paragpatilHow can I get Provident fund amount for an employee on last working day as he is going to retire on that particular day.
From India, Dhule
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Srinath Sai Ram
KK!HRPl tie up with the EPFO Office and try to get the payment of accumulated balance on the last day of service, if not at the ealist. Pl check, will it not mean depriving the employee of the interest accrued on the last month of service. At any rate, continued investment in PF is a better option as it gives more return than any other investment in government security.
From India, Mumbai
Srinath Sai RamDear ParagPatil,Please log in to PF ECR Portal & furnish Details of Employees Retiring in the Month
From India, New Delhi
saswatabanerjeeIt is not possible to get an employee his PF on the last day of the month. The claim can be filed only after he retires and the processing takes time.
From India, Mumbai
It is possible only in Exempted PF establishment, where you can hold investment amount (Both the PF contributions of current month) and settle the PF account of retired person from the uninvested amount. Of course you are required to give reason for uninvested amount in the monthly return in Form 1 para 27 for settlement of claims, Home loan, advances etc.
I was working in German company Bombay Metal & Alloys (GG Brand) established in 1943 and having Exempted PF A/c. no. MH/10. I had settled many retired employees PF claims, gratuity etc. on last working days thru the uninvested PF contributions, which was necessary to invest in Govt. Securities.
In one situation one of our workmen had joined Godrej & Boyce (PF Exemp.), we received his PF transfer application in Form 13 in the morning and I had transferred his PF accumulations in the afternoon by issuing cheque favouring Trustees, Godrej & Boyce, Provident Fund. This was possible only because of Exempted Provident Fund (Trust).
However, it is practically not possible to settle PF claim on the last date of working of retired person because PF office will not settle the claim unless they receive the contribution till last working day from the employer.
From India, Thane