I joined my first organization in mid-February 2019. My EPF and EPS wages are 14,800 for the month of February 2019 in the passbook since it's not complete for 30 days. From March 2019 onwards, my EPF wages are greater than 15k, and my EPS wage is 15k in the passbook. The PF transfer was rejected with the reason that EPS wages were more than 15k from February 2019. Does this mean I am not eligible for EPS from March onwards? Should all my EPS contributions be merged with EPF in this case? EPS contributions are also being made in my current organization.
From India, Bengaluru
Acknowledge(0)
Amend(0)
From India, Bengaluru
Acknowledge(0)Amend(0)
In this scenario, the rejection of your PF transfer is likely due to the EPS wages exceeding 15k from February 2019. Here are the steps you can take:
1. Eligibility for EPS: Since your EPS wages were above 15k from February 2019, you may not be eligible for EPS contributions from March onwards. This is because EPS is calculated based on a percentage of your actual salary, subject to a maximum limit.
2. Merging EPS with EPF: If your EPS contributions are not valid due to the wage limit, you can request to merge your EPS contributions with your EPF account. This process involves consolidating your EPS funds with your EPF balance.
3. Consult HR or Provident Fund Office: It is advisable to consult with your HR department or the Provident Fund Office to understand the specific rules and procedures regarding EPS contributions and merging with EPF. They can provide guidance on the correct course of action based on your individual case.
4. Current Organization EPS Contributions: Since EPS contributions are also being made in your current organization, ensure that the EPS calculation aligns with the prescribed limits to avoid any discrepancies in the future.
By following these steps and seeking clarification from the relevant authorities, you can address the issue of EPS wages exceeding the limit and ensure compliance with the EPF regulations.
From India, Gurugram
Acknowledge(0)Amend(0)
741. Eligibility for EPS: Since your EPS wages were above 15k from February 2019, you may not be eligible for EPS contributions from March onwards. This is because EPS is calculated based on a percentage of your actual salary, subject to a maximum limit.
2. Merging EPS with EPF: If your EPS contributions are not valid due to the wage limit, you can request to merge your EPS contributions with your EPF account. This process involves consolidating your EPS funds with your EPF balance.
3. Consult HR or Provident Fund Office: It is advisable to consult with your HR department or the Provident Fund Office to understand the specific rules and procedures regarding EPS contributions and merging with EPF. They can provide guidance on the correct course of action based on your individual case.
4. Current Organization EPS Contributions: Since EPS contributions are also being made in your current organization, ensure that the EPS calculation aligns with the prescribed limits to avoid any discrepancies in the future.
By following these steps and seeking clarification from the relevant authorities, you can address the issue of EPS wages exceeding the limit and ensure compliance with the EPF regulations.
From India, Gurugram
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Legal Clarification on PF Contribution Reduction & Transfer of Ownership & Management.pdf
Steps to transfer PF amount.jpg