General Manager-hr
Epf & Esi Matters
Hr, Ir, Law, Disc. Matters
K K Bhatia
+3 Others

Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
Respected Seniors,
L&E Ministry issued notification dated 15th January, 2011 amending the EPF Scheme 1952 which came into force with effect from 1st April, 2011 with regard to payment of interest on EPF accounts which have become inoperative. The Gazette notification is attached herewith.
In view of the notification, lot of members submitted their form 13 for transfer of their old inoperative accounts to new operative accounts before
1st April, 2011 with the result many of the cases could not be transferred by EPFO before above stipulated date.
Such accounts were transferred after 1st April, 2011 and no interest was paid. Is EPFO decision justified? Are such members not entitled to interest? Please advise. If EPFO is justified, then why? and if not what remedies are available to denied members?

Attached Files
Membership is required for download. Create An Account First
File Type: pdf AmendPara60&72(6)_Coord_92370.pdf (854.1 KB, 645 views)

I am not sure whether this is the right place to post this query....
I have a doubt in PF transfer Process ....Whether the EPS amount will transfer from old employer to new employer's account or not.
For example I worked for "X" company and which is having their own PF trust and later Joined "Y" company which will manage the PF Through RPFC.
I submitted the PF TRansfer form 13 and The amount transfered from Trust to RPFC account. I got annexure K from previous employer and it is showing EPF amount only.
I doubt whether the EPS amount I mean amount related to form 10 C will transfer to new account when we transfer the PF from Trust to RPFC account.

Dear, I think wheras your EPF was deposited in the exempted trust, the Family Pension Fund was deposited with the then RPFC which may not have been tranfered although your PZF deposit was trnsferred to the new place. You have to approach your earlier RPFC with your pension A/c no and try for transfer to your later RPFC.

EPFO is justified in doing this. There are enormous number of accounts with minor amounts where there are no transactions at all for years together. The members holding such accounts have not bothered either to transfer the amount to their new EPF account, if any, or withdraw the amount as final settlement. This increases the work load of the EPFO unnecessarily. It also creates accounting difficulties. That is why such decision was taken. Members should be vigilanat.
I fully agree with Mr. bpugazhendhi. By not withdrawing the old pf contributions, specially when not in employment, it increases the workload of EPFO , the manpower can be better utilised for other more important works so as to provide better services to subscribers.
RPFC (Retd.)
<link no longer exists - removed>

I earnestly thank all seniors who have commented on the main subject, but I regret to write that all have sidelined the queries. The query is with regard to members who are still in service and requested for transfer of their Provident Fund as well EPF amount lying in their respective old accounts to new Operative accounts. Kindly review the Gazette notification and enlighten all members who are maintaining their Provident Fund and EPF accounts with their respective EPFOs.

If the member is still in service and having an EPF account why did he/she sleep for so many years without getting the amount transferred? Nevertheless, even now it can be transferred. Only there will be loss of interest between the date the old account became inoperative and the date when application for transfer was made.
Respected Bpugazhendhi
Thanks for asking why the account was not transferred. the member was not sleeping but expecting transfer back to parent office. Anyhow, I shall request you to go through the Gazette Notification which will be guiding factor for you to help others.
According to amendment member will not lose interest if the account has become inoperative before 1st April, 2011 and he/she filed form 13 for transfer of old account to new operative account irrespective of actual transfer after 1st April 2011. In my opinion all those members who filed their transfer application before 1st April, 2011 and denied interest can approach their respective EPFO for reconsideration of decision and ask for interest denied.

Yes. That is why I wrote - " Only there will be loss of interest between the date the old account became inoperative and the date when application for transfer was made."
The transfer applications made prior to due date must attract interest ,irrespective of the fact as to when transfers were made effective.One must take up the matter with concerned RPFC in this regard.
Remedy available is filing of complaint in competent Distt. Consumer Dispute Redressal Forum.

This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.

About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2020 Cite.Co™