Delays in crediting of interest in subscriber a/c losses to subscriber and no response to grievance
A PF subscriber with code THVSH01199330000028350 has reported inordinate delays in crediting of interest payable as on 31st March 2018 to his account which ultimately is the cause of loss to the subscriber as the interest gets compounded with the principal during subsequent financial year. Normally the interest in the EPF account gets credited on the 1st of April.
In the instant case, the Interest upto 31/3/2018 was Not deposited in his account on 1st April 2018? Instead it was credited only on 16/05/2019 during 2019-20 thus a delay of more than 15 months. Since the interest portion itself is substantial the delays of more than 15 months is a heavy financial loss which again gets compounded as the interest payable as on 31st March 2019 also has not been credited to the subscriber's account till date.
EPFO being a member of this circle is requested to kindly look into the lapse as there is no response for the corrective action to his grievance with Registration No. : SROVS/E/2019/03984 which has already been followed up by several emails.
2019-05-16 2019-2020 Int. Updated upto 31/03/2018 81,672 35,736 more
In the instant case, the Interest upto 31/3/2018 was Not deposited in his account on 1st April 2018? Instead it was credited only on 16/05/2019 during 2019-20 thus a delay of more than 15 months. Since the interest portion itself is substantial the delays of more than 15 months is a heavy financial loss which again gets compounded as the interest payable as on 31st March 2019 also has not been credited to the subscriber's account till date.
EPFO being a member of this circle is requested to kindly look into the lapse as there is no response for the corrective action to his grievance with Registration No. : SROVS/E/2019/03984 which has already been followed up by several emails.
2019-05-16 2019-2020 Int. Updated upto 31/03/2018 81,672 35,736 more
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Please publish such lapses in all social media and press by marking a copy to finance ministry at central government as PF department comes under FM, to have this issue addressed. more
Aug 31
Honesty and sincerity does not prevail in EPF offices so such losses to many will continue to happen. I lost my of my earnings whenever the account is transferred from one employer to another. It was next to impossible to get the rectification applied. more
Aug 30
I am also having the same problem...What is the legal recourse we can have? more
Aug 30
Please start communicating your issue with the concerned zonal office and post the issue in this circle. more
Aug 30
This is something which is on for quite a few years now. I believe pf interest of 2 years that is 2016-17 and 2017-18 was credited on May 2019. This is a huge financial loss to all epfo subscribers. Epfo should look into this issue seriously and come up with a solution to make up for the losses as well. more
Aug 30
Sir, did you communicate with EPFO to credit for the loss in the interest. If yes, kindly post the same in this community circle. more
Aug 30
