This is an urgent request to all of you. I have nominated myself for VPF in my company last month. Today, I checked my salary, and my company has deducted the VPF as requested. However, I rechecked my 80C and see that I am already crossing the 1 lakh limit. So, I requested them to cancel it from next month as I wanted to withdraw my nomination for VPF. I got the answer from my payroll department that it can only be canceled at the end of the financial year, which I know is not true, and we can request to cancel anytime. My company has a trusted PF department.
Can anybody share the government guidelines where it is mentioned that I can request for cancellation at any time? Help is appreciated.
From United States, Boston
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Can anybody share the government guidelines where it is mentioned that I can request for cancellation at any time? Help is appreciated.
From United States, Boston
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Dear Gagan,
VPF deduction is totally voluntary, based on the employee's decision. There is no rule stating that it must continue for the entire financial year. It can be withdrawn at any time. Simply write a letter to the Head of HR or personally discuss the matter, requesting the cancellation of VPF deduction effective from the upcoming month onwards. Alternatively, it is advisable to consider reducing the amount to the limited ceiling. The choice is yours.
Regards,
B. Anand Kumar
From United Kingdom, London
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198VPF deduction is totally voluntary, based on the employee's decision. There is no rule stating that it must continue for the entire financial year. It can be withdrawn at any time. Simply write a letter to the Head of HR or personally discuss the matter, requesting the cancellation of VPF deduction effective from the upcoming month onwards. Alternatively, it is advisable to consider reducing the amount to the limited ceiling. The choice is yours.
Regards,
B. Anand Kumar
From United Kingdom, London
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Dear all,
In my company, PF of 780 is deducted from everyone. I recently requested to contribute VPF (12% of gross) starting this month. However, the account department has informed me that this change cannot be made in the middle of the financial year. Is there a specific rule governing this situation? Please clarify.
Thank you.
From India, Madras
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In my company, PF of 780 is deducted from everyone. I recently requested to contribute VPF (12% of gross) starting this month. However, the account department has informed me that this change cannot be made in the middle of the financial year. Is there a specific rule governing this situation? Please clarify.
Thank you.
From India, Madras
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First of all, VPF is always deducted on Basic, not on Gross, and VPF can be deducted up to 100% of the basic as per the employee's desire. Please refer to the PF directory on the EPF website. There is no rule that it should continue for the financial year. The accounts department can decide; they do it as per the payroll inputs provided by HR. Kindly approach your HR department or the person responsible for PF for more clarification.
From United Kingdom, London
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From United Kingdom, London
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Dear All,
This is indeed a very interesting discussion. It is a fact that neither the Act nor the scheme provides a condition stating that voluntary contributions, once started, must be continued until the end of the financial year. However, the regulations of the Trust may include such a provision, and accordingly, the same is being mandated. Such provisions are common in the case of the majority of Trusts.
Regards
From India, Pune
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This is indeed a very interesting discussion. It is a fact that neither the Act nor the scheme provides a condition stating that voluntary contributions, once started, must be continued until the end of the financial year. However, the regulations of the Trust may include such a provision, and accordingly, the same is being mandated. Such provisions are common in the case of the majority of Trusts.
Regards
From India, Pune
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Sir, I recently registered on a voluntary basis with EPFO, but I mistakenly entered a back date, meaning the date from the last one and a half years. However, no employees have joined in that time frame. I need to change that date. Is it possible to do so? Whom should I consult at the EPFO office to rectify this error and cancel my registration with EPFO?
One person told me that when you have an EPFO code, you should pay the EPFO from that date. Another person mentioned that the date you specify on the application should be the last one and a half years. How can I change the date or cancel my registration?
Please advise on the process. My email is eswarraghati@gmail.com. Thank you for your assistance.
From India, Visakhapatnam
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One person told me that when you have an EPFO code, you should pay the EPFO from that date. Another person mentioned that the date you specify on the application should be the last one and a half years. How can I change the date or cancel my registration?
Please advise on the process. My email is eswarraghati@gmail.com. Thank you for your assistance.
From India, Visakhapatnam
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Dear ANONYMOUS Friend,
Is the allotment of registration number done by EPFO? Mostly, it is not done. This is because the application under 1(4) is decided by CPFC after verifying certain parameters. The CPFC then issues a notification for the allotment of the number, starting from the date mentioned in the notification, which is not retrospective.
You can write to EPO to inform them about your mistake and request a correction of details. Even if the department has issued you a code number under 1(4), you can apply for the cancellation of the same. There is no provision in the Act permitting withdrawal from coverage, but by operation of law, you are coverable under the Act. There are some case laws on this issue.
From India, Mumbai
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Is the allotment of registration number done by EPFO? Mostly, it is not done. This is because the application under 1(4) is decided by CPFC after verifying certain parameters. The CPFC then issues a notification for the allotment of the number, starting from the date mentioned in the notification, which is not retrospective.
You can write to EPO to inform them about your mistake and request a correction of details. Even if the department has issued you a code number under 1(4), you can apply for the cancellation of the same. There is no provision in the Act permitting withdrawal from coverage, but by operation of law, you are coverable under the Act. There are some case laws on this issue.
From India, Mumbai
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