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

[justme7777]

@thecharismaticone Ohhh... Relieved to know that ot only matters, if someone needs their money back. And that it's only going to impact those people, who have to encash PF, because they are moat likely in dire need of money.

 

[damon22]

@poorlyillustratedthoughts Even for 2020, interest credited was nearly half, delayed by over 6 months, no interest on the delayed period

 

[kimbrown]

@poorlyillustratedthoughts Hey guys is the EPFO investment taken into consideration for 80C?

Eg If my EPFO investment annually is 30K, can I just investment 1.2Lakhs in ELSS to get full benefit of 80C?

 

[haroon]

@kimbrown Only your contribution will be counted, so if total contribution is 30k, your part might only be 15k. Do check that once carefully.

 

[christiancorner777]

@kimbrown Yes

 

[zailena]

@kimbrown Yes

 

[mommyandwife14]

@poorlyillustratedthoughts So we will also be missing the interest on interest as well right?

 

[urbanlegends]

@mommyandwife14 There will be no loss of interest and apparently outgoing customers will have the interest included in withdrawals, maybe someone can confirm. There should be some penalty for late interest charges however it can probably bankrupt them by how often this seems recently.

sause- https://www.cnbctv18.com/personal-f...delayed-know-how-to-calculate-it-14877311.htm

 

[jaz6773]

@urbanlegends I switched jobs mid year and had to transfer my PF amount from older to newer account. I did get the interest credited for 2021-22 and interest for subsequent months until the transfer. So can confirm.

 

[sama87]

@jaz6773 How did you transfer it, Can you please let me know the process.

 

[krysfaust00]

@sama87 LMGTFY

 

[elvispelvis]

@sama87 Long things short, You'll have to raise a transfer request through "One member one account" option wherein you'll have to select whether you want to do attestation through your new employer or old employer ( attestation through old employer is"faster"), at the end of of the process you'll generate a Form-13. You'll need to sign this Form-13 and send to your old employer (or new employer depending on your option). Now you need to have to visit Mandir/Masjid/ Church (or your place of prayer) and pray daily for 8 hours straight that everything goes smoothly. If everything goes smooth (extremely rare but isn't unheard of) your account will be transferred within a month (they say this as maximum time limit, but usually it doesn't take more than 2 weeks). If you are a less lucky individual like me, an awkward reason will be raised (like Father's name not matching albeit you generate the form from the portal itself) and your application will be rejected. You'll be in a limbo as your employer (no matter previous or current) will say that they have done their part which is true unfortunately. You'll need to raise constant grievances (most of which will be disposed off), visit EPFO office and pray harder. Worst case scenario, you'll have to re-initiate the process and the cycle continues.

 

[sama87]

@elvispelvis Thanks bro, will do the same, and I hope that everything goes smoothly.

 

[dianalouise1983]

@elvispelvis The service while transferrin accounts is unbelievably pathetic. I changed jobs to a different state, and they first gave a similar reason (father's name mismatch) for holding up the transfer of funds. So I raised a grievance and the officer from the previous job location EPF office said that the error can be ignored. SO why f***ing display it in the first place?

Then after transfer I started receiving an issue that my bank account KYC was invalid. So I raised a grievance with the new EPF office about why it was showing as invalid and how to resolve it. They just replied saying that my bank account KYC was done, and said ABSOLUTELY NOTHING about the problem. They even sent a letter to my home saying the very same thing.

Btw the transfer is still stuck because of some issue with pension contribution and basic salary rules. If their own rules say that once an employee is covered under EPS then that person will continue to be covered even if the basic salary crosses the permissible threshold, why do they have to ask for justification why EPS was being deposited even when my basic salary was higher than the limit? I've been in touch with my past employer or over three months in this regard.