Team-BHP - The "Provident Fund" Thread

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- - The "Provident Fund" Thread (https://www.team-bhp.com/forum/shifting-gears/46474-provident-fund-thread-50.html)

I have an old PF account from 20 years back from my first job. The company no longer exists. The PF account was never transferred nor did I claim the money.

Is there anything I can do now? Also are there any PF agents in Bombay who can help with this?

Quote:

Originally Posted by hothatchaway (Post 4528931)

Does this refer to investments made by accounts held under Regional PF commissioner or are these private PF trusts? Also, is the principal amount held in PF trusts guaranteed in the manner bank FDs are (upto an extent of course)

Scary stuff!

Looks like both PSU and private sector entities are affected.

Quote:

Provident and pension fund trusts, which have collectively invested 'thousands of crores' in bonds of the IL&FS group, have filed intervening petitions in the National Company Law Appellate Tribunal over fears that they could lose their money as the bonds come under unsecured debt.

The exact amount at stake is not known since many of these are traded instruments. However, investment bankers estimate it to be in thousands of crores since the infrastructure company's bonds - which were 'triple A' rated - were preferred by retirement funds that have a low-risk appetite but still have to get assured returns even when interest rates are low.

Link

Quote:

Originally Posted by carboy (Post 4537009)

Is there anything I can do now? Also are there any PF agents in Bombay who can help with this?

If you have the PF number,Login through UAN and register a Online transfer claim and select Attestation Through "Present Employer".

You can also register a grievance in case the transfer is not getting through at https://epfigms.gov.in/homepage.aspx. They have been pretty responsive, atlease in my case.

http://www.moneycontrol.com/news/bus...s-3559781.html

“A large part of provident fund investments are in the Rs 50,500 crore assets,” the source said, adding, “..and they are likely to take a significant hit, as they will get their money only after secured lenders have been paid off."

Quote:

Originally Posted by zaveed (Post 4544871)

If you have the PF number,Login through UAN and register a Online transfer claim and select Attestation Through "Present Employer".

What is UAN?

And I do not have a present employer.

Quote:

Originally Posted by carboy (Post 4547371)

What is UAN?

And I do not have a present employer.

https://unifiedportal-mem.epfindia.g...mberinterface/

A unified number across multiple PF accounts you might have had.

Quote:

Originally Posted by carboy (Post 4547371)

What is UAN?

And I do not have a present employer.

UAN (Universal Account Number) : The UAN will act as an umbrella for the multiple Member Ids allotted to an individual by different establishments. The idea is to link multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number

Read more at this site : https://www.epfindia.gov.in/site_en/UAN_Services.php

As you do not have a current employer,you can withdraw the amount. But not sure how :(

why don't you raise a grievance and check, that is the only option i know of unless any other member can throw more light.

We are doomed.

https://www.livemint.com/money/perso...641737496.html

No government guarantee for the losses suffered due to investing in IL&FS.

Quote:

Originally Posted by hserus (Post 4547367)

Quote:

Originally Posted by hserus (Post 4547674)

We are doomed.

No government guarantee for the losses suffered due to investing in IL&FS.

This is what I am suspecting why the EPF office has not credited the interest also for the FY2017-18. Does this apply to the private companies which have accounts in EPFO? How about the PPF accounts which public have invested in the public sector banks?

I need help:

1. I've an account with my previous employer and it is based out of EPFO Chennai. I've got the PF Number but don't have the UAN no. I'm unable to find the UAN number through the activation URL of the EPFO portal. When I do this I get the UAN of my current PF number with my present employer. May be this is because of my mobile number linking with the current account only. How do I find out the UAN for my previous PF account number? When I try the link for UAN status with the previous PF Account No. I get the error that the mobile number mismatches.

2. I submitted Form 13 to the Chennai EPFO after attesting the form by my previous employer. When I submitted the form I was just given a chit with a EPFO seal with the date of submission scribbled across the seal and nothing else. I was asked to check the EPFO portal for status. When I login to the portal using the UAN for my current PF account I don't see any transfer request under process.

3. I'm not able to raise a grievance as the UAN number of my previous PF account is mandated. If I use the UAN for my current PF Account I'm not able to direct the grievance to the EPFO chennai office.

I'm really stuck. When I tried calling up the EPFO office, I was kicked-around quite a bit and had to put up with busy signal most of the time. I'm frustrated. Any help would be appreciated. I submitted the Form 13 on 15th Feb. Would really want to know what is happening to my request.

Regards,
lsjey

Quote:

Originally Posted by AltoLXI (Post 4547707)

The following link sheds more light, best is to individually find out from one's employer on how much is at stake. Read from another source that epf trusts manage a cumulative corpus of 2.5 lakh crores. So 40k crore of junk bonds is considerable
https://www.firstpost.com/business/e...t-6085751.html

Ppf accounts are only offered by banks but are managed by the government. I suspect it should be administered like epfo. Will be great to learn more.

Quote:

Originally Posted by hothatchaway (Post 4547757)

The article you mentioned says:

Quote:

The EPFO can pat itself in the back also for steering clear of the IL&FS group’s bonds.

Market fundamentalists tease and egg on the EPFO no-end. They smirk at its conservative investment policy forgetting that the EPFO at the end of the day cannot afford any brinkmanship because when the rainy day starts post-retirement, they should not be left high and dry — in the lurch.

So accounts in EPFO are not that affected?

Quote:

Originally Posted by lsjey (Post 4547738)

UAN is a recent thing (I think it started just few years back) so maybe that's why you don't have it for your previous job. A person is supposed to have one UAN only. Earlier we used to have a new PF account number everytime we changed our job. But the idea with UAN is that it's an umbrella account for all your pf accounts. It will remain same even if you change your job and have a new PF number in the new organisation.

You should still be having your pf account number of your previous organisation. Using that you can transfer your balance to the new account. This transfer takes some time ( earlier it used to take months or even years but I'm told now it's matter of weeks)

From https://www.thehindubusinessline.com...le26313637.ece

Quote:

IL&FS has a debt of ₹ 91,000 crore, of which, ₹50,000 crore comprises bank loans, while the rest is in debentures and commercial paper.

PF trusts are estimated to hold at least ₹9,000 crore of the bonds. Of this, EPFO is understood to have a smaller exposure, while it is largely the exempt and private PF trusts that invested more.

EPF interest rate hiked to 8.65% for FY 2018-19.

Also :

Quote:

Asked if EPFO was losing money on its investments in the troubled Infrastructure Leasing and Financial Services Ltd (IL&FS), central provident fund commissioner Sunil Barthwal said he was in touch with the finance ministry and “as of now, EPFO has not suffered any loss due to interest or capital invested in IL&FS bonds".

Source