Hi all,
Another exciting case has come up: my compliance team has switched the PF amount of two employees. For instance, in one account, an amount of 5000 was required to be submitted, and in another, an amount of 20000 was required to be submitted. Initially, the amounts were correct during the month of joining for both employees. However, in the following two months, the amounts were switched. This discrepancy came to light when the senior resource received a PF contribution message on his phone. The team is currently working on resolving this issue, but I wanted to share this case here to see if there is any solution to rectify this error.
Thank you.
From India, Jaipur
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1Another exciting case has come up: my compliance team has switched the PF amount of two employees. For instance, in one account, an amount of 5000 was required to be submitted, and in another, an amount of 20000 was required to be submitted. Initially, the amounts were correct during the month of joining for both employees. However, in the following two months, the amounts were switched. This discrepancy came to light when the senior resource received a PF contribution message on his phone. The team is currently working on resolving this issue, but I wanted to share this case here to see if there is any solution to rectify this error.
Thank you.
From India, Jaipur
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Hi,
You need to resolve this through the PF office only.
But how come the PF contribution got interchanged? Is it due to the fault of your Compliance team or error of the respective PF office? Act on this quickly and try to resolve, but it might take time. Hope the amount got interchanged only for two months. If so, as a shortcut method, if the concerned employees agree, they can transfer the money through their bank accounts internally. But they need to accept the fact that future PF interest credit will be based on the individual's PF account balance only, which the higher PF contribution employee has to forgo. In case of delay from the PF office, you may try the above shortcut, but that won't be professional.
From India, Madras
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You need to resolve this through the PF office only.
But how come the PF contribution got interchanged? Is it due to the fault of your Compliance team or error of the respective PF office? Act on this quickly and try to resolve, but it might take time. Hope the amount got interchanged only for two months. If so, as a shortcut method, if the concerned employees agree, they can transfer the money through their bank accounts internally. But they need to accept the fact that future PF interest credit will be based on the individual's PF account balance only, which the higher PF contribution employee has to forgo. In case of delay from the PF office, you may try the above shortcut, but that won't be professional.
From India, Madras
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Hello Sir,
Thank you for the response.
I am not sure if the employee who has received the increased amount will be willing to transfer the amount, as there is a vast difference between the PF contribution of both employees. We are trying to identify how this mess has happened. Yes, the amount got interchanged for 2 months only.
From India, Jaipur
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Thank you for the response.
I am not sure if the employee who has received the increased amount will be willing to transfer the amount, as there is a vast difference between the PF contribution of both employees. We are trying to identify how this mess has happened. Yes, the amount got interchanged for 2 months only.
From India, Jaipur
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PF Contribution on Leave Encashment - Clarification by EPFO.pdf