Background of the Company Structure
A is a holding company, and B was a subsidiary company. A is maintaining a PF Trust for both Company A and B. Later on, A sold B, and B became a separate company. The A company transferred PF balances of B's employees to EPFO.
Employee Rights on Trust Surplus
1. The PF Trust of A has 50 crores (surplus) at the time of the transfer of B's employees' funds to EPFO. Are there any rights of B's employees on the trust surplus as they are also members of A company's PF Trust?
Distribution of Bonuses
2. Did the trustee distribute bonuses only to employees of Company A before transferring the funds to EPFO for employees of B? Please suggest a course of action.
Read more at: https://www.caclubindia.com/experts/...try_id=1219824
From India, Indore
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A is a holding company, and B was a subsidiary company. A is maintaining a PF Trust for both Company A and B. Later on, A sold B, and B became a separate company. The A company transferred PF balances of B's employees to EPFO.
Employee Rights on Trust Surplus
1. The PF Trust of A has 50 crores (surplus) at the time of the transfer of B's employees' funds to EPFO. Are there any rights of B's employees on the trust surplus as they are also members of A company's PF Trust?
Distribution of Bonuses
2. Did the trustee distribute bonuses only to employees of Company A before transferring the funds to EPFO for employees of B? Please suggest a course of action.
Read more at: https://www.caclubindia.com/experts/...try_id=1219824
From India, Indore
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Since the transfer of funds to EPFO with respect to employees of 'B' Company has taken place after bonus distribution to members of PF Trust belonging to 'A' Company, the employees of Company B are also entitled to the same proportion as the bonus amount earned based on their contributions. Equity demands this. The employees of Company B can approach EPFO to get their share transferred from the PF Trust of Company A.
From India, Mumbai
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1593From India, Mumbai
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PF Judgement - Bom HC - Temp employee.doc
Allocable Surplus for Bonus.pdf