For 77- year old AD Nagpal, who was instrumental in increasing the payout for 50 million workers by about Rs 1,700 crore this year, it's still not time to rest.
In the midst of receiving congratulatory calls, Nagpal told The Indian Express that there were many pending issues that require his attention as a trustee of the Employee Provident Fund. It was Nagpal, an EPFO trustee since 1997, who detected the discrepancy in the EPFO accounts and insisted that the organisation re-examine its books since its inception 58 years back in 1952.
He has been closely associated with the Socialist movement and Jai Prakash Narayan. As secretary of the Hind Mazdoor Sabha, Nagpal juggles his time between Chandigarh where he resides and Delhi where he has his office. Despite this long association, it took him a good three years and elaborate calculations to convince the labour ministry and the EPFO of the error. "I alerted the ministry first in January 2007, but no one believed me. Moreover, since the EPFO accounts are tabled in Parliament, no one was keen to reopen them," Nagpal told The Indian Express a day after the CBT accepted his calculation.
The discrepancy was because the EPFO had debited Rs 2,481 crore in the interest suspense account way back in 1998, but did not credit it into individual accounts. Assisted by experts, he carefully reconstructed the EPFO's accounts beginning 1993-94. Simultaneously, the Hind Mazdoor Sabha wrote to the then labour minister Oscar Fernandes.
"We didn't get a reply, but we kept pursuing the issue with the ministry," he recounts. Finally, this year, the EPFO decided to reopen its accounts and after summoning records from across the country they accepted the calculations. The net result was the discovery of surplus funds of Rs 1, crore in the suspense account as against the stated Rs 158 crore.
"It has taken the EPFO a long time but this is worth the effort. I was a bit worried till yesterday but now I am relaxed," said a visibly pleased Nagpal. "Initially, I was told that the interest rate would be hiked by 0.5 per cent, but later the minister decided that since there was enough surplus, the EPFO can go in for a 1 per cent hike," he said.
We kept pursuing, says the man who got you 9.5% interest rate
KVJ Raghunath
[Source from Yahoo india.com]
From India, Vijayawada
42In the midst of receiving congratulatory calls, Nagpal told The Indian Express that there were many pending issues that require his attention as a trustee of the Employee Provident Fund. It was Nagpal, an EPFO trustee since 1997, who detected the discrepancy in the EPFO accounts and insisted that the organisation re-examine its books since its inception 58 years back in 1952.
He has been closely associated with the Socialist movement and Jai Prakash Narayan. As secretary of the Hind Mazdoor Sabha, Nagpal juggles his time between Chandigarh where he resides and Delhi where he has his office. Despite this long association, it took him a good three years and elaborate calculations to convince the labour ministry and the EPFO of the error. "I alerted the ministry first in January 2007, but no one believed me. Moreover, since the EPFO accounts are tabled in Parliament, no one was keen to reopen them," Nagpal told The Indian Express a day after the CBT accepted his calculation.
The discrepancy was because the EPFO had debited Rs 2,481 crore in the interest suspense account way back in 1998, but did not credit it into individual accounts. Assisted by experts, he carefully reconstructed the EPFO's accounts beginning 1993-94. Simultaneously, the Hind Mazdoor Sabha wrote to the then labour minister Oscar Fernandes.
"We didn't get a reply, but we kept pursuing the issue with the ministry," he recounts. Finally, this year, the EPFO decided to reopen its accounts and after summoning records from across the country they accepted the calculations. The net result was the discovery of surplus funds of Rs 1, crore in the suspense account as against the stated Rs 158 crore.
"It has taken the EPFO a long time but this is worth the effort. I was a bit worried till yesterday but now I am relaxed," said a visibly pleased Nagpal. "Initially, I was told that the interest rate would be hiked by 0.5 per cent, but later the minister decided that since there was enough surplus, the EPFO can go in for a 1 per cent hike," he said.
We kept pursuing, says the man who got you 9.5% interest rate
KVJ Raghunath
[Source from Yahoo india.com]
From India, Vijayawada
Dear kvjraghunath It would be proper, if you could quote the source of this article. Warm regards.
