[hothatchaway]

Originally Posted by arakhanna

Actually as a follower of markets I find that this rate itself is absurdly high! Where else does one get such a return that too tax free? FD's, Bonds etc post tax are much much lower.

Are we upset over or grudging the government providing food subsidy/ration to the poor?

Higher EPFO rates are a subsidy to the salaried class by the government. This could be due to higher tax compliance, think TDS. I am sure no one thinks of it in this manner but that is what it is. The justified rate would be much closer to 7% just above the 10 yr government bond yield. Yes some amount is invested in markets just about 15% of incremental corpus. With the way stock markets are falling, that additional return too will be impacted.

I think this is prudent economics. While I too would be personally benefited with a higher rate of return (notwithstanding that we are taxed for excess contribution and interest) I can understand where the government is coming from. I would not be surprised if rates fall further next year!!

The rate is high no doubt, but contributions into the fund is limited, so it's not an avenue where each member can amass riches, just try and build a best egg sufficient enough to sustain in a place with no social Security measures post retirement.

Also, typically it's the epfo contributors whose tax rupees fund the numerous welfare schemes run by the government, regardless of their political hue. So i don't think it's unfair if they are concerned when they see their savings growth shrink when prices are only going one way, up.

[deehunk]

I don't know how many of the bhpians will remember the move by NDA government somewhere in 2002, they had proposed to allot flats to the subscribers instead of paying money. I should not take any party name, but attempts have been made since 2014 to disturb the PPF and EPFO.

[ValarMorghulis]

Originally Posted by deehunk

...I should not take any party name, but attempts have been made since 2014 to disturb the PPF and EPFO.

That's because EPFO is pretty much a black box with no details available for its high returns. There have been a number of articles recently in the ET, The Ken about the same issue.

[deehunk]

Originally Posted by ValarMorghulis

That's because EPFO is pretty much a black box with no details available for its high returns. There have been a number of articles recently in the ET, The Ken about the same issue.

Eventually it will be gobbled up in near future. The government wants its citizens to invest their hard earned money in private establishments. They have already killed PPF, LIC is the next target and may wind up EPF by 2030.

[ValarMorghulis]

Originally Posted by deehunk

..They have already killed PPF,...

How??

Originally Posted by deehunk

...LIC is the next target....

What makes you say so? The IPO?

[raksrules]

Originally Posted by ValarMorghulis

How??

About PPF, I am guessing he is talking about the 7.1% interest rate which is pretty low vis-a-vis what it was before. Just a guess. PPF may still be preferred by people due to EEE status.

[null]

Have completed the e-nomination process, including the signing with OTP over the weekend.

I am still not able to view the passbook. Portal shows, you have not completed your e-nomination when I try to access the passbook.

Does it take some time (overnight is over) for the nomination status update? Is someone supposed to approve the nomination finally?

Or

Is there some hidden/missing step that still needs to be completed for e-nomination to be complete/approved?

[raksrules]

Originally Posted by null

Have completed the e-nomination process, including the signing with OTP over the weekend.

I am still not able to view the passbook. Portal shows, you have not completed your e-nomination when I try to access the passbook.

Does it take some time (overnight is over) for the nomination status update? Is someone supposed to approve the nomination finally?

Or

Is there some hidden/missing step that still needs to be completed for e-nomination to be complete/approved?

Yes wait at least 2-3 days. I too had to wait for passbook to be visible. There is nothing we can do. Don't worry, this is Government's way of making sure you have same level of service in office and online both, basically slow paced.

[DaiusPitar]

Originally Posted by null

I am still not able to view the passbook. Portal shows, you have not completed your e-nomination when I try to access the passbook.

You can view your passbook using the UMANG app, navigate to EPFO and login with UAN and OTP. I checked mine over the weekend. The e-navigation push is only for the website. Weird, right?

[.sushilkumar]

Originally Posted by poloman

. I welcome any move if the tax I pay is reaching the poorest of the poor. The current dispensation is making sure that the benefits are not eaten by middlemen.

