Hello,
I applied for transfer of PF which after a long process of trying and retrying, it was transferred in June 2010. Then it was about 1.74L.
I checked my PF balance recently on the company's outsourced PF vendor site and it is 2 lakhs less than expected!! After a lot of scrambling through my payslips and other records, I concluded that the money is exactly the same as missing PF transfer and interest (which comes to 30K, therefore 1.74L + 30k = 2.05L)
I'm asking my company to look into this but while I may be able to recover the principal, if the company made a mistake in not properly handling the transfer, it is unlikely I will get the PF interest for this duration, i.e. 30K from EPFO .
What should I do in this case? Is the company obligated to pay the lost interest out of their pocket because they did not deposit the transferred principal in June 2010?
From India, Pune
I applied for transfer of PF which after a long process of trying and retrying, it was transferred in June 2010. Then it was about 1.74L.
I checked my PF balance recently on the company's outsourced PF vendor site and it is 2 lakhs less than expected!! After a lot of scrambling through my payslips and other records, I concluded that the money is exactly the same as missing PF transfer and interest (which comes to 30K, therefore 1.74L + 30k = 2.05L)
I'm asking my company to look into this but while I may be able to recover the principal, if the company made a mistake in not properly handling the transfer, it is unlikely I will get the PF interest for this duration, i.e. 30K from EPFO .
What should I do in this case? Is the company obligated to pay the lost interest out of their pocket because they did not deposit the transferred principal in June 2010?
From India, Pune
Dear Mr. Siddharth, The EPF contribution include 8.33% towards pension fund. Therefore check whether the 30K include the pension contribution or not? Abbas.P.S
From India, Bangalore
517From India, Bangalore
Hello,
I request knowledgeable members to please provide guidance.
Update - Seems like company is going down the path of asking me to restart PF transfer, which I'm not willing to do. I would like to understand what is the statutory obligation of company in India with regard to PF transfer:
1) Is a company obligated to support PF transfers for its employees?
2) Can a company after officially informing employee that PF is transferred and reflecting on internal PF website (have printed record), then legally backtrack and say that PF is not transferred?
Would greatly appreciate if answer is yes, anyone can point to relevant clauses in the law.
From India, Pune
I request knowledgeable members to please provide guidance.
Update - Seems like company is going down the path of asking me to restart PF transfer, which I'm not willing to do. I would like to understand what is the statutory obligation of company in India with regard to PF transfer:
1) Is a company obligated to support PF transfers for its employees?
2) Can a company after officially informing employee that PF is transferred and reflecting on internal PF website (have printed record), then legally backtrack and say that PF is not transferred?
Would greatly appreciate if answer is yes, anyone can point to relevant clauses in the law.
From India, Pune
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PF Online Transfer.pdf
Steps to transfer PF amount.jpg