
Thanked: 852 Times
Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by ghodlur View Post
The reason which is being circulated around is that the approval for the same is pending post the budget in July from the Finance ministry.
8.65% interest on EPF to be notified soon. Read more at:
http://timesofindia.indiatimes.com/a...campaign=cppst

We can expect interest to be credited by end of September.
Simhi is offline   Reply With Quote
Old 2nd September 2019, 17:23   #818
Senior - BHPian
 
Pancham's Avatar
 
Join Date: Dec 2009
Location: Kolkata/Noida
Posts: 1,029
Thanked: 347 Times
Default Re: The "Provident Fund" Thread

Guys, a friend asked for some advice last evening about withdrawing his PF account.

He made a small career switch and is presently, working as a consultant on contract (free lancing). In the foreseeable future, he doesn't see himself working for any employer who will make any PF contributions. Therefore, the funds are just lying in the PF account for the past 6 months.

1. Is it a good idea to withdraw the PF considering he will never be having an employer who will make PF contributions?

2. How complicated/easy is it to withdraw the PF amount? How long does it usually take?

3. How does one withdraw the amount?
Pancham is offline   Reply With Quote
Old 2nd September 2019, 20:23   #819
BHPian
 
Join Date: Dec 2009
Location: Bangalore
Posts: 541
Thanked: 211 Times
Default

Quote:
Originally Posted by Pancham View Post

1. Is it a good idea to withdraw the PF considering he will never be having an employer who will make PF contributions?

2. How complicated/easy is it to withdraw the PF amount? How long does it usually take?

3. How does one withdraw the amount?
1. Per the latest PF rules the account continue to get interest without any contribution before age of 55. My wife withdrew the PF a few months back i.e. 5 years after leaving her job. It's a safe investment.
2,3. Online withdrawal can be done using the UAN. Redemption happens in 2 to 4 weeks.
TDS is deducted, but can be claimed during ITR filing. But note PF withdrawal is taxable under some scenarios.
sansvk is offline   Reply With Quote
Old 4th September 2019, 20:45   #820
Senior - BHPian
 
Pancham's Avatar
 
Join Date: Dec 2009
Location: Kolkata/Noida
Posts: 1,029
Thanked: 347 Times
Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by sansvk View Post
1. Per the latest PF rules the account continue to get interest without any contribution before age of 55. My wife withdrew the PF a few months back i.e. 5 years after leaving her job. It's a safe investment.
2,3. Online withdrawal can be done using the UAN. Redemption happens in 2 to 4 weeks.
TDS is deducted, but can be claimed during ITR filing. But note PF withdrawal is taxable under some scenarios.
Thanks a lot. He tried to raise a claim through the App and it showed "Date of joining not updated by the employer". Seems like he is looking at a long drawn process of following up with this previous employer.
Pancham is offline   Reply With Quote
Old 16th September 2019, 14:56   #821
BHPian
 
Join Date: Sep 2010
Location: Bangalore
Posts: 77
Thanked: 63 Times
Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by DigitalOne View Post
No. Two years interest is still to be credited.

The last interest entry is :

2017-06-17 2017-2018 Int. Updated upto 31/03/2017
I raised a grievance saying Interest not credited for 2 Financial years. They have now paid the interest for the last year, given the following reason and closed the grievance.

Quote:
The interest amount already credit to your PF account for the FY 2017-2018. The interest will reflect to all the PF accounts after compiling the annual accounts for FY 2018-2019 and the same will be compiled after receiving the instructing form the head office. It will take time. however if the claim receives than the claim will be settled with update interest. The instructions and options has to come from head office Delhi to the compile annual accounts for FY 2018-19.
Bottomline, I had to raise a grievance to get the interest pending for 1.5 years.

Name:  EPF.png
Views: 715
Size:  136.6 KB

Thanks to this thread, otherwise I wouldn't have even looked whether interest got credited.
DigitalOne is offline   Reply With Quote
Old 25th September 2019, 17:16   #822
BHPian
 
Simhi's Avatar
 
Join Date: Mar 2010
Location: Pune
Posts: 489
Thanked: 852 Times
Default Re: The "Provident Fund" Thread

EPF Interest rate notified. We can expect interest to be credited by end of this month or mid of next month.

Source: https://www.thehindubusinessline.com...le29500440.ece
Simhi is offline   Reply With Quote
Old 26th September 2019, 10:51   #823
Senior - BHPian
 
supremeBaleno's Avatar
 
Join Date: Dec 2005
Location: Weekdays@Chenna
Posts: 5,279
Thanked: 2,031 Times
Default Re: The "Provident Fund" Thread

Those that haven't withdrawn / transferred their PF accumulation after quitting or moving to new job, need to be aware that as per circular dated October 13, 2017 issued by Ministry of Labour and Employment, the accumulated PF balance in Trust account may be asked by the EPFO to transfer to the SENIOR CITIZENS WELFARE FUND.

Not sure if this is applicable only to Trust accounts or all PF accounts lying dormant.
supremeBaleno is offline   Reply With Quote
Old 26th September 2019, 12:00   #824
Senior - BHPian
 
pramodpk's Avatar
 
Join Date: Nov 2009
Location: Bangalore
Posts: 1,059
Thanked: 493 Times
Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by DigitalOne View Post
I raised a grievance saying Interest not credited for 2 Financial years. They have now paid the interest for the last year, given the following reason and closed the grievance.



Bottomline, I had to raise a grievance to get the interest pending for 1.5 years.

Attachment 1915468

Thanks to this thread, otherwise I wouldn't have even looked whether interest got credited.
Thanks for the info. Could you please update how you raised the grievance?
pramodpk is offline   Reply With Quote
Old 26th September 2019, 19:17   #825
BHPian
 
Join Date: Jun 2014
Location: Mumbai
Posts: 147
Thanked: 64 Times
Default Re: The "Provident Fund" Thread

I recently changed Jobs. My current company is telling me to use online transfer facility to transfer my PF. I went to the EPFO website and logged in and did everything. But I am stuck at one point which says "Attestation Through" and options are "Previous Employer" and "Current Employer". I am puzzled as what to select here.

Additionally, there is a place to enter "UAN#" and press "Get Details". I tried with both attestation options and on clicking "Get Details" it keeps saying "No previous employment found for this UAN#".
Why would that happen?
raksrules is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
"Cayenne" we "XC-eed" in our "Endeavour" to "Safari"? Taking powerful metal off-road SS-Traveller 4x4 Excursions 55 10th November 2016 22:56
Help needed for fund raising serious_maniac Shifting gears 1 22nd November 2013 09:44
New Job - no provident fund. heavy_foot Shifting gears 25 2nd February 2010 16:18
Cheshire Homes India Chennai - Fund raising Dinner mail4ajo Shifting gears 0 25th August 2008 23:04


All times are GMT +5.5. The time now is 04:56.

Copyright 2000 - 2020, Team-BHP.com
Proudly powered by E2E Networks