It is manipulation by EPF organisation to reduce interest liability and inflate surplus & rate of interest to make political gain. It ultimately amounts to fraud on members. To remove this discrepancy, the department should apply value date of transaction so that members may not suffer interest loss unnecessarily. Hope you will agree on valuation date implementation to remove this problem more
Absolutely Mr Virmani. You have hit the bull's eye. This non credit of interest should be looked into on an urgent basis. The losses faced on account of delayed interest credit for the last 3 years should be looked into. more
Helpful...EPFO doesn't pay interest for 4/5 years for early withdrawal/ defunct account(less than five years tenure) when they themselves have failed to effect a fund transfer for eight years without any statement...they are in a precarious state...some particular offices might have more problem.....also they might want to hold money in the relevant office so that they screw up a transfer and sit tightly without informing....horrible experience On Fri, 30 Aug 2019 20:10:36 +0530 "Vijay Agarwal" wrote > more
Virmaniji - I appreciate your concern. Nonetheless, please note that instances referred by you, are nothing but shortcomings of the department and not manipulations. Also, in the department's accounting records, all these are factored in to arrive at the balance sheet. I also do agree with you, department must gear up to address members grievances within reasonable time. My personal experience with the department was positive, hence my I wrote that way. We must also understand, government can frame policies but every citizen including department must follow and implement them through sincere and honest efforts. But very few of us act in the interest of the nation. This needs lot of persuation and constant conducting awareness campaigns. Again, it is noticed that citizens change their attitude towards betterment only if punitive measures are taken, which is unfortunate. Hope better India is not a distant dream. more
@ VAITHEESWARAN SANKARANARAYANAN Sir, it is very much possible. There is a delayed credit of interest into the subscribers account. The grievance handling system is not robust despite its computerization. I have posted a separate post where a subscriber has complained of interest due on 31st March 2018 credited on 16th May 2019 and interest due on 31st March 2019 still not credited. In another case involving transfer of PF from one organization to another, it was revealed that the cheque was kept by the dealing officer for almost three months and he kept on saying the payment has not been received. The complaint was referred to Vigilance Deptt and nothing could happen despite all documents. What would you say it is not manipulation. more
My retirement has only 4 months. Before retirement I would like to settle my all-personal loans having @12.2 lacs. But I have only source is PF which is now accumulated more than Rs. 32 lacs. Shall...
Once the Government has announced EPF interest rates, what is reason for non reflection in members pass book? Such delays also cause financial loss to members who have to do a final withdrawal...
EPFO has now allowed subscribers to go beyond the pensionable salary capped at Rs 15,000 a month on which employers deduct a sum equal to 8.33% of the ‘actual basic salary’ towards pens...
Dear Respectable Members, I am not sure what guidelines OR procedures to get higher pension from EPF/EPS. I am having only News paper information, that is 6th May 2023 as last date to su...
After recent retirement, I had applied for full PF-amount-release, which was subsequently shown as settled. On the EPF Portal, it shows as - "Your Claim [ Claim Id - xxx ] has been Settled. P...
Earlier I applied form 10D offline at RPFO cuddapah (AP) for pension claim on superannuation. There was no response for verification of scheme certificate for about 3yrs. Finally I could get verif...
On Monday, EPFO announced that all the eligible members of the provident fund body can now opt and apply jointly with their employers for higher pensions till May 3, 2023. Earlier, the deadline for...
MORE IMPORTANT IS RULE, APPLIED ON US FOR LATE PAYMENTS. EPFO ,LOOKS LIKE AN ADMINISTRATIVE INSTITUTION, NOT SERVICE SECTOR. THEY SHOULD PAY. WE SUFFER FOR LATE PAYMENT.THEY CARE FOR NONE.EVEN BAN...
When a payment for advance tax is made late, we have to pay a penal interest to the government. Here EPFO has delayed interest credit by 11 months. Shouldn't they be liable to...