In old days there was a time that jobs were not available and after retirement every individual need some fixed monthly income or lumpsum money. It is a complicated law, getting back your own money is a problem. In Private sector very often we have to change our jobs and every time getting PF account changed is a problem. Govt is having more than thousand crores unclaimed money with them. Please share your opinion. Should this Act be withdrawn? more
PF is very useful account. it should not be abolished. Problems should be solved. Abolishing everything is not good option instead try solving the problematic issues more
In private sector we still don't have any pension. Also we don't really have comfortable investment avenues which can provide returns. The key advantage of PF is interest is tax free, which is critical for those who are not earning anymore. To solve the problem, there should be single PF account. It should not be necessary to change PF account with change in job and same account should migrate to new job for PF benefit. more
If only difficulty of getting money back is the criteria for withdrawing of the Act, I do not concur with your view point. We should put our efforts to remove the bottlenecks of the difficulties that are encountered and ensure that the system works. more
The solution lies in the PF organization returning money to the account holder in a bank FD (Fixed Deposit, which can not be withdrawn for 5 years) opened in his name in the bank in which his salary is transferred. When a person changes job, he can transfer the FD account to the bank/branch where his new job is located. Govt. should not keep the money with itself nor with the provident fund commissioner. It should be in the FD account of the employee. In this way the employee knows how much money is there in the PF and he can keep a track of his PF amount and withdraw as per time fixed by Govt. This will avoid all complications. more
EPFO Takes 15-20 Days for PF Withdrawal Shouldn’t Take More Than 2-3 Days in 2024 Pay Compensation of ₹5000 Per Day if Withdrawals Delayed by Lazy Sarkari Babus
My retirement has only 4 months. Before retirement I would like to settle my all-personal loans having @12.2 lacs. But I have only source is PF which is now accumulated more than Rs. 32 lacs. Shall...
Once the Government has announced EPF interest rates, what is reason for non reflection in members pass book? Such delays also cause financial loss to members who have to do a final withdrawal...
EPFO has now allowed subscribers to go beyond the pensionable salary capped at Rs 15,000 a month on which employers deduct a sum equal to 8.33% of the ‘actual basic salary’ towards pens...
Dear Respectable Members, I am not sure what guidelines OR procedures to get higher pension from EPF/EPS. I am having only News paper information, that is 6th May 2023 as last date to su...
After recent retirement, I had applied for full PF-amount-release, which was subsequently shown as settled. On the EPF Portal, it shows as - "Your Claim [ Claim Id - xxx ] has been Settled. P...
Earlier I applied form 10D offline at RPFO cuddapah (AP) for pension claim on superannuation. There was no response for verification of scheme certificate for about 3yrs. Finally I could get verif...
On Monday, EPFO announced that all the eligible members of the provident fund body can now opt and apply jointly with their employers for higher pensions till May 3, 2023. Earlier, the deadline for...
MORE IMPORTANT IS RULE, APPLIED ON US FOR LATE PAYMENTS. EPFO ,LOOKS LIKE AN ADMINISTRATIVE INSTITUTION, NOT SERVICE SECTOR. THEY SHOULD PAY. WE SUFFER FOR LATE PAYMENT.THEY CARE FOR NONE.EVEN BAN...
By Satyapal Singh
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