Hi,
I have been forced to resign along with 3500 employees by my employer after working here for 14 years. I have PF running into a few lakhs at stake. The company used to deposit PF in a Trust.
I would like to know if this money is safe like PF in the government-run EPF. Please guide; it will benefit 3500 to 4000 people who have been thrown on the roads after they gave prime time to the organization.
Regards
From India, Ambala
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I have been forced to resign along with 3500 employees by my employer after working here for 14 years. I have PF running into a few lakhs at stake. The company used to deposit PF in a Trust.
I would like to know if this money is safe like PF in the government-run EPF. Please guide; it will benefit 3500 to 4000 people who have been thrown on the roads after they gave prime time to the organization.
Regards
From India, Ambala
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Your company taken exemtion from EPF department for deposit in trust .... generally this money is safe as govt pf .... but check actual status from your end by using using govt machinery
From India, undefined
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95From India, undefined
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Thanks alot for reply , pls suggest how to use government machinery into action to understand the fate of PF.
From India, Ambala
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From India, Ambala
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Complain to PF commission of your region ....will check over it and guide for further action
From India, undefined
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From India, undefined
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First, check with your company about PF balances. When they asked you to resign, have they given you your other final dues? You could probably withdraw the money in full or seek a transfer of fund balance to EPFO itself if you have taken up a new job after being forced to quit your present employment. I hope you have all your annual PF statements and have been availing of IT rebates from time to time. Do you have a UAN number?
From India, Pune
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From India, Pune
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Thanks, Mr. Math, for the detailed reply. I have all my final balances with me, which states the company has deposited all due money. My colleagues and I have apprehension that the company may not provide PF since it is in their control (Trust).
Yes, I am availing all rebates, and all slips and system-generated reports are also with me. Yes, I have my UAN number. Can I shift this PF to some old nonoperative account?
From India, Ambala
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Yes, I am availing all rebates, and all slips and system-generated reports are also with me. Yes, I have my UAN number. Can I shift this PF to some old nonoperative account?
From India, Ambala
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The Provident Fund (PF) money held by the Trust cannot be appropriated by the company. The PF Trust is separate from the exempted organization. Therefore, the money with the Trust is safe. Moreover, you can caution the employee Trustees/concerned RPFC to keep a close watch on the Trust.
From India, Mumbai
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From India, Mumbai
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Dear Bhuvesh,
As you have mentioned in your post about employees being forced to resign. If any exempted establishment has abnormal activity, EPFO immediately becomes aware as per the ECR filed and can conduct an inspection.
In any case, an exempted establishment undergoes an annual inspection. You can check the status of your establishment by using the code number to search for the establishment. This way, you can determine if it is an actionable establishment.
Moreover, you have the option to transfer your funds to your new employment if you choose not to withdraw the same.
Vidyadhar Bhat
From India, Pune
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As you have mentioned in your post about employees being forced to resign. If any exempted establishment has abnormal activity, EPFO immediately becomes aware as per the ECR filed and can conduct an inspection.
In any case, an exempted establishment undergoes an annual inspection. You can check the status of your establishment by using the code number to search for the establishment. This way, you can determine if it is an actionable establishment.
Moreover, you have the option to transfer your funds to your new employment if you choose not to withdraw the same.
Vidyadhar Bhat
From India, Pune
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