For 77-year-old AD Nagpal, who was instrumental in increasing the payout for 50 million workers by about Rs 1,700 crore this year, it's still not time to rest.
In the midst of receiving congratulatory calls, Nagpal told The Indian Express that there were many pending issues that require his attention as a trustee of the Employee Provident Fund. It was Nagpal, an EPFO trustee since 1997, who detected the discrepancy in the EPFO accounts and insisted that the organization re-examine its books since its inception 58 years back in 1952.
He has been closely associated with the Socialist movement and Jai Prakash Narayan. As secretary of the Hind Mazdoor Sabha, Nagpal juggles his time between Chandigarh where he resides and Delhi where he has his office. Despite this long association, it took him a good three years and elaborate calculations to convince the labor ministry and the EPFO of the error. "I alerted the ministry first in January 2007, but no one believed me. Moreover, since the EPFO accounts are tabled in Parliament, no one was keen to reopen them," Nagpal told The Indian Express a day after the CBT accepted his calculation.
The discrepancy was because the EPFO had debited Rs 2,481 crore in the interest suspense account way back in 1998 but did not credit it into individual accounts. Assisted by experts, he carefully reconstructed the EPFO's accounts beginning 1993-94. Simultaneously, the Hind Mazdoor Sabha wrote to the then labor minister Oscar Fernandes.
"We didn't get a reply, but we kept pursuing the issue with the ministry," he recounts. Finally, this year, the EPFO decided to reopen its accounts and after summoning records from across the country, they accepted the calculations. The net result was the discovery of surplus funds of Rs 1 crore in the suspense account as against the stated Rs 158 crore.
"It has taken the EPFO a long time but this is worth the effort. I was a bit worried till yesterday but now I am relaxed," said a visibly pleased Nagpal. "Initially, I was told that the interest rate would be hiked by 0.5 percent, but later the minister decided that since there was enough surplus, the EPFO can go in for a 1 percent hike," he said.
We kept pursuing, says the man who got you a 9.5% interest rate
KVJ Raghunath
[Source from Yahoo India.com]
From India, Vijayawada
42In the midst of receiving congratulatory calls, Nagpal told The Indian Express that there were many pending issues that require his attention as a trustee of the Employee Provident Fund. It was Nagpal, an EPFO trustee since 1997, who detected the discrepancy in the EPFO accounts and insisted that the organization re-examine its books since its inception 58 years back in 1952.
He has been closely associated with the Socialist movement and Jai Prakash Narayan. As secretary of the Hind Mazdoor Sabha, Nagpal juggles his time between Chandigarh where he resides and Delhi where he has his office. Despite this long association, it took him a good three years and elaborate calculations to convince the labor ministry and the EPFO of the error. "I alerted the ministry first in January 2007, but no one believed me. Moreover, since the EPFO accounts are tabled in Parliament, no one was keen to reopen them," Nagpal told The Indian Express a day after the CBT accepted his calculation.
The discrepancy was because the EPFO had debited Rs 2,481 crore in the interest suspense account way back in 1998 but did not credit it into individual accounts. Assisted by experts, he carefully reconstructed the EPFO's accounts beginning 1993-94. Simultaneously, the Hind Mazdoor Sabha wrote to the then labor minister Oscar Fernandes.
"We didn't get a reply, but we kept pursuing the issue with the ministry," he recounts. Finally, this year, the EPFO decided to reopen its accounts and after summoning records from across the country, they accepted the calculations. The net result was the discovery of surplus funds of Rs 1 crore in the suspense account as against the stated Rs 158 crore.
"It has taken the EPFO a long time but this is worth the effort. I was a bit worried till yesterday but now I am relaxed," said a visibly pleased Nagpal. "Initially, I was told that the interest rate would be hiked by 0.5 percent, but later the minister decided that since there was enough surplus, the EPFO can go in for a 1 percent hike," he said.
