[AltoLXI]

PF accounts of numerous employees of various MNCs are at risk due to the IL&FS saga.

A supplementary affidavit filed by the Ministry of Corporate Affairs (MCA) before the National Company Law Appellate Tribunal (NCLAT) earlier this week showed that as many as 1,400 firms have a total exposure of Rs 9,700 crore in the toxic IL&FS bonds, a report by news agency IANS said

The MCA affidavit filed on April 8 shows major investment banks, tech companies, pharmaceutical firms and airlines embroiled in the IL&FS toxic bond pandemic. The names include Bata India employees statutory PF, Glaxo India, Otis Elevator, Sumitomo Indian Staff PF, McCann Erickson India EPF, Lufthansa German Airlines employees local PF, BASF, Novartis, Pernod Ricard, Bechtel India, JP Morgan, Nestle, Texas Instruments India, Volvo India, Cisco Systems India, Sanofi India, Sapient Consulting, BBC Worldwide India, McKinsey Knowledge Centre and Shell India, IANS reported.

The long list of investors also includes names like the Canadian High Commission India Staff, American Embassy School PF, Barclays Bank Plc India, American Express India, Societe Generale EPF, British Airways, Philips, Alcatel Lucent, Mercedes Benz R&D India, Procter & Gamble Executive Pension Plan, Adobe Systems, HP Globalsoft, Schlumberger, CapGemini, Cadbury India, Goodricke Group, Gillette.

and unfortunately...

government does not want any preferential treatment for provident and pension funds as it is likely to upset other creditors

even after the two-member NCLAT bench headed by Justice S J Mukhopadhaya said this,

"Provident fund and pension fund have nothing to do with this, this is not your money, it is related to the employees. We want that it should be released first,"

Link

[DigitalOne]

Quick question. Can we do a NEFT/IMPS to a PPF account? What should be given for the account type?

[blackasta]

Originally Posted by DigitalOne

Quick question. Can we do a NEFT/IMPS to a PPF account? What should be given for the account type?

Yes. I submit my ppf contribution via NEFT every year. The account ppf should be added as a savings account.

[arindambasu13]

Originally Posted by DigitalOne

Quick question. Can we do a NEFT/IMPS to a PPF account? What should be given for the account type?

Yes I have undertaken my PPF contribution last month through NEFT to my SBI PPF account from a non SBI savings account. The PPF account should be added as a beneficiary to your list of transferee accounts through your net banking portal, just like you would add any other account.

[BigBrad]

In cases where the EPF account is maintained by a PF trust, is there an option to cross-check the account balance from EPFO/UAN portal?

[KK_HakunaMatata]

Originally Posted by BigBrad

In cases where the EPF account is maintained by a PF trust, is there an option to cross-check the account balance from EPFO/UAN portal?

No, cannot check on PF portal until it is under private trust. But your company must be having some internal portal to check balances and statement, as my previous company had it.

KK

[AltoLXI]

Not only the interest for 2017-18 not credited till date but EPFO has still not credited this year's interest as well which should have been done in April itself.

[tj123]

Originally Posted by AltoLXI

Not only the interest for 2017-18 not credited till date but EPFO has still not credited this year's interest as well which should have been done in April itself.

You are right I checked with my office PF representatives on 2017-18 interest not being credited, they mentioned that it should come by June 19

[rovingeye]

Originally Posted by tj123

You are right I checked with my office PF representatives on 2017-18 interest not being credited, they mentioned that it should come by June 19

Thanks! Even I was a little puzzled by the delay in crediting of interest in EPF this year. I think there was some news about EPF interest rate getting revised slightly upwards compared to previous year, although I can't recall if that was for the current FY or the previous one. If they are raising interest rate for the
previous FY, maybe all the calculation is taking extra time?

[govigov]

I have a query. I currently have a UAN generated through my current empolyer. I am trying to transfer the PF account from my previous employer with whom I did NOT have a UAN, but I had a member ID. So, after seeding KYC to my UAN, I initiated an online transfer submitted for attestation with present employer. The current status of this claim is 'submitted' .

So, I just sent a mail to the previous employer stating that I have initiated the transfer, and this is just to inform them, and if there are any steps to be taken by them, then to please do those steps.

This is the reply that I got -


Hi

In 2013, there was no UAN, you have to the transfer process manually.


Thanks & Regards
HR Team

What is up? Is it mandatory to have UAN created with each company and then merge them?

I thought only 1 UAN has to be maintained and previous member IDs can be merged into the current UAN.

[DaptChatterjee]

Originally Posted by govigov

What is up? Is it mandatory to have UAN created with each company and then merge them?

I thought only 1 UAN has to be maintained and previous member IDs can be merged into the current UAN.

You don't need to create new UAN numbers for new member ids. The PF accounts would automatically be linked to UAN provided you have shared your UAN number with the new employer(s). Infact, it is illegal to have multiple UAN numbers.

However, for PF accounts before UAN, no such linking has been done and those don't reflect in UAN service history. So you can't transfer the account online

You can try to raise a grievance through inoperative account helpdesk in EPFO website. I have raised a similar grievance a couple of months ago without any success. Best of luck!

The best bet would be to take the help of an agent. The EPFO offices would reject your application on one pretex or another if you approach directly.

[govigov]

so, let me get this. I have a UAN with a present employer. I do not have a UAN with the previous employer, but I have a PF number alone.

For such a person, is there any way to bring the PF from the old company (without UAN) to the current UAN?

[DaptChatterjee]

Originally Posted by govigov

For such a person, is there any way to bring the PF from the old company (without UAN) to the current UAN?

I have already mentioned a couple of ways.

Originally Posted by DaptChatterjee

You can try to raise a grievance through inoperative account helpdesk in EPFO website. I have raised a similar grievance a couple of months ago without any success. Best of luck!

The best bet would be to take the help of an agent. The EPFO offices would reject your application on one pretex or another if you approach directly.

The second option would be better and has also been suggested by your HR. If you have the time and energy, you can skip the agent part. Fill up form 13, get it signed by old employer and submit it to the EPFO office.

Do let me know if you can find an easier way as I am in the same boat as well.

[joslicx]

Originally Posted by govigov

What is up? Is it mandatory to have UAN created with each company and then merge them?

I thought only 1 UAN has to be maintained and previous member IDs can be merged into the current UAN.

No you don't need separate UANs.

For the transfer to be done manually, this is what you need to do:
1. Fill up transfer form (form 13) 2 copies
2. Get it signed by your present employer
3. Give it to your previous employer and get it signed by them
4. Submit with your present employer for transfer

PS: If your previous employer maintains the pf in their own trust then they would send you a check that you can deposit with your present employer

[hondafanboy]

Does anyone know when will the interest get or gets credited ? IMO, The passbook updating is very slow since its launch.