Rightly Put. Problem starts when poor unsettles from one slum and settles at next one to continue claiming the poor's benefit. I know many who were given free houses and were asked to live honorable respectful life. End result was a new slum and these houses were rented out for extra income. Unfortunately, this is the ground truth.

As for benefits goes, I echo your sentiments regarding "Middle Man". That's heartening development with current dispensation

[aramosfet]

A slightly different question here. My father retired in 2012 and was receiving pension from EPS every month. He passed away a year back and I see that the pension payments have stopped owing to not renewing the digital life certificate. My question is will the spouse continue to get the EPS pension after the demise of the subscriber?
If so, will it be the full amount or a some percentage of the pension?
What is the process to be followed by the spouse to claim the pension and update the bank accounts?

[libranof1987]

Originally Posted by libranof1987

When's a good time to initiate PF transfer after moving companies.

Just found out that the transfer request has been rejected by the Field Office (it was approved by my previous company). Checked for the reason on the Passbook page and this is what's listed:

Remarks: Your Claim [ Claim Id - xxxxx ] has been rejected due to : 1) TRANSFER THE PREV SERVICE TO xxx SINCE ER PAID =SHARE 2) CLAIM ALREADY SETTLED

PARA DETAILS: Transfer (Unexempted to Unexempted in other region or to Exempted Establishments)

What does this mean, and what do I do to fix it?

[BRV]

Originally Posted by aramosfet

A slightly different question here. My father retired in 2012 and was receiving pension from EPS every month. He passed away a year back and I see that the pension payments have stopped owing to not renewing the digital life certificate. My question is will the spouse continue to get the EPS pension after the demise of the subscriber?
If so, will it be the full amount or a some percentage of the pension?
What is the process to be followed by the spouse to claim the pension and update the bank accounts?

Yes, Spouse will receive the pension amount after the demise of the person. If the pensioner have kids who are below 21 years they will also receive part of the pension amount. If not only spouse will receive the amount (not the full pension amount, only half of the actual amount).

We have to apply for the pension transfer. Transfer forms are to be filled along with
- Aadhar
- PAN
- Death Certificate (original)
- Bank pass book copy (the account should be in the same bank and branch as of original pensioner account (I don't know the logic behind it)
*all the documents are to be attested by the previous employer or by Gazette officer except for the death certificate.
** Death certificate should be original (meaning color print out of the same if you don't have multiple copies of death certificate in original)
*** a lot of patience dealing with the old officers who are sitting in the PF office thinking that they are doing a big favor for us in transferring the account

Am currently going through the same process and submitted the documents in district pension office.

[thanixravindran]

Originally Posted by libranof1987

Just found out that the transfer request has been rejected by the Field Office (it was approved by my previous company). Checked for the reason on the Passbook page and this is what's listed:



What does this mean, and what do I do to fix it?

By any chance, have you changed jobs twice in quick succession or any previous transfer request done in recent past?

I can make out that the ER stands for Employer Share. What is the xxx - Is it referring to your previous employer or new employer? It also talks about the service which may possibly be related to Pension transfer as only service is transferred. Is the DOJ and DOE is updated under EPS fields for all of your past PFs?

This type of issue may happen when any previous transfer is incomplete or after transfer accounts or service years are not reconciled. Earlier, EPFO was quick active in Facebook and will immediately respond for any queries. Try it.

[Poornavakra]

Originally Posted by null

Have completed the e-nomination process, including the signing with OTP over the weekend.

I am still not able to view the passbook. Portal shows, you have not completed your e-nomination when I try to access the passbook.

Does it take some time (overnight is over) for the nomination status update? Is someone supposed to approve the nomination finally?

I didnt have any issues with the passbook viewing post registration. But the e-nomination took sometime. The site would just throw error in the final stage of e-nomination process.
This went on for couple of weeks with me trying different times to see when it goes through.
I dont know if there was a problem during this time or if the server is perenially overloaded during working hours. My e nomination went through during night time.