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Mayank Rautela  |235 Answers  |Ask -

HR Expert - Answered on Mar 30, 2022

Mayank Rautela is the group chief human resources officer at Care Hospitals.
A management graduate from the Symbiosis Institute of Management Studies with a master's degree in labour laws from Pune University, Rautela has over 20 years of experience in general management, strategic human resources, global mergers and integrations and change management.... more
Anonymous Question by Anonymous on Mar 30, 2022Translate

Dear Mayank,
I am 42 years old, based in Mumbai.
I left my earlier company in July 2021 after working with them for six years.
They have not released my F&F worth Rs 5 lakhs (including my salary for last two months).
The company has a tradition of holding the money owed to employees who have left and not paying it for at least 2-3 years.
The company is a family run business and is operating profitably.
Mailing them and requesting them to release the money they owe me has not yielded any results.
Please let me know how I can get my F&F.



I would strongly suggest that your reach out to a lawyer who specialises in employment law and send a legal notice to your organisation.

If that does not work, then raise a compliant with the labour court.



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Financial Planner - Answered on Nov 27, 2023

Asked by Anonymous - Nov 16, 2023Translate
Hi, I worked in company in India for a year in 2015 , then returned back to gulf. I had my of deducted firings this period. I am not able to withdraw the money through online as the Mobil number given that time was not with me. Kindly advice to with the draw the PF money now. Thank you in advance.
Ans: There are two ways to withdraw PF amount i.e. online and offline.

Through Online Mode:
• First you need to update your mobile no. by the given website after log in with UAN number and password on the EPFO website.
• Under the manage tab>contact details. Update the new mobile no.
• Once mobile number is updated, click on the 'Claim' tab and select 'Online Claim.
• Fill the required details and verify it via OTP.
Your PF withdrawal claim will be processed by the EPFO, and the money will be transferred to your bank account within a few days.

Through Offline Mode:
You can withdraw your PF money offline by submitting a Composite Claim Form at EPFO office with required documents i.e.
• PAN card.
• Aadhaar card or a copy of your passport and visa
• Copy of your bank passbook
• PF account number (UAN)
• A self-attested photocopy of your employment contract or a letter from your employer certifying your employment period
• A self-attested photocopy of your salary slips for the contribution period
• Composite Claim Form
Submit the duly filled Composite Claim Form along with the required documents at the EPFO office. You can track the status of your claim online using your UAN and password.

Sanjeev Govila  |441 Answers  |Ask -

Financial Planner - Answered on Jan 22, 2024

Hi Sir, I had worked in one company from 2003-2006 and PF was not withdrawn or transferred. But that company is not existing now as it was acquired by other company. How do I withdraw the PF Balance amount. Thanks & Regards, Raghavendra
Ans: It can be tricky to access your PF balance when the company no longer exists. Here are some steps you can take to retrieve your PF balance:

1. Gather Your Documents:

• UAN (Universal Account Number): You can check your UAN on your pay slips from the past employer or by logging in to the EPFO website if you remember your PF account number.
• PF Account Number: If you don't have a UAN, you'll need your PF account number, which was usually mentioned on your salary slips.
• Company Details: Try to gather any information you can about the company you worked for, such as its previous name, acquiring company's name (if known), and the date of acquisition.

2. Withdrawal Process:
Option 1: Online (if you have UAN):
• Log in to the EPFO Member Interface using your UAN and registered mobile number.
• Go to the "Services" tab and select "Claim Settlement."
• Choose the appropriate withdrawal form based on your reason for withdrawal (Form 10C for full withdrawal, etc.).
• Fill in the details for the account you want to withdraw from (specify "previous employer" if you don't see it automatically).
• Enter the company details you have as "Establishment Type" and mention "Closed Establishment" in the remarks section.
• Submit the claim form with all required documents (scanned copies).

Option 2: Offline (if no UAN):
• Download the appropriate withdrawal form for non-UAN members (Composite Claim Form).
• Fill in the form with your details and company information.
• Get the form attested by a bank manager or gazetted officer.
• Submit the completed form with supporting documents to the Regional PF Office having jurisdiction over your previous employer's location.
3. Follow Up:
• Whether you apply online or offline, keep track of your claim status regularly. You can do this through the EPFO website or by contacting the regional PF office.
• If you remember the acquiring company's name, contacting their HR department might also be helpful. They might have records of your previous company's employees and PF accounts.

