@Saswata banerjee and AK CHANDOK
We all know it takes around 6 months to get a EPF Employer's code. If the employer deducts the contribution from the very begining, then who will pay the interest on the deducted amount for period of 6 months when the contribution amount remains with the employer ?
regards
Kamal
From India, Pune
173We all know it takes around 6 months to get a EPF Employer's code. If the employer deducts the contribution from the very begining, then who will pay the interest on the deducted amount for period of 6 months when the contribution amount remains with the employer ?
regards
Kamal
From India, Pune
Tell me the other way round :
If you don't deduct and then after you get the number you a start to deduct, who will pay the interest then ? Interest computation has nothing to do with the date when you deduct. It's with the date you pay.
Incidentally, if you deposit within 30 days of getting the number, you do not have to pay interest (to the best of my knowledge - I know we didn't pay when we got our PF number).
Chandok Saab. Please confirm that we don't get charged interest till we get a PF number
From India, Mumbai
If you don't deduct and then after you get the number you a start to deduct, who will pay the interest then ? Interest computation has nothing to do with the date when you deduct. It's with the date you pay.
Incidentally, if you deposit within 30 days of getting the number, you do not have to pay interest (to the best of my knowledge - I know we didn't pay when we got our PF number).
Chandok Saab. Please confirm that we don't get charged interest till we get a PF number
From India, Mumbai
As far as I know if deduction is done by the employer and not deposited with the EPF amounts to default in payment of contribution under section 14 (AB) of the EPF and MP Act, 1952. It is a cognizable offence.
regards,
Kamal
From India, Pune
regards,
Kamal
From India, Pune
Second scene is also there....what if the employee claim the full interest from the EPF dept. from the date of their first deduction? Legally they are entitled for the interest from the day one of contribution.
regards,
Kamal
From India, Pune
regards,
Kamal
From India, Pune
The employer must deposit the contributions every month by due date under Applied For Code Number,
It is the duty of the RPFC to allot code number with in few days if not within 3 days as per earlier instructions of EPFO Head Office.
In my opinion,The interest is to be paid by RPFC if amount is deposited regularly in time, even if code no. is allotted late.
In case of any dispute, matter is to be resolved by RPFC on the principles of natural justice and as per provisions under the Act.
Chandok AK
From India, Chandigarh
It is the duty of the RPFC to allot code number with in few days if not within 3 days as per earlier instructions of EPFO Head Office.
In my opinion,The interest is to be paid by RPFC if amount is deposited regularly in time, even if code no. is allotted late.
In case of any dispute, matter is to be resolved by RPFC on the principles of natural justice and as per provisions under the Act.
Chandok AK
From India, Chandigarh
In the new online system, can we deposit without having a number ? Is there a provisional number ? I assume it no longer takes 6 months to get the code right ?
From India, Mumbai
From India, Mumbai
In the new online payment system you can not deposit the contribution unless you have a EPF Code. There is no provisional number as such.
Getting a new EPF code still takes 4-5 months.
regrads,
Kamal
From India, Pune
Getting a new EPF code still takes 4-5 months.
regrads,
Kamal
From India, Pune
first of all find out from the company whether they have opened the account or in the process of opening the account , if they have opened the account then there is no problem , if their in process of opening ,ask them for proof , dont orally believe some one
From India, Hyderabad
From India, Hyderabad
Dear CHANDOK Sahab,
I doubt that EPF dept will pay interest on the amount which was not credited in the dept's account. I even doubt that RPFC has the authority to take such a decision. From which account the EPF dept will interest? How the interest will be calculated when there is no credit in the said account?
regards,
Kamal
From India, Pune
I doubt that EPF dept will pay interest on the amount which was not credited in the dept's account. I even doubt that RPFC has the authority to take such a decision. From which account the EPF dept will interest? How the interest will be calculated when there is no credit in the said account?
regards,
Kamal
From India, Pune
It is illegal to deduct pf without obtaining company's or establishment number. Let us take an example. The collection is done in advance, but number not allotted. before getting the number, and there is a gap of more than one or two months, if contributor dies, the family looses the pension provision. Is it not? For pension one month depositing is sufficient in case of death of contributor. If I am wrong, correct me.
From India, Nellore
From India, Nellore
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