We kept pursuing, says the man who got you a 9.5% interest rate
KVJ Raghunath
[Source from Yahoo India.com]
From India, Vijayawada
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Dear kvjraghunath It would be proper, if you could quote the source of this article. Warm regards.
From India, Delhi
From India, Delhi
Dear Mr. Raghunath,
I had seen that. It does imply that this item appeared in "The Indian Express". However, the intent behind my comments was not to "know" the source, but that a member must give credit or acknowledge the source at least (if not permission to republish) in case he is submitting anything that has been published before and which has not been created/written by him.
Do you mean to inform me that the phrase included in the article, "Nagpal told The Indian Express" entitles anyone to publish the article verbatim, in any media, under his own name, without quoting the source???
Warm regards.
P.S.: Incidentally, this news item was picked up on the day the media broke the story of enhancement of PF interest rate by all major news agencies in India and was published in all major newspapers and tabloids including The Times Of India, The Economic Times, etc.
From India, Delhi
I had seen that. It does imply that this item appeared in "The Indian Express". However, the intent behind my comments was not to "know" the source, but that a member must give credit or acknowledge the source at least (if not permission to republish) in case he is submitting anything that has been published before and which has not been created/written by him.
Do you mean to inform me that the phrase included in the article, "Nagpal told The Indian Express" entitles anyone to publish the article verbatim, in any media, under his own name, without quoting the source???
Warm regards.
P.S.: Incidentally, this news item was picked up on the day the media broke the story of enhancement of PF interest rate by all major news agencies in India and was published in all major newspapers and tabloids including The Times Of India, The Economic Times, etc.
From India, Delhi
Dear Raghunath,
Thank you for your response. I genuinely appreciate your truthfulness. In the future, do take care of this aspect while contributing to CiteHR.com or any other website/blog; it will also keep you safe from any likely trouble.
Warm regards.
From India, Delhi
Thank you for your response. I genuinely appreciate your truthfulness. In the future, do take care of this aspect while contributing to CiteHR.com or any other website/blog; it will also keep you safe from any likely trouble.
Warm regards.
From India, Delhi
Dear Mr. Raj Kumar,
In your response, you mentioned my blog. If you haven't seen it, here is the link (link removed) (Search On Cite | Search On Google). Frankly speaking, I do not know much about the rules and regulations of media and copyrights.
I started my blog for personal reference without intending to share it with others. However, I now realize the value of sharing my blog's data with everyone.
My intention is to compile HR-related data from various sources like books, websites, media, government departments, and friends in one place for easy access by HR professionals and for future reference.
I would appreciate your guidance on the rules and regulations that should be followed and the precautions to be taken in this situation.
Your suggestions are highly valuable.
Regards,
KVJ Raghunath (link removed) (Search On Cite | Search On Google)
From India, Vijayawada
In your response, you mentioned my blog. If you haven't seen it, here is the link (link removed) (Search On Cite | Search On Google). Frankly speaking, I do not know much about the rules and regulations of media and copyrights.
I started my blog for personal reference without intending to share it with others. However, I now realize the value of sharing my blog's data with everyone.
My intention is to compile HR-related data from various sources like books, websites, media, government departments, and friends in one place for easy access by HR professionals and for future reference.
I would appreciate your guidance on the rules and regulations that should be followed and the precautions to be taken in this situation.
Your suggestions are highly valuable.
Regards,
KVJ Raghunath (link removed) (Search On Cite | Search On Google)
From India, Vijayawada
Dear Raghunath,
I sincerely appreciate your intention to "collect the data relating to HR and put them in one place (in order) for ready reference to all HR upcoming professionals as well as future reference" while making your blog.
However, there are millions of blogs jostling for viewers' attention, making it difficult to ensure that the intended audience will benefit from it. Although there are several techniques and resources available to do so, I personally feel that the efforts do not fully justify the objective. This is not meant to discourage you or anyone else, as blogs definitely provide a platform for self-expression.
