[Fx14]

Originally Posted by Bhokal

Someone known claimed his entire PF amount (except the pension part which can't be claimed before retirement age I believe) recently. Interesting thing, when he filed the claim the interest was yet to be credited but when the final amount came to his bank account it included the interest part also (so the final amount was more than what he mentioned in the claim form).

The withdrawal / closure is a different scenario which involves manual processing and hence the interest due till date of closure is calculated manually as a one-off exception case.

[sunilch]

Originally Posted by Bhokal

Someone known claimed his entire PF amount (except the pension part which can't be claimed before retirement age I believe) recently. Interesting thing, when he filed the claim the interest was yet to be credited but when the final amount came to his bank account it included the interest part also (so the final amount was more than what he mentioned in the claim form).

Originally Posted by Fx14

The withdrawal / closure is a different scenario which involves manual processing and hence the interest due till date of closure is calculated manually as a one-off exception case.

+1. The same applies to Transfer of account. However, they take the currently approved interest rate into account and not the proposed one. So when you withdraw or transfer or close the account, the last approved rate will be used to calculate your interest.

[Capri89]

Originally Posted by Bhokal

Someone known claimed his entire PF amount (except the pension part which can't be claimed before retirement age I believe)

Recently, I claimed the pension amount also of my daughter successfully.

[rx100]

Originally Posted by Capri89

Recently, I claimed the pension amount also of my daughter successfully.

Pension amount cannot be withdrawn if the service is more than 10 years, where as you will receive a pension amount of min 1000 and max of 7500 upon attaining 58 years of age.

[thanixravindran]

Originally Posted by Capri89

Recently, I claimed the pension amount also of my daughter successfully.

Yes, it is possible if the service period is less than 10 years.

[metalheadnomad]

Originally Posted by Chetan_Rao

Current fiscal is nearing an end, and no interest credit for the previous fiscal yet. How is this even allowed?

Looks like they have started crediting interest to PF accounts. Interest credit details for FY 2021-2022 is now reflecting in my passbook, verified it with a few friends and colleagues.

[Gsynch]

Originally Posted by metalheadnomad

Looks like they have started crediting interest to PF accounts.

I can also confirm that the interest is credited for FY21-22. I can see another column about taxable component in the passbook.

[thanixravindran]

Originally Posted by whitewing

I was informed by our HR that they have not been notified about this till now, so unlikely the option is available to all.

Looks like finally EPFO has provided circular on implementation of SC order on EPS on full basic without capping just before the 4 month deadline expiry.

https://www.moneycontrol.com/news/bu...29291.html/amp

I believe this will be good for folks who are above 50 and want a better pension (average of last 60 months salary) instead of lump sum at retirement. They have to opt along with the employer and I believe EPFO will transfer the 8.33% to EPS after verification (reduce the lump sum payment at retirement). Hope they come up with a calculator to choose the option wisely.

[Simhi]

Originally Posted by Gsynch

I can also confirm that the interest is credited for FY21-22

I am still waiting for the interest to be credited.

As per the following article, I am hoping that interest gets credited by the end of this week. Keeping fingers crossed.

https://www.cnbctv18.com/personal-fi...e-15987561.htm

[deehunk]

My struggle to correct the mistakes in the EPF account continues, as of last month EPFO KR Puram did not commit to a deadline to rectify the mistakes but kept on giving false assurances to my previous employer and myself. Later I came to know about this portal CPGRAMS, https://pgportal.gov.in/ to file a grievance against the EPFO. Once I raised a complaint against the EPFO staff at KR Puram, it was referred to a Regional Commissioner. It works like unless there is a clear intention to resolve your complaint the grievance cannot be disposed of. It also gives the citizen an option to appeal if the closure proposal is not convincing.

The concerned EPFO committed to resolving the mistakes in my PF account by end of the financial year and blamed my previous employer for the inconvenience. I have appealed against their closure proposal because one they failed to ask my previous employer to rectify the mistakes while I was in employment, second for delaying the corrections even after providing all documentation in December 2022 itself.

[BRV]

If someone has any credible information related to the article, please share.

The Employee Provident Fund Organisation (EPFO) has introduced a new process that helps employers and subscribers to jointly apply for higher pensions under the Employees’ Pension Scheme (EPS). The EPFO’s new guidelines have been issued in compliance with Supreme Court's November 4, 2022 order. The deadline to apply for higher pension under EPS was March 3, 2023, as mandated by the Supreme Court judgement.

In EPFO site am not finding any information related to the above article

Thanks in advance.

[whitewing]

Originally Posted by BRV

If someone has any credible information related to the article, please share.

In EPFO site am not finding any information related to the above article

Thanks in advance.

I could only see a link to the retired employees, no info listed for existing empolyees who are eligible. The link is https://unifiedportal-mem.epfindia.g...InterfacePohw/

[kavensri]

Originally Posted by BRV

If someone has any credible information related to the article, please share.

Thanks in advance.

My company has sent out an email giving an option to their employees for higher pension. We just need to give the declaration at this point of time.
As far as I know, the deadline of 03-MAR is to submit the request to EPFO office.
My friend’s office and my sister’s office have also followed a similar procedure. But many of the things are still not clear.
Like, what is the formula to calculate the differential amount that an employee must pay (transferred from their EPF account to EPS account)?
I also have one query related to EPS itself.

“If you have completed 10 years of service and attained 50 years of age, you can withdraw your pension early, before 58 years of age.
However, in this case, you will receive a reduced pension only. The rate of pension is reduced by 4% for each year left till you attain 58 years of age.
For example, if you choose to withdraw an early pension at age 54, you will only receive 84% of your eligible pension amount.
This is because of a 16% rate cut — at 4% for 4 years.”

Now my question is, does this reduced pension amount continue even after age of 58? Or, the person will start getting 100% pension amount after completing 58?

[finneyp]

Originally Posted by finneyp

I am also facing the same issue for transferring PF from non-exempt organization to current exempt (own PF trust) organization. The same reason was given by PF office.
Not sure how to resolve it, maybe need to visit the PF office & ask for more details.

After multiple Transfer requests & several Grievance complaints, my transfer was finally accepted & settled by PF office

[dass]

The interest for the period 2021-2022 has been credited to my account. Not sure when it happened, but I checked yesterday and see it there as on March 2022. My account was with the KRP branch in Bangalore.