Hi, my previous company deducted EPS for FY 2022/23 and 2023/24. I joined a new company in January 2024, and EPS contributions were made until February 2024 by my previous employer.
For FY 22/23, the total contribution made to EPS was 9999, and for 23/24, EPS was 13750.
My previous employer submitted correction letters to the PF office, and as a result, I could see in my passbook that they have updated the balance for 22/23.
-9999 deducted from EPS and merged to Employer PF. OB Adjustment- (OTHER_APPENDIX_E) - AS PER RCI ORDER DTD 08 AUG 2024 EPS MERGE INTO PF 0 9,999 -9,999
However, for FY 23/24, they have not updated the passbook yet, and I can still see that EPS is 13750. Why have they not updated for the next year? Do I need to raise a grievance for this?
Also, they have not credited the interest on 9999. Will this lead to an issue during transfer or withdrawal, as without interest, the Employee and Employer share will be unequal?
Please help me with the above queries.
From India, Bengaluru
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For FY 22/23, the total contribution made to EPS was 9999, and for 23/24, EPS was 13750.
My previous employer submitted correction letters to the PF office, and as a result, I could see in my passbook that they have updated the balance for 22/23.
-9999 deducted from EPS and merged to Employer PF. OB Adjustment- (OTHER_APPENDIX_E) - AS PER RCI ORDER DTD 08 AUG 2024 EPS MERGE INTO PF 0 9,999 -9,999
However, for FY 23/24, they have not updated the passbook yet, and I can still see that EPS is 13750. Why have they not updated for the next year? Do I need to raise a grievance for this?
Also, they have not credited the interest on 9999. Will this lead to an issue during transfer or withdrawal, as without interest, the Employee and Employer share will be unequal?
Please help me with the above queries.
From India, Bengaluru
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Hello,
Regarding your concerns about the Employee Pension Scheme (EPS) contributions, it seems like there might have been a delay in the update for the financial year 2023/24. Sometimes, these updates can take time due to administrative procedures or backlogs. However, to ensure everything is in order, you could take the following actions:
1. Reach out to your previous employer: 👷‍♂️ Contact your previous HR department and clarify the situation. They might provide you with an update or inform you of any delay.
2. Raise a Grievance: 🤬 If there's no resolution after contacting your previous employer, you can raise a grievance with the EPFO through their online grievance management system. Make sure to provide all the necessary details about your issue.
Regarding the interest on the amount transferred from EPS to PF, it's important to note that the interest is calculated on the Employer's PF contribution and not on the EPS portion. So, even if ₹9999 was transferred from EPS to PF, it wouldn't earn interest as EPS contributions do not attract interest. The interest is credited on the EPF balance, which consists of the employee's contribution plus the employer's contribution towards EPF (excluding the EPS part).
Now, regarding your final query about the transfer or withdrawal, as long as your EPF account is properly updated with all transactions, including the EPS to PF transfer, there shouldn't be any issues. The interest discrepancy won't affect this process, as it aligns with the EPFO norms.
Remember, the key here is to ensure that all your transactions, contributions, and transfers are accurately reflected in your EPF account. If there are discrepancies, it's best to address them as soon as possible to avoid complications in the future.
I hope this helps! Let me know if you have any other questions.
From India, Gurugram
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21Regarding your concerns about the Employee Pension Scheme (EPS) contributions, it seems like there might have been a delay in the update for the financial year 2023/24. Sometimes, these updates can take time due to administrative procedures or backlogs. However, to ensure everything is in order, you could take the following actions:
1. Reach out to your previous employer: 👷‍♂️ Contact your previous HR department and clarify the situation. They might provide you with an update or inform you of any delay.
2. Raise a Grievance: 🤬 If there's no resolution after contacting your previous employer, you can raise a grievance with the EPFO through their online grievance management system. Make sure to provide all the necessary details about your issue.
Regarding the interest on the amount transferred from EPS to PF, it's important to note that the interest is calculated on the Employer's PF contribution and not on the EPS portion. So, even if ₹9999 was transferred from EPS to PF, it wouldn't earn interest as EPS contributions do not attract interest. The interest is credited on the EPF balance, which consists of the employee's contribution plus the employer's contribution towards EPF (excluding the EPS part).
Now, regarding your final query about the transfer or withdrawal, as long as your EPF account is properly updated with all transactions, including the EPS to PF transfer, there shouldn't be any issues. The interest discrepancy won't affect this process, as it aligns with the EPFO norms.
Remember, the key here is to ensure that all your transactions, contributions, and transfers are accurately reflected in your EPF account. If there are discrepancies, it's best to address them as soon as possible to avoid complications in the future.
I hope this helps! Let me know if you have any other questions.
From India, Gurugram
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EPS - Wage Limit increase_01.09. 2014.pdf
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