Management Consultants Legal & Hr
Thanks & Regards
29th April 2014 From India, Pune
29th April 2014 From India, Mumbai
In response to your query , I am to confirm that employees will get his due interest from PF Authorities inspite of the fact that employer has failed to deposit the monthly PF contribution in time, i.e, within 15th of the month.
For the delayed payment, the EPFO will issue show cause notice to the employer with regard to interest and damages at the end the financial year when PF account of all employees are finalized and Form 23 is generated. If the reply in response to the show cause notice is not satisfactory, the EPFO will charge interest for delayed payment as well as damages as per provision of the Act.
In any event the employee will not be prejudiced in the matter of interest to be receivable.Hope it is clear to you.
Management Consultant Legal & HR
2nd May 2014 From India, Calcutta