From India, Delhi
From India, Delhi
Dear Mr. Raghunath
I had seen that.
It does imply that this item appeared in "The Indian Express".
However, the intent behind my comments was not to "know" the source; but that a member must give credit or acknowledge the source at least (if not a permission to re-publish); in case he is submitting anything that has been published before and, which has not been created/written by him.
Do you mean to inform me that the phrase included in the article, "Nagpal told The Indian Express" entitles anyone to publish the article verbatim, in any media, under his own name; without quoting the source ???
Warm regards.
P.S. : Incidentally this news item was picked up, on the day the media broke the story of enhancement of PF interest rate, by all major news agencies in India and was published in all major newspapers and tabloids including The Times Of India, The Economic Times etc.
From India, Delhi
I had seen that.
It does imply that this item appeared in "The Indian Express".
However, the intent behind my comments was not to "know" the source; but that a member must give credit or acknowledge the source at least (if not a permission to re-publish); in case he is submitting anything that has been published before and, which has not been created/written by him.
Do you mean to inform me that the phrase included in the article, "Nagpal told The Indian Express" entitles anyone to publish the article verbatim, in any media, under his own name; without quoting the source ???
Warm regards.
P.S. : Incidentally this news item was picked up, on the day the media broke the story of enhancement of PF interest rate, by all major news agencies in India and was published in all major newspapers and tabloids including The Times Of India, The Economic Times etc.
From India, Delhi
Dear Raghunath
Thanks for your response. I genuinely appreciate your truthfulness.
In future, do take care of this aspect, while contributing to CiteHR.com or any other website/blog; it will also keep you safe from any likely trouble.
Warm regards.
From India, Delhi
Thanks for your response. I genuinely appreciate your truthfulness.
In future, do take care of this aspect, while contributing to CiteHR.com or any other website/blog; it will also keep you safe from any likely trouble.
Warm regards.
From India, Delhi
Mr. Raj Kumar,
In your response you mentioned about blog means you've seen my blog (if not this is my link <link outdated-removed> ( Search On Cite | Search On Google ) ), frankly speaking i do not know about the rules and regulations of media and copy rights.
Actually i started my blog for my ready reference, there is no permissions to others, but ofter some time i realised to share my blog (data) to all others.
My intention is to collect the data relating to HR and put them in one place (in Oder) for ready reference to all HR up-coming professionals as well as future reference.
i am collecting data from different source like books, sites, media, Govt. Dept. GO's and friends.
Please tel me what are the rules and regulation that need to be followed, what kind of precautions are to be taken in this kind of situation.
your suggestion would be more valuable.
Regards
KVJ Raghunath
<link outdated-removed> ( Search On Cite | Search On Google )
From India, Vijayawada
In your response you mentioned about blog means you've seen my blog (if not this is my link <link outdated-removed> ( Search On Cite | Search On Google ) ), frankly speaking i do not know about the rules and regulations of media and copy rights.
Actually i started my blog for my ready reference, there is no permissions to others, but ofter some time i realised to share my blog (data) to all others.
My intention is to collect the data relating to HR and put them in one place (in Oder) for ready reference to all HR up-coming professionals as well as future reference.
i am collecting data from different source like books, sites, media, Govt. Dept. GO's and friends.
Please tel me what are the rules and regulation that need to be followed, what kind of precautions are to be taken in this kind of situation.
your suggestion would be more valuable.
Regards
KVJ Raghunath
<link outdated-removed> ( Search On Cite | Search On Google )
From India, Vijayawada
Dear Raghunath
I sincerely appreciate your intention to " to collect the data relating to HR and put them in one place (in Oder) for ready reference to all HR up-coming professionals as well as future reference." while making your blog.
However, there are millions of blogs, jostling for viewer's eyeball; that it is difficult to ensure that the persons for whom the blog is meant, shall benefit from it. Although there are several techniques and resources available to do so, I personally feel, the efforts do not justify the objective. This is not to discourage you or anyone else, as blogs definitely provide a platform for self-expression.
