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Amendment to inoperative epf accounts
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? regards harminder
Aadhaar mandatory for new epfo subscribers from march 1
New members joining the epfo s retirement fund scheme will have to mandatorily furnish aadhaar number as kyc know your customer credential for enrolment from march 1 2013. employees' provident fund organisation s epfo existing over 50 million subscribers would be given time to furnish aadhar numbers. however for existing members the seeding of aadhaar number has to done in a time bound manner. in case any employees do not have issued the aadhaar number the employer can issue an enrolment id eid as per the guidelines of the body. this eid would be converted into aadhaar number later on. the body would also seek the aadhaar numbers of its pensioners through the banks. epfo has decided to use aadhaar as mandatory kyc credential for to improve its services. the pensioner can submit their aadhaar number either to their pensionpaying branch of the bank or to the epfo office. earlier epfo had envisaged replacing its members account number with the aadhaar numbers to avoid inconvenience of members as they had to apply for transfer of pf money to his new account with the new employer. epfo is working on to create a central data base where all members would have a unique account number and would not require to transfer pf accounts to another one on changing job. besides this will help epfo members particularly the construction workers who often change their jobs or contractors.
Settle accounts before march 31 to get interest: epfo
Settle a/cs before march 31 to get interest: epfo delhi : provident fund subscribers who have inoperative accounts from their earlier jobs will not lose interest if they file an application for withdrawal of accumulated funds or transfer to an operative account before march 1 2011 even if the settlement happens later. the employees' provident fund organisation has decided against penalising account holders for the delays as it prepares to receive lakhs of applications for settling inoperative accounts. "we plan to give interest on pf deposits in inoperative accounts if the delay in transfers or closures is beyond one month of submission of applications from account holders" a senior epfo official told et. this means that if account holders apply for transfers or closures before march 1 2011 they will keep getting interest till the account is actually closed or transferred irrespective of when it happens. the central board of trustees of the epfo the key decisionmaking body for the fund comprising representatives from the government employers and trade unions has decided the government would stop giving interest on accounts that have been inoperative for more than three years from the next fiscal.
Transfer from one branch to another - law through which i can decline?
Dear siri work for a reputed bank for the last 1 year and yesterday received a mail from hr dept for my transfer from one branch to another branch which is a far of location.i have spoken to my seniors about it and have expressed my inability to join due to personal issues.as confirmed by my seniors they have mentioned that it a promotional transfer and hence its mandatory to adhere the same.is there any law through which i can decline the same have also escalated the concern to hr dept department but still to receive a revert on the same. please guide..
Pf transfer from epfo to trust
Hi my previous company maintained its pf with epfo mumbai but new company its a foreign bank has its own trust. i applied for transfer of pf from epfo to my new firm s trust by filling up the relevant form and submitted to hr of my new firm who in turn submitted to but epfo rejected the request saying: as epf act is not to the bank is to form 10c for of pf & fpf . my firm s hr explained that above comment is slightly confusing and actually epfo means to say : i can transfer the pf from epfo to trust. but since my firm s trust only takes care of epf and not eps for pension therefore epfo wants me to withdraw the eps amount by filling up form 10c and then they ll allow transfer of epf to my firm s trust. now i wish to know: 1 in such case pf transfer from epfo to trust is it really mandatory to withdraw the eps amount? if not mandatory should i again contact 2 i am in no need of surplus funds at the moment so what is beneficial in long run and how withdraw eps or let it remain with them? kindly advise. regards vaibhav
What is a solution to transfer the pf members from the branch which is getting closed to the other branch?
If a company has branches with different pf establishment code and if any branch is getting closed. what is a solution to transfer the pf members from the branch which is getting closed to the other branch?