Sad state of affairs with EPFO. They haven't credit if interest amount of F.Y. 2021-2022

[poorlyillustratedthoughts]

https://www.thehindu.com/news/natio...terest-credit-for-2021-22/article66464192.ece

As per the above article, EPFO is still updating its system. IMO couple of months of delay is fine, but delay of more than almost a year is not acceptable.

How much time do they need to update their system and still no proper communication from them.

 

[wowreallyguys]

@poorlyillustratedthoughts IMO, the EPFO is practically a bank and should be run as such. It's horrible that their servers are down so often. I'm honestly scared that people have to trust this org for their retirement money.

 

[alphapsychotherapycenter]

@wowreallyguys Its such a pain just trying to login and get your passbook. I had to submit it somewhere and it was almost afyer 3-4 days of effort that i was able to retrieve it.

 

[faen]

@alphapsychotherapycenter To check EPF balance umang app is much better

 

[christiancorner777]

@faen +1 for mentioning umang. so seamless.

 

[moflamingo]

@alphapsychotherapycenter You should try the EPFO mobile app - it's less horrible than website

 

[benstiller12]

@moflamingo How long does it take to withdraw funds from epfo incase of an emergency? Any idea ?

 

[haole]

@benstiller12 15 days to 1 month. Depends on your case and the amount you need.

 

[resjudicata]

@benstiller12 It depends, sometimes the claim gets rejected for seemingly no reason multiple times citing unclear image of cheque or something else.

If it does get approved, you get within a week.

 

[lukapyon03]

@resjudicata

multiple times citing unclear image of cheque or something else.

I learnt this lesson when I had to withdraw money for a big upcoming expense. After submitting all the documents clearly I was told that the cheque leaf does not have my name. My name is printed clearly in bold in the bottom right hand side of the cheque. After raising another grievance mentioning that the person on the other side casually tells me to ignore that mistake and proceeds with another hurdle. The incompetence of the staff there is mindblowing.

 

[moflamingo]

@benstiller12 No idea - haven't tried withdrawing yet!

 

[makegodknownmission]

@poorlyillustratedthoughts

However, this only impact if anyone wants to withdraw the money from EPFO and has to wait for this interest to get credited before he can withdraw the amount!

No he doesn't, during withdrawal the interest upto the date of withdrawal is paid to the subscriber even if EPFO hasn't credited it for other subscribers.

For regular EPFO investors it does not impact, as Interest credited gets added to the Opening balance of current F.Y. and the interest gets calculated on Opening balance for 12 months. So you do get the interest on previous years interest received as well. For remaining month contributions you received interest based on how many months the amount is contributed. E.g. March Contribution would received 11 months interest, Feb Contribution 10 month interest. ( EPFO follow March-Feb cycle, and they treat contribution is received at the end of the month, so for March contribution you get 11 months interest). I did calculation for my Last Year and the interest credited matches my calculation by every Rupee.

So this means that delay in interest credit won't affect the compounding of my funds as whenever they credit it it will be calculated as if the interest was credited in the beginning of the FY, right?

 

[zailena]

@makegodknownmission Yup

 

[justme7777]

@poorlyillustratedthoughts Obviously, they don't care about giving good services.

It's not like we can take our money somewhere else.

And it's not like we will stop giving them money, if we aren't satisfied with their services.

They literally get to keep our money hostage, and there's no cost to messing up, that they have to pay.

I honestly hate provident fund, and more than that I hate our FM who told last year that she would start taxing interest on PF, because people who earn more are "taking advantage of this system", as if they give us the option to not take advantage of this Ponji scheme, and invest "our money" somewhere else.

The lion, the witch. And the audacity of this ...!!

 

[china13]

@justme7777 I just tried using the website, last time I did was in November and it took me half a day just to see a few things because it was so god damn slow. Today it seems to be faster, maybe because it is early in the morning but within 15 minutes I noticed the following problem:

1) Asked to change my password because it has been 3 months. The password needs to be between 7-20 characters, have at least 4 alphabets, 2 numbers, and a special character. Why 4 alphabets and 2 numbers minimum? Does it actually make passwords more secure? Seems like someone just sits here to come up with more complex rules for password so that customers would be forced to think that they are taking security more seriously.

2) I wanted to view my passbook but I can't log in because I changed my password and now it will take 6 hours for the credentials to work on the passbook site. I have never seen this level of stupidity. And it is no like I could have used my old password to look because it says your password has expired. So basically if you haven't used the site for more than 3 months you have to change your password and then wait for 6 hours to view the passbook.

3) Also I can't update nominee details because my photo is not uploaded. Really WTF.

These government websites really find ways to make it difficult for us.

 

[thecharismaticone]

@poorlyillustratedthoughts Yes, I agree with you! The Interest credit should not be delayed this long! It max it should be credited in couple of Months.

However, this only impact if anyone wants to withdraw the money from EPFO and has to wait for this interest to get credited before he can withdraw the amount!

For regular EPFO investors it does not impact, as Interest credited gets added to the Opening balance of current F.Y. and the interest gets calculated on Opening balance for 12 months. So you do get the interest on previous years interest received as well. For remaining month contributions you received interest based on how many months the amount is contributed. E.g. March Contribution would received 11 months interest, Feb Contribution 10 month interest. ( EPFO follow March-Feb cycle, and they treat contribution is received at the end of the month, so for March contribution you get 11 months interest). I did calculation for my Last Year and the interest credited matches my calculation by every Rupee.

With respect to Interest credit for last year, its already credited (at least my account is credited) For you also it might have been. Please check the Previous year and the interest would be reflected against the previous/last years contributions and not the current years contributions.

 

[drummmer78]

@thecharismaticone Interest is not credited for me as well

 

[resjudicata]

@thecharismaticone When did you check your interest? I can't see it still

 

[thecharismaticone]

@resjudicata Couple of days back. Did you check in current year or in previous year? It would appear under previous year. By default you login into current year, so you need to navigate to previous year.

 

[resjudicata]

@thecharismaticone Yes i checked previous year only. Shows interest details NA