R P Yadav  |210 Answers  |Ask -

HR, Workspace Expert - Answered on Feb 01, 2024

Asked by Anonymous - Jan 27, 2024Translate
My previous company is delaying my FNF settlement. They are saying my dues of sample are pending which i already submitted to them. Also HR has given experience cum reliving letter. I have all proof of submission LR copy for sample returns. Now it's 3months and they are delaying still saying we have to check the samples. Please guide me how to resolve this situation on immediate basis so I can get my money.
Ans: I’m sorry to hear that you are facing issues with your Full and Final (FnF) settlement. According to Paytm Business, FnF settlement refers to the process of calculating various dues payable to an employee who has resigned, retired, or been removed from an organization. It includes the calculations as per the salary drawn till the last working day but also deductions or additional earnings. The major components of the full and final settlement dues include outstanding/unpaid salary, unavailed privileged leaves and bonuses.

It is a common practice to finalize the FnF settlement process within 30-45 days from the last working day of an employee, irrespective of whether he has resigned or is being terminated. If the employer fails to fulfill the FnF settlement requirements, the employee can contest it legally, and the employer will be liable to pay interest on all the dues as a penalty.

You mentioned that you have all the proof of submission of LR copy for sample returns. You can try to reach out to your previous employer and request them to expedite the process. If they do not respond, you can send a legal notice to your previous employer stating that you will take legal action if the dues are not cleared within a specified time frame. You can also consult a lawyer to help you with the legal process.

I hope this information helps you. Good luck!
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Moneywize   |59 Answers  |Ask -

Financial Planner - Answered on Feb 25, 2024

Asked by Anonymous - Feb 24, 2024Translate
I will be retiring in October 2024 and expecting a retirement corpus of Rs 80 lakh. I would be spending 60 per cent of this amount on my son’s medical admission and studies. How should I invest the rest in different sectors to earn monthly income of nearly about 40,000?
Ans: Given your retirement corpus of Rs 80 lakh and your plan to allocate 60% of it towards your son's medical admission and studies, which amounts to Rs 48 lakh, you'll have Rs 32 lakh remaining for investment. To generate a monthly income of approximately Rs 40,000, you'll need to carefully plan your investment strategy. Here's a suggested approach:

1. Assess Your Risk Tolerance: Before investing, consider your risk tolerance, investment horizon, and financial goals. Since you're retiring soon and seeking a regular monthly income, it's advisable to focus on relatively stable and income-generating investment options.

2. Allocate Funds: With Rs 32 lakh available for investment, you can allocate the amount across different investment instruments to achieve diversification and manage risk.

3 Income-Generating Investments: To generate a monthly income of Rs 40,000, you'll need investments that offer regular payouts. Here are some options to consider:

a. Senior Citizen Savings Scheme (SCSS): This government-backed savings scheme offers quarterly interest payouts. You can invest up to Rs 15 lakh individually and earn regular income at a fixed interest rate, currently around 7.4% per annum.

b. Post Office Monthly Income Scheme (POMIS): Another government-backed scheme that provides monthly income. The maximum investment limit is Rs 4.5 lakh for an individual account and Rs 9 lakh for a joint account. The current interest rate is around 6.6% per annum.

c. Fixed Deposits (FDs): Consider investing a portion of your corpus in fixed deposits offered by banks or financial institutions. Opt for monthly interest payout FDs to generate regular income.

d. Debt Mutual Funds: Invest a portion in debt mutual funds that focus on generating steady income with relatively lower risk compared to equity funds. Choose funds with a track record of consistent returns and low expense ratios.

4. Systematic Withdrawal Plan (SWP): For investments in mutual funds or other growth-oriented instruments, consider setting up a systematic withdrawal plan. SWP allows you to withdraw a fixed amount regularly, which can serve as your monthly income.

5. Emergency Fund: Set aside a portion of your corpus as an emergency fund to cover unexpected expenses or contingencies. This fund should be easily accessible and parked in liquid or low-risk instruments like savings accounts or liquid funds.

6. Review and Adjust: Regularly review your investment portfolio to ensure it remains aligned with your financial goals and income requirements. Adjust your asset allocation and investment strategy as needed based on changing market conditions and personal circumstances.

It's crucial to consult with a financial advisor or planner who can provide personalised advice based on your specific situation and goals. They can help you create a comprehensive retirement plan and investment strategy tailored to your needs, risk tolerance, and income requirements. Additionally, consider tax implications on your investment income and consult with a tax advisor to optimise your tax efficiency.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.


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