It is manipulation by EPF organisation to reduce interest liability and inflate surplus & rate of interest to make political gain. It ultimately amounts to fraud on members. To remove this discrepancy, the department should apply value date of transaction so that members may not suffer interest loss unnecessarily. Hope you will agree on valuation date implementation to remove this problem more
Absolutely Mr Virmani. You have hit the bull's eye. This non credit of interest should be looked into on an urgent basis. The losses faced on account of delayed interest credit for the last 3 years should be looked into. more
Helpful...EPFO doesn't pay interest for 4/5 years for early withdrawal/ defunct account(less than five years tenure) when they themselves have failed to effect a fund transfer for eight years without any statement...they are in a precarious state...some particular offices might have more problem.....also they might want to hold money in the relevant office so that they screw up a transfer and sit tightly without informing....horrible experience On Fri, 30 Aug 2019 20:10:36 +0530 "Vijay Agarwal" wrote > more
Virmaniji - I appreciate your concern. Nonetheless, please note that instances referred by you, are nothing but shortcomings of the department and not manipulations. Also, in the department's accounting records, all these are factored in to arrive at the balance sheet. I also do agree with you, department must gear up to address members grievances within reasonable time. My personal experience with the department was positive, hence my I wrote that way. We must also understand, government can frame policies but every citizen including department must follow and implement them through sincere and honest efforts. But very few of us act in the interest of the nation. This needs lot of persuation and constant conducting awareness campaigns. Again, it is noticed that citizens change their attitude towards betterment only if punitive measures are taken, which is unfortunate. Hope better India is not a distant dream. more
@ VAITHEESWARAN SANKARANARAYANAN Sir, it is very much possible. There is a delayed credit of interest into the subscribers account. The grievance handling system is not robust despite its computerization. I have posted a separate post where a subscriber has complained of interest due on 31st March 2018 credited on 16th May 2019 and interest due on 31st March 2019 still not credited. In another case involving transfer of PF from one organization to another, it was revealed that the cheque was kept by the dealing officer for almost three months and he kept on saying the payment has not been received. The complaint was referred to Vigilance Deptt and nothing could happen despite all documents. What would you say it is not manipulation. more
In a groundbreaking leap for modern financial freedom, the Employees’ Provident Fund Organisation (EPFO) has announced that, starting 2025, its 7 crore members will finally be able to withdra...
withdraw your money regularly for your marriage, health expenses to parents, children's education etc. Don't keep your money there. Some of the other members are right. The makkari and c...
One of our employees father cant seem to withdraw his EPFO funds. His words to the team today: EPFO is not for your welfare. It's a forced investment into govt. securities. J...
Isn't this large scale cheating? Interest on EPF is actually credited almost a year after its due. EPFO maintains a corpus of Rs. 21.3 trillion (2022-23 data). If it delays cre...
Employee Provident Fund (EPF) was started in 1952. It was a provision in lieu of the government's inability to provide social security to the working class on retirement, and was thus kept tax...
More than 10 years in Govt, these guys are not able to solve issues related to EPFO websites and late interest payment 1. Interest for year 23-24 which should have been credited by 31st ...
I suggest @LocalCircles admin run a survey to gauge the sentiment of public w.r.t EPFO in terms of trust/integrity, efficiency, transparency and ease of use.
A well placed family member wrote this yesterday Had always opted out of EPF all my life, till my current employer didn't budge on that request. Thank fully probably will los...
A person with stage IV cancer has 19 lakh stuck with EPF. What a pathetic and heartless system have we created? EPF is nothing but a tyranny inflicted on salaried people by babus and politicians. I...
EPFO should consider shutting down and allowing us to transfer our accumulated EPF corpus to NPS. It's taken 6 months to merge my brother’s old EPF because a DA clerk was transferred, and the...
By Satvik Singh
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