Hi, I am trying to transfer the PF amount from the previous company to the most recent company. i tried through online but i received below message, i am not able to understand what they are talking about, could you clarify please?
DOJ=/>1.9.2014,WAGES>15K, NOT AN EPS MEMBER BUT EPS CONTRIBUTIONS RECEIVED, PLS CLARIFY THROUGH ER
From Ireland, Dublin
DOJ=/>1.9.2014,WAGES>15K, NOT AN EPS MEMBER BUT EPS CONTRIBUTIONS RECEIVED, PLS CLARIFY THROUGH ER
From Ireland, Dublin
An employee whose salary is more than Rs 15000 joins EPF on or after 1st Sept 2014 will not be covered by the Pension of the EPF. But due to oversight the employer should have contributed 8.33% of the contribution due on Rs 15000, ie, Rs 1250, to EPS (Pension Fund) instead of contributing it to PF along with the remaining 3.67% due by him. This is only a technical error. For this reason the member's PF will not be lost. You can ask the employer to clarify the issue, ie, why he has not contributed the entire 12% due by the employer to EPF but has bifurcated his contribution as 8.33% to pension Fund and the remaining 3.67% only to PF?
EPFO can simply do it, but will not do it because they have a KRA that maximum claim rejection. Therefore, you have to get a clarification letter above mentioned and submit it to the EPFO. Then you can transfer the balance to the new account. Please ensure that the present employer is not doing the same mistake. Also please note that the above date of 1st Sept 2014 does not apply to employees who are already members of EPF.
From India, Kannur
4249EPFO can simply do it, but will not do it because they have a KRA that maximum claim rejection. Therefore, you have to get a clarification letter above mentioned and submit it to the EPFO. Then you can transfer the balance to the new account. Please ensure that the present employer is not doing the same mistake. Also please note that the above date of 1st Sept 2014 does not apply to employees who are already members of EPF.
From India, Kannur
Thanks Madhu for the brief explanation, for submitting letter i need to go to PF office or is there any other way to submit like email or by post?
I already withdraw the PF amount with my most recent company, i haven't transfer PF amount from my previous company to my recent company, is there any way to withdraw pf amount from my previous company, i tried form 31 but its got rejected due to i haven't completed 5 yrs
From Ireland, Dublin
I already withdraw the PF amount with my most recent company, i haven't transfer PF amount from my previous company to my recent company, is there any way to withdraw pf amount from my previous company, i tried form 31 but its got rejected due to i haven't completed 5 yrs
From Ireland, Dublin
You have already withdrawn the PF of the current employer? You should not have done that. You should have first transferred the accumulations of the first account to this one and then closed it by withdrawing the amount in full. If the service (total membership) is less than five years and the amount of accumulation is more than Rs 50000, then withdrawal will be permitted but after deducting tax at the arte of around 34%. In order to avoid it you may have to upload form 15G which declares that you do not have taxable income.
Now when you join another company, there will be an account created and to that account you can transfer the old PF account to the new one and then think of withdrawing once you leave that company also.
It is stupidity to withdraw the PF accumulations because the PF is an amount of investment for future and not for meeting your current expenditure. You will not earn interest higher than what the EPF will give you, though the trend shows a downward inclination and in the current scenario everyone has apprehensions about the invested money, but that apprehension is there in every investments.
From India, Kannur
Now when you join another company, there will be an account created and to that account you can transfer the old PF account to the new one and then think of withdrawing once you leave that company also.
It is stupidity to withdraw the PF accumulations because the PF is an amount of investment for future and not for meeting your current expenditure. You will not earn interest higher than what the EPF will give you, though the trend shows a downward inclination and in the current scenario everyone has apprehensions about the invested money, but that apprehension is there in every investments.
From India, Kannur
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
EPS - Wage Limit increase_01.09. 2014.pdf
Calcu. pf Emp.eps.epf sample sheet for HR site..xls