On the contrary, if helping the cause of HRM and assisting HR professionals in their day-to-day activity as well as mentoring them in their journey to excellence, is the motive; then a big, more visible and versatile network and resource having a global reach and participation, , like CiteHr.com is more appropriate. It has a lot of features, waiting to be explored and exploited optimally; as well as viewership in millions.
I would recommend and implore you to participate more actively in CiteHR.com and fulfil your objective to a large extent, as so many of us are doing.
About the rules and regulations for content in a blog or CiteHR.com; the well established principles of copyright and intellectual property rights, have to be followed necessarily, to avoid any litigation, legal action, claim for damages and compensation etc. These includes providing one's own original content; avoiding plagiarism; avoiding material for which you do not have the right to do so, like copyrighted e-books; if you find anything interesting on the net then providing a link with a description in your own words - (providing a link is allowed) - instead of copy-pasting any material; while taking an extract, always quote (give reference) to the source etc.
Another precaution which you must take is; while requesting for members to read your blog or in an attempt to attract viewer's - do not spam this site with identical messages or post teaser threads with catchy one-liners ending with "read more" etc. Spamming a site results in immediate deletion o the offending content and further action against the poster. Any references to one's personal site should only be contextual and limited to "fair use".
Please feel free to revert back, in case you have any supplementary queries.
Warm regards.
From India, Delhi
I sincerely appreciate your intention to " to collect the data relating to HR and put them in one place (in Oder) for ready reference to all HR up-coming professionals as well as future reference." while making your blog.
However, there are millions of blogs, jostling for viewer's eyeball; that it is difficult to ensure that the persons for whom the blog is meant, shall benefit from it. Although there are several techniques and resources available to do so, I personally feel, the efforts do not justify the objective. This is not to discourage you or anyone else, as blogs definitely provide a platform for self-expression.
On the contrary, if helping the cause of HRM and assisting HR professionals in their day-to-day activity as well as mentoring them in their journey to excellence, is the motive; then a big, more visible and versatile network and resource having a global reach and participation, , like CiteHr.com is more appropriate. It has a lot of features, waiting to be explored and exploited optimally; as well as viewership in millions.
I would recommend and implore you to participate more actively in CiteHR.com and fulfil your objective to a large extent, as so many of us are doing.
About the rules and regulations for content in a blog or CiteHR.com; the well established principles of copyright and intellectual property rights, have to be followed necessarily, to avoid any litigation, legal action, claim for damages and compensation etc. These includes providing one's own original content; avoiding plagiarism; avoiding material for which you do not have the right to do so, like copyrighted e-books; if you find anything interesting on the net then providing a link with a description in your own words - (providing a link is allowed) - instead of copy-pasting any material; while taking an extract, always quote (give reference) to the source etc.
Another precaution which you must take is; while requesting for members to read your blog or in an attempt to attract viewer's - do not spam this site with identical messages or post teaser threads with catchy one-liners ending with "read more" etc. Spamming a site results in immediate deletion o the offending content and further action against the poster. Any references to one's personal site should only be contextual and limited to "fair use".
Please feel free to revert back, in case you have any supplementary queries.
Warm regards.
From India, Delhi
Thanx to NAGPAL for making it to happen. Suddenly we were wondering how the PF rates increased. Thought that it is an appeasement of Govt to the unions after the September 7th Strike. Now that we know the real hero, Hats off to MR. NAGPAL of HMS, all PF subscriber owe salutations. Thanx also to Mr. Raghunath for bringing this out to non-Indian Express subscribers.
Regards
KK
From India, Bhopal
Regards
KK
From India, Bhopal
hi, even I was also wondering, how come an increase in the interest rate all of a sudden, Thanks to Mr Nagpal. Hats off to u sir. And also Appreciate Mr Raghunath for bringing this to light..
cheers
Alice
From India, Bangalore
cheers
Alice
From India, Bangalore
Hai, I feel that every employee should thank Mr. Nagpal for this increase in the pf interest. And I want to appreciate the effort of Mr Raghunath also for passing this info.
From India, Visakhapatnam
From India, Visakhapatnam
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