In this age of job-hopping would it be better to withdraw the EPF amount or transfer it?
Employees Provident Fund - A Guide
EPF-FAQ.doc
This is an attempt to give a broad idea about EPF since repeated queries are being raised in this forum on EPF.
An important legal provision guanteeing settlement of claims within 30 days is available under Para 72 (7) of the EPF Scheme as follows:
7) The claims, complete in all respects submitted along with the requisite documents shall be settled and benefit amount paid to the beneficiaries within 30 days from the date of its receipt by the Commissioner. If there is any deficiency in the claim, the same shall be recorded in writing and communicated to the appli*cant within 30 days from the date of receipt of such application. In case the Commissioner fails without sufficient cause to settle a claim complete in all respects within 30 days, the Commissioner shall be liable for the delay beyond the said period and penal interest at the rate of 12 per cent per annum may be charged on the benefit amount and the same may be deducted from the salary of the Commissioner.]
This is an attempt to give a broad idea about EPF since repeated queries are being raised in this forum on EPF.
An important legal provision guanteeing settlement of claims within 30 days is available under Para 72 (7) of the EPF Scheme as follows:
7) The claims, complete in all respects submitted along with the requisite documents shall be settled and benefit amount paid to the beneficiaries within 30 days from the date of its receipt by the Commissioner. If there is any deficiency in the claim, the same shall be recorded in writing and communicated to the appli*cant within 30 days from the date of receipt of such application. In case the Commissioner fails without sufficient cause to settle a claim complete in all respects within 30 days, the Commissioner shall be liable for the delay beyond the said period and penal interest at the rate of 12 per cent per annum may be charged on the benefit amount and the same may be deducted from the salary of the Commissioner.]
Total Comments 11
Comments
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Thank you very much for this comprehensive info on EPF matters. I am sure this will serve as a source of valuable reference to all our members.Posted 09-20-2008 at 11:27 PM by ganpat1956
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Nice attempt, Sir ThanksPosted 09-21-2008 at 11:46 AM by jps50 -
Sir, Thanks a lot.
regrdsPosted 09-28-2008 at 03:58 PM by ambrish.p - I have the EPF number for last 4 & 1/2 years. now i want to know my EPF balance amount till now.
My EPF No: KN/34110/589
and addition to this - can I get any loan amunt within my EPF like insurace policiesPosted 09-29-2008 at 12:11 PM by arunbarathi - Please go through the details given in the blog above. You will get the answers.Posted 09-29-2008 at 09:45 PM by taurus
- The grievance forum does not help much. I had raised a complaint CEPFO/E/2008/00027 regarding my PF transfer 5 months back. The Delhi office quickly transferred the query to the Pune office since this was a matter in Pune office. But it has been with the PF Comissioner Pune since 27th June 2008. No action has been taken since then. Let me know what I should do.Posted 10-14-2008 at 03:22 PM by amitb_77in
- I think you have no other alternative than to file an applcation under RTI for which you may visit the blogs of jps50.Posted 10-16-2008 at 09:17 PM by taurus
- RBI has recently instructed banks and mutual funds to contact owners of dormant/inactive accounts. Is it also not applicable to EPF?
Should EPF not inform beneficiary when beneficiary attains the age of 60 years?Posted 10-21-2008 at 08:15 AM by tvkrishnam - Presumably the RBI circular that u r quoting pertains to bank accounts only. Not EPF account. The EPF account is held in trust. It cannot be misappropriated that easily. EPF organisation does not intimate the account holders after they attain the age of 60. They have no such duty. It is for the subscriber to make an application for withdrawal. If he is no more his nominee or legal heir can make the application.Posted 10-27-2008 at 03:31 PM by taurus
- pl.provide me details about my pf account balance amount, not about claim settlement/status.Posted 11-18-2008 at 04:23 PM by kanha.jee
- Kindly see the attached file 'EPF balance and transfer' in the blog 'EPF - a guide'. You will get the answer in the very second para.Posted 11-19-2008 at 08:04 PM by taurus
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