[whitewing]

Originally Posted by DigitalOne

Update: My name in the EPFO account (<Initial> before <given name>) was different from the name in Aadhar
...
In these cases, you have to change the name in your EPFO account : Menu --> Manage --> Basic Details). Once you update your name as per Aadhaar, it goes for verification to your employer. Once employer verifies, and EPFO updates their database, then you can go for Aadhaar KYC.
...
For all the documents verification, including name change, it took me around 9-10 working days.
Happy Kyc-ing .

Thanks, I have a similar issue (initals registed in EPF while Adhaar has full name). I followed the steps you mentioned above. But mine is stuck for verification in the EPFO office since more than a fortnight .
Today, i wrote a mail to the EPFO, hope they read it.

I find this whole thing is rather absurd.
My PAN is linked to Adhaar and the bank account(which also is KYC-ed), and both are in verified state in the EPF database, but I cannot link my adhaar to the EPF because name mismatch.

[JithinR]

Read this new article today: ₹37 crore of PF savings withdrawn illegally.

What does this statement mean:

Central PF Commissioner Sunil Barthwal’s office conceded an internal probe has found balances have been withdrawn from ‘non-existent accounts’, stressing that ‘the EPF balance in the account of any member is not fraudulently withdrawn and balances of EPF members are safe’.

[whitewing]

Originally Posted by JithinR

Read this new article today: ₹37 crore of PF savings withdrawn illegally.

What does this statement mean:

There are contradictions in the news report and the statement from the PF office.
The news report states

"preparing fake claim requests against EPF accounts where no fresh contributions have been made for a prolonged period"

which essentially means withdrawal was effected from accounts that were probably dormant. i.e witdrawal was made from a legitimate member's account.

The PF office on the other hand states

"However, internal inquiry has revealed that some unscrupulous officials have entered frivolous credits by creating non-existent accounts which do not pertain to any EPF member and withdrawn such frivolous balances”"

Implying that no legitimate memeber account is affected, but the overall corpus is reduced due to withdrawal from dummy accounts.

I suppose to get clarity, one should let the dust settle.

But in any case, I assume that the members would not be directly impacted and the EPFO/UnionGovt would make good the illegally withdrawn sums. This would probably also mean a lesser returns to all the member depending on the size of this scam.

[tharian]

Needed some clarity on Employee Pension Scheme (EPS) withdrawal.

When moving out from my previous organization, I was given the option to withdraw my EPF and EPS, 2 months after my last day.
I decided not to touch the EPF. EPS is something which I am not aware on how it works or what is the amount due calculated on.

Is this amount different from EPF and if so what is it calculated on? I have been given couple of forms to fill and send. Needed some clarity before that.

Thanks.

[RaguHolla]

Originally Posted by tharian

Needed some clarity on Employee Pension Scheme (EPS) withdrawal.

When moving out from my previous organization, I was given the option to withdraw my EPF and EPS, 2 months after my last day.
I decided not to touch the EPF. EPS is something which I am not aware on how it works or what is the amount due calculated on.

Is this amount different from EPF and if so what is it calculated on? I have been given couple of forms to fill and send. Needed some clarity before that.

Thanks.

Monthly PF contributions include Employee contribution, Employer contribution. Usually both is at 12% of Basic + DA. Part of employer PF contribution is moved to Employee Pension scheme. Usually it is 8.33% of Basic, where basic Rs. 15000 or less, otherwise 8.33% Rs.15000. Thus amount Rs. 1250 from employer contribution would always be credited to EPS. If you download your PF passbook, it would also have this amount mentioned.

If one contributed 20 years in EPS, one is eligible for pension full pension.

One could withdraw EPS if period of contribution is less than 10 years. If same is kept in EPS, it is still considered for total years of contribution when you move on to subsequent employment.

Process for withdrawing is you fill Form 10C, and get it signed by previous HR.

For more here is link.

[tharian]

Originally Posted by RaguHolla

Monthly PF contributions include Employee contribution, Employer contribution. Usually both is at 12% of Basic + DA. Part of employer PF contribution is moved to Employee Pension scheme. Usually it is 8.33% of Basic, where basic Rs. 15000 or less, otherwise 8.33% Rs.15000. Thus amount Rs. 1250 from employer contribution would always be credited to EPS. If you download your PF passbook, it would also have this amount mentioned.

If one contributed 20 years in EPS, one is eligible for pension full pension.

One could withdraw EPS if period of contribution is less than 10 years. If same is kept in EPS, it is still considered for total years of contribution when you move on to subsequent employment.

Process for withdrawing is you fill Form 10C, and get it signed by previous HR.