On the contrary, if the motive is to help the cause of HRM, assist HR professionals in their day-to-day activities, and mentor them in their journey to excellence, then a bigger, more visible, and versatile network and resource with global reach and participation, like CiteHr.com, would be more appropriate. It offers numerous features waiting to be explored and optimally exploited, as well as a viewership in the millions.
I would recommend and implore you to participate more actively in CiteHR.com and fulfill your objective to a large extent, as many of us are doing.
Regarding the rules and regulations for content on a blog or CiteHR.com, it is necessary to follow well-established principles of copyright and intellectual property rights to avoid any litigation, legal action, claims for damages, and compensation, etc. These include providing one's own original content, avoiding plagiarism, refraining from using material for which you do not have the right, such as copyrighted e-books, providing a link with a description in your own words if you find anything interesting on the web instead of copying material, and always quoting (giving reference) the source when taking an extract, etc.
Another precaution you must take is to avoid spamming the site with identical messages or posting teaser threads with catchy one-liners ending with "read more," as this may result in immediate deletion of the offending content and further action against the poster. Any references to one's personal site should only be contextual and limited to "fair use."
Please feel free to revert back in case you have any supplementary queries.
Warm regards.
From India, Delhi
I sincerely appreciate your intention to "collect the data relating to HR and put them in one place (in order) for ready reference to all HR upcoming professionals as well as future reference" while making your blog.
However, there are millions of blogs jostling for viewers' attention, making it difficult to ensure that the intended audience will benefit from it. Although there are several techniques and resources available to do so, I personally feel that the efforts do not fully justify the objective. This is not meant to discourage you or anyone else, as blogs definitely provide a platform for self-expression.
On the contrary, if the motive is to help the cause of HRM, assist HR professionals in their day-to-day activities, and mentor them in their journey to excellence, then a bigger, more visible, and versatile network and resource with global reach and participation, like CiteHr.com, would be more appropriate. It offers numerous features waiting to be explored and optimally exploited, as well as a viewership in the millions.
I would recommend and implore you to participate more actively in CiteHR.com and fulfill your objective to a large extent, as many of us are doing.
Regarding the rules and regulations for content on a blog or CiteHR.com, it is necessary to follow well-established principles of copyright and intellectual property rights to avoid any litigation, legal action, claims for damages, and compensation, etc. These include providing one's own original content, avoiding plagiarism, refraining from using material for which you do not have the right, such as copyrighted e-books, providing a link with a description in your own words if you find anything interesting on the web instead of copying material, and always quoting (giving reference) the source when taking an extract, etc.
Another precaution you must take is to avoid spamming the site with identical messages or posting teaser threads with catchy one-liners ending with "read more," as this may result in immediate deletion of the offending content and further action against the poster. Any references to one's personal site should only be contextual and limited to "fair use."
Please feel free to revert back in case you have any supplementary queries.
Warm regards.
From India, Delhi
Thank you to NAGPAL for making it happen. Suddenly, we were wondering how the PF rates increased. We thought that it is an appeasement of the government to the unions after the September 7th Strike. Now that we know the real hero, hats off to Mr. NAGPAL of HMS; all PF subscribers owe salutations. Thanks also to Mr. Raghunath for bringing this out to non-Indian Express subscribers.
Regards,
KK
From India, Bhopal
Regards,
KK
From India, Bhopal
Hi, I was also wondering how an increase in the interest rate occurred all of a sudden. Thanks to Mr. Nagpal. Hats off to you, sir. Also, appreciate Mr. Raghunath for bringing this to light.
Cheers,
Alice
From India, Bangalore
Cheers,
Alice
From India, Bangalore
Hai, I feel that every employee should thank Mr. Nagpal for this increase in the pf interest. And I want to appreciate the effort of Mr Raghunath also for passing this info.
From India, Visakhapatnam
From India, Visakhapatnam
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