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Old 29th August 2019, 09:16   #811
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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
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Old 29th August 2019, 09:19   #812
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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.
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Old 29th August 2019, 09:46   #813
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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.
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Old 29th August 2019, 10:09   #814
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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.
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Old 29th August 2019, 11:40   #815
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Default Re: The "Provident Fund" Thread

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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.
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Old 30th August 2019, 17:49   #816
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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
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Old 31st August 2019, 05:30   #817
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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.
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Old 2nd September 2019, 17:23   #818
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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?
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Old 2nd September 2019, 20:23   #819
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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.
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Old 4th September 2019, 20:45   #820
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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.
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Old 16th September 2019, 14:56   #821
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Default Re: The "Provident Fund" Thread

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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: 798
Size:  136.6 KB

Thanks to this thread, otherwise I wouldn't have even looked whether interest got credited.
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Old 25th September 2019, 17:16   #822
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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
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Old 26th September 2019, 10:51   #823
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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.
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Old 26th September 2019, 12:00   #824
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Default Re: The "Provident Fund" Thread

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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?
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Old 26th September 2019, 19:17   #825
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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?
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