For more here is link.

Thank you for the explanation and link.

As I understand, I can withdraw once I reach retirement age for the full amount and the scheme will also continue in the next organisation just like the EPF.

[RaguHolla]

Originally Posted by tharian

As I understand, I can withdraw once I reach retirement age for the full amount and the scheme will also continue in the next organisation just like the EPF.

You can not withdraw once you reach retirement, however you will get pension after attaining retrial age. Withdrawal option only if contribution is less than 10 years.

[kedar3223]

Need help with EPF withdrawal in the following scenario.

Employee was working in xyz company between July 2017-December 2018(Mem1). On resigning the PF member account for this term was closed, i.e DOE was updated as December 2018.

Now the person rejoined the same xyz company in July 2019(mem2). Due to differences with employer, the employee quit at the end of September 2019 without notice.

The query- the employee is now employed at place where he avails NPS service. He wants to withdraw the EPF amount and invest it somewhere else. On the EPF portal, under services the employee found that his date of exit is not marked for the 2nd employment term(mem2). Also the PF amount from 1st term is not transferred to the 2nd term.

1. What is the procedure to be followed to withdraw the entire PF amount(mem1+mem2)?
2. Should he mark the exit on 2nd term? Or should transfer from term 1 to term 2 be completed first?
3. Since employer approval is needed for transfer, what are his options?

[ghodlur]

Its already second week of September 2021 and there seems to be no sign of any announcement of the PF rates for 2020-21. The Finance ministry seems to be in deep slumber under the Covid pretext. The labour ministry will not spring into action unless there is a public outcry. Every year it seems to be the same.

[fordday]

Originally Posted by ghodlur

Its already second week of September 2021 and there seems to be no sign of any announcement of the PF rates for 2020-21. The Finance ministry seems to be in deep slumber under the Covid pretext. The labour ministry will not spring into action unless there is a public outcry. Every year it seems to be the same.

EPF interest rates for 2020-21 are already fixed at 8.5%. Now remaining is to deposit this interest in our accounts.

There are murmurs that govt will deposit this just before festival (Dusshera/Diwali) time and announce in a big way to derive political capital out of it. As if the interest amount will be in our hand for festival shopping.

[ghodlur]

Originally Posted by fordday

EPF interest rates for 2020-21 are already fixed at 8.5%. Now remaining is to deposit this interest in our accounts.

There are murmurs that govt will deposit this just before festival (Dusshera/Diwali) time and announce in a big way to derive political capital out of it. As if the interest amount will be in our hand for festival shopping.

Thanks for the info. Any link available to confirm this, when was this announced?

I had followed up with the Co trust team where our PF contributions gets credited and they came back saying the interest rates are yet to be announced.

[fazayal]

I worked for a company during 2009-11. This organization is now shut down. During those days PF account was not linked to Aadhar/UAN and one could withdraw complete PF after leaving the job. I tried doing that, HR processed their formalities and I was told that money would be credited in my account. I got a letter from PF office that there was a name mismatch and hence they could not process the transfer. Some mistake done by HR. Then the company got shut down and I had no communication from them after that. I have that letter from PF office with me but that is from another city. I went to local PF office but didn't get any support there. Any way in which I can either receive this money or get it linked with my current UAN?

The amount is not much that's why I was indifferent since so many years, but it's my hard earned money and why to leave it.

[vnabhi]

Originally Posted by ghodlur

Thanks for the info. Any link available to confirm this, when was this announced?

I had followed up with the Co trust team where our PF contributions gets credited and they came back saying the interest rates are yet to be announced.

8.5% for the current FY is correct. I got this information from the PF office in Hyderabad, as I am due to retire next month. I have no idea if there is an official link that shows the interest rate for this FY. Last year it was 8.65% I believe.

Strictly, interest for the prior FY is due on April 1st of the new FY, but traditionally it was being credited around August. But last year there was an inordinate delay of some months.

People who have retired and submitted Form 19 have however been credited the interest due with their final withdrawal. There was no delay in such cases.

[jkrishnakj]

Hi All - I recently changed my job. When I log in to the UMANG app, I do see the PF passbook. There are now two entires, one for the previous org and one for the new.

Does it make sense for me to ask for a transfer or should I just leave it at 2 separate items and withdraw at the time of retirement?

I’m hoping it’s not a big deal if the balance of the previous org account isn’t transferred to the new.

I’ll appreciate any guidance please. Thanks.

[graaja]

Hi all,

If someone quits a job and does not plan to work in any other company, can he leave the PF to earn interest every year and withdraw it any time he needs? Or will the amount get locked up till retirement age if left inactive?

Thank you in advance.