Interest on EPF
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
Hope you will agree on valuation date implementation to remove this problem more
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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
Sep 01
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
Sep 01
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
Aug 31
@ 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
Aug 31
