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
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
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