[thanixravindran]

Originally Posted by alpha1

I have switched companies this year and the earlier company held PF in trust.
Now that the amount has been shifted to UAN, I see that the passbook shows some discrepancy.

My current company deposits employee contribution + employer contribution + pension contribution every month.
However, the transfer of fund from previous company's trust to UAN shows only employee contribution + employer contribution. Pension contribution is blank.

Does anyone here have a similar experience?

Even with PF trust, pension account is always separate and will be with the local/regional office. When transfer is happening, only PF part is the bank transfer from trust to PF office bank account. Pension is just a transfer of service between PF offices and no money transfer. The transfer form should have it as separate section when you are generating it from EPFO website. End of the day it should be continuous service years. You can check your old payslips and transfer form.

[lapis_lazuli]

It seems the interest is showing. Unfortunately mine is nowhere close to the 8.1% of the balance as of 31/03/2022. What can be the reason?

[siddhant]

Recently, my PF transfer claim was rejected with the following remarks.

Your claim [claim id XXXXXXXXXX] has been rejected due to: 1) AS PER MIS NOT EPS MEMBER IN PREVIOUS WHY DEDUCTED EPS CONTRIBUTION IN PRESENT 2) FATHERs NAME DIFFERS

My previous org started depositing funds into EPF + EPS account and hence, this issue. Any suggestions on how I can go about resolving this?

[Gsynch]

Originally Posted by lapis_lazuli

It seems the interest is showing. Unfortunately mine is nowhere close to the 8.1% of the balance as of 31/03/2022. What can be the reason?

I checked my passbook today and I couldn't find the entry for Interest for FY 21-22. Has anyone else also got the interest credited?

[INJAXN]

Originally Posted by lapis_lazuli

It seems the interest is showing. Unfortunately mine is nowhere close to the 8.1% of the balance as of 31/03/2022. What can be the reason?

Interest rate is computed monthly and then credited at the year end. may be that could be the reason.
I hope they are adding interest amount for any month to the principle for next month's interest calculation.

Originally Posted by Gsynch

I checked my passbook today and I couldn't find the entry for Interest for FY 21-22. Has anyone else also got the interest credited?

I have received the interest amount on 29th Oct.
We have seen in past that interest amount is credited in phased manner and not at once for all. You should be getting it in few days.

[fordday]

Originally Posted by INJAXN

Interest rate is computed monthly and then credited at the year end. may be that could be the reason.

This is correct.

Originally Posted by INJAXN

I hope they are adding interest amount for any month to the principle for next month's interest calculation.

Incorrect. They calculate the interest as below.
Assuming opening balance on 01 April is Rs 100
Simple Interest on amount of Rs 100 is calculated for April.

Contribution during April is Rs 100.
Simple Interest on amount of Rs 200 is calculated for May.

And likewise.

[raksrules]

I am struggling to get my PF transferred from my previous organization (2nd) to current organization (3rd). This is happening as my previous org was initially keeping PF money in trust and then they transferred to EPFO and seems in between they messed up very badly where it seems the EPFO establishment changed when they changed to EPFO managing the employee funds.
I am made aware that even if a company maintains its own trust for PF, EPS still lies with EPFO establishment only.
It appears that due to all this, we are facing issues and my transfer claims are constantly being rejected with standard reason related to PF wages more than 15K and not eligible for EPS and all because it seems my previous org's establishment (which I joined in 2019) doesn't have information of my 1st org (joined in 2005) that I am eligible for EPS.

I have found somewhere that I need to first get my EPS transferred from my 1st org to 2nd org and only then the records in my 2nd org's establishment will be updated and then I might be able to transfer PF to my existing (3rd) org.

Can anyone tell me what form to use for transferring EPS Only to my last org from my 1st org? I found this link of quora but I am doubtful if Form 19 is right as it says it is for PF settlement.

[thanixravindran]

Originally Posted by raksrules

I am struggling to get my PF transferred from my previous organization (2nd) to current organization (3rd). This is happening as my previous org was initially keeping PF money in trust and then they transferred to EPFO and seems in between they messed up very badly where it seems the EPFO establishment changed when they changed to EPFO managing the employee funds.

I have found somewhere that I need to first get my EPS transferred from my 1st org to 2nd org and only then the records in my 2nd org's establishment will be updated and then I might be able to transfer PF to my existing (3rd) org.
.

First, please see whether you are able to see your first org PF number in your UAN. If it is prior to UAN, get the PF number from your payslip. Please visit the concerned PF office and give request to generate transfer of EPS to current PF number. They should be able to tell whether they provided service certificate during first to second org. If not they can do it. Hope you are in the same city and PF office. Did you tried any grievance registration in Umang app?

[whitewing]

I saw this news report that indicates that we had to opt for an additional 1.6% contribution to get 15K per month pension.
I don't recall my employer notifying me about this, have other forum members availed of this option? If so, how can this be selected?

https://www.msn.com/en-in/money/news...id/ar-AA13LmRv

The requirement in the Employees' Pension (Amendment) Scheme 2014 for employee’s contribution to the extent of 1.16 per cent for opting members, in our opinion, is illegal, the Supreme Court said on Friday. Giving relief to lakh of EPF subscribers, the top court has held that the EPFO cannot seek an additional 1.16 per cent contribution of the salary from people earning over Rs 15,000 without an amendment in the law. The court, however, gave an additional window of four months to those who were members of the scheme before the 2014 amendment and whose salaries exceed the threshold of Rs 15,000 to join the scheme by exercising the higher option.

