Hi All, Another exciting case has come up; my compliance team has switched the PF amount of two employees; for instance, in one account, an amount of 5000 was required to be submitted, and in another, an amount of 20000 was required to be submitted. On the month of joining of both employees, the amount was correct, but in the next two months, the amounts were switched, which we got to know when the senior resource received a PF contribution msg on his phone. The team is working on it, but I wanted to share this case here to understand if there is any solution to rectify this error.
From India, Jaipur
1From India, Jaipur
Hi,
You need to resolve this through PF office only.
But how come the PF contribution got interchanged ? Is it due to the fault of your Compliance team or error of respective PF office?. Act on this quickly and try to resolve but it might take time. Hope the amount got interchanged only for two moths. If so, as a short cut method if the concerned employees agree they can transfer the money through their bank accounts internally. But they need to accept the fact the future PF interest credit will be based on individual's PF account balance only which the higher PF contribution employee has to forgo. In case of delay from PF office you may try the above shortcut but that won't be professional.
From India, Madras
You need to resolve this through PF office only.
But how come the PF contribution got interchanged ? Is it due to the fault of your Compliance team or error of respective PF office?. Act on this quickly and try to resolve but it might take time. Hope the amount got interchanged only for two moths. If so, as a short cut method if the concerned employees agree they can transfer the money through their bank accounts internally. But they need to accept the fact the future PF interest credit will be based on individual's PF account balance only which the higher PF contribution employee has to forgo. In case of delay from PF office you may try the above shortcut but that won't be professional.
From India, Madras
Hello Sir,
Thanks for the revert.
I am not sure if the employee who has received the increased amount will be willing to transfer the amount, as their is vast difference between the PF contribution of both the employees. We are trying to identify how this mess has happened. Yes the amount got interchanged for 2 months only.
From India, Jaipur
Thanks for the revert.
I am not sure if the employee who has received the increased amount will be willing to transfer the amount, as their is vast difference between the PF contribution of both the employees. We are trying to identify how this mess has happened. Yes the amount got interchanged for 2 months only.
From India, Jaipur
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PF Contribution on Leave Encashment - Clarification by EPFO.pdf