[thanixravindran]

Originally Posted by whitewing

I saw this news report that indicates that we had to opt for an additional 1.6% contribution to get 15K per month pension.
I don't recall my employer notifying me about this, have other forum members availed of this option? If so, how can this be selected?

Please read this article for the entire saga of EPS.

https://indianexpress.com/article/ex...cheme-8251716/

It is to opt for EPS at full salary and not capped at 15000. I tried to opt for it through my previous org which I was working at that time but was declined that they are 'unaware' to do it. One cannot opt individually in the website.

Unofficially I was told that given the high basic salary in IT it was discouraged as it will have a severe run on the EPFO and move to NPS. It would have killed the NPS. Imagine with 8.33% of employer contribution goes to EPS and at the retirement getting full pension based on past 5 year average basic.

Lot of public sector employees like IOCL etc opted for it and hence the litigation saga. Now we got another 4 months to opt in if you wish, please try in your organization and let us know.

[somspaple]

Originally Posted by thanixravindran

That's bad. Technically what is the problem if the Aadhar is linked to the EPFO and Bank account. Please try asking your old employer if you have any contacts there. Now I am wondering whether I will end up with the same situation as I think I have given Citi Bank account and it is going to be taken over by Axis. I have to check this over the weekend.

@thanixravindran , were you able to get the confirmation on change of Bank account in EPFO?

I recently closed my Citibank salary account and opted for HDFC. When I checked with our payroll team about updating new bank details in EPFO - I was informed that it is my responsibility to do so. So I went ahead and updated the information - but the status says pending verification. Probably my employer needs to approve it further.


On the other hand, EPFO did not have my local/permanent address or nominee information. I used to think that this information will be provided by the employer by default.

[.sushilkumar]

Originally Posted by somspaple

but the status says pending verification. Probably my employer needs to approve it further.

On the other hand, EPFO did not have my local/permanent address or nominee information. I used to think that this information will be provided by the employer by default.

Just ensure that your salary account & EPFO account are same. I did changed my account from ICICI to SBI in UAN portal and is showing as verified. Only change is that i receive salary too in SBI. Certainly, it was not verified by employer as status is "verified by bank".

As for Nominee goes, It was always to be updated by the employee. Employer will not update any demographic or Employee details.

[thanixravindran]

Originally Posted by somspaple

@thanixravindran , were you able to get the confirmation on change of Bank account in EPFO?

I recently closed my Citibank salary account and opted for HDFC. When I checked with our payroll team about updating new bank details in EPFO - I was informed that it is my responsibility to do so. So I went ahead and updated the information - but the status says pending verification. Probably my employer needs to approve it further.


On the other hand, EPFO did not have my local/permanent address or nominee information. I used to think that this information will be provided by the employer by default.

Hi - No, I completely forgot about this. I have not closed the Citi account yet but I have to check and update the bank account like you did. Thanks for the information and reminder

Yes, we have to get the nominee updated by ourselves even though it was provided through the employer. Please refer this same thread on that discussion and steps to get nominee added and validated.

Originally Posted by .sushilkumar

Just ensure that your salary account & EPFO account are same. I did changed my account from ICICI to SBI in UAN portal and is showing as verified. Only change is that i receive salary too in SBI. Certainly, it was not verified by employer as status is "verified by bank".

As for Nominee goes, It was always to be updated by the employee. Employer will not update any demographic or Employee details.

Are you sure it has to be salary account? I thought EPFO verification is based on Aadhar. So if your bank account is seeded with Aadhar, it is easily verified. If not they send the details based on IFSC/MICR to bank and get it verified based on demographic details. Because mine is also verified but it is not salary account.

[.sushilkumar]

Originally Posted by thanixravindran

Are you sure it has to be salary account?

No, don't think it is a rule.I was just saying based on my own experience.

Originally Posted by thanixravindran

I thought EPFO verification is based on Aadhar. So if your bank account is seeded with Aadhar, it is easily verified.

Logically you are right but being a govt organisation, suspect above is the case. In my case, Bank details were "verified by bank".

[somspaple]

Originally Posted by .sushilkumar

Just ensure that your salary account & EPFO account are same. I did changed my account from ICICI to SBI in UAN portal and is showing as verified. Only change is that i receive salary too in SBI. Certainly, it was not verified by employer as status is "verified by bank".

...

Ah ok - it needs to be verified by bank! I thought it'll be verified by employer as unlike Nominee details - I didn't get an option to verify Bank account details by Aadhar verification.

Yes the new account is my salary account. So in your case, did the UAN portal replace the old bank details with new one? And if yes how long did it take for it to replace.

Originally Posted by thanixravindran

..Are you sure it has to be salary account? I thought EPFO verification is based on Aadhar. So if your bank account is seeded with Aadhar, it is easily verified. If not they send the details based on IFSC/MICR to bank and get it verified based on demographic details. Because mine is also verified but it is not salary account.

Interesting - even I was thinking about updating my other savings bank account details - but I don't wanted to take a chance with updating details on UAN again if it is a mandate to update only Salary Account details. As such it was cumbersome to deal with the portal as it was not responsive and needed multiple attempts for each step.