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PF withdrawal rejection: What happens if my previous employer hasn't submitted EPS details?

Milind

Milind Vadjikar  |737 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 25, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
amol Question by amol on Sep 07, 2024Hindi
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Hello Sir/Madam, My PF withdrawal is rejected with following reasons. 1) EPS ( PENSION DETAILS ) HAS NOT RECEIVED FROM MEMBER ID...... (basically my previous employer) HENCE YOU ARE REQUESTED TO CONTACT TO REGIONAL PF OFFICE BANDRA FOR THE SAME. Can you please explain what this means?

Ans: Here it is important to note the need to take eps scheme certificate when you leave a job.

This serves as a proof for pensionable years in service, pensionable salary amount and details of family members/nominee of the employee who are supposed to receive pension in the unfortunate event of his death.

This needs to be attested by your employer(ex).

Probably their is some discrepancy in your past employment record from the previous employer as a result of which withdrawal claim is rejected.

Please get in touch with assigned EPF office. They will guide you suitably.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |7201 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 06, 2024

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My PF withdrawal is getting rejected and reason are fathers name is different and name is not reflected in my cheque book. Please assist on what my next action should be. How can I raise grievances, after raising grievances they don't even provide confirmation. How to overcome this.
Ans: It sounds frustrating to have your PF withdrawal rejected for these reasons. Here's how you can address them and raise a grievance effectively:

1. Update Father's Name:

EPFO Portal: Log in to the EPFO member portal (https://www.epfindia.gov.in/) and check the 'Manage' section for updating your father's name. Ensure it matches your Aadhaar card or other official documents.
Document Submission: If the online option isn't available, submit a signed application form requesting a name change along with self-attested copies of documents proving the correct name (like Aadhaar, PAN card). You can submit these documents to your previous employer or the regional EPFO office.
2. Update Bank Details:

Cheque Book Name: If your name isn't printed on the cheque book, consider using a cancelled cheque from your bank account where your name appears clearly. This can be uploaded while refiling your withdrawal claim.
Bank Account Update: Double-check that the bank account details linked to your EPF account are accurate and match your bank passbook or statement.
3. Raise a Grievance:

EPFO Portal: The EPFO portal should have a dedicated grievance redressal section. Look for options like 'Raise Grievance' or 'Contact Us'. File a detailed grievance explaining the issue (mismatched name, rejection reason) and the steps you've taken (documents submitted, bank details updated).
Clear and Concise: Clearly state your EPF account number, the nature of the problem, and the corrective action you expect. Attach relevant documents if possible.
4. Follow Up:

Screenshot: While there might not be a confirmation email, take a screenshot of your submitted grievance for reference.
EPFO Helpline: Consider calling the EPFO grievance redressal helpline for further assistance. You can find the helpline number on the EPFO website.
Patience: Resolving discrepancies can take time. Follow up periodically through the portal or helpline to check the grievance status.
Additional Tips:

Maintain Records: Keep copies of all documents submitted and communication with EPFO for future reference.
Professional Tone: Maintain a professional and courteous tone when filing grievances or calling the helpline.
By taking these steps, you should be able to get your PF withdrawal processed smoothly. Remember, persistence and clear communication are key.

..Read more

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Ravi

Ravi Mittal  |450 Answers  |Ask -

Dating, Relationships Expert - Answered on Dec 03, 2024

Asked by Anonymous - Dec 03, 2024Hindi
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Hello, my wife is Ugandan and I’m of English national, 30 years old and she’s 26, we met nearly a year ago and got married in uk with some of her friends and small family. We haven’t done kuchala (not sure if that’s correct spelling) yet and I’m feeling anxious for when the time comes. She said her family will kneel when they greet me and being white this is already stinging my moral (due to history). I also talked about moving in together before the meet the parents happen however she says she’s rather move in after? Currently this could take two years before going to Uganda, how should I proceed without overstepping her cultural beliefs as after all we are married and by my culture we should already be living together
Ans: Dear Anonymous,
It is very nice of you to be so considerate and sensitive while handling these cultural nuances. Let's discuss the kneeling tradition. It's a sign of respect and it's deeply rooted in Ugandan culture. While I understand your point of view, you also have to remember that it can have significant meaning to her and her family. I suggest you politely express your feelings and let her know why it is uncomfortable for you to see her family kneel. When you explain, mention how much her culture means to you as well. I am sure both of you can communicate and come to a compromise that makes you both happy. Just in case, they persist in following the ritual, just look at it as a gesture of love and respect and not submission.

About the moving in together part, in certain parts of the world, couples living together before the traditional wedding is not considered respectful. But since you are already married, you can try explaining to your wife how the living situation does not go against her cultural expectations. But if it is a really big deal for her and her family, consider seeing it from her perspective.

Communication is everything here. Look at every problem as a team; it's not your problem vs her problem. It's both of you vs the problems.

I hope this helps

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Radheshyam

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I have received a job offer from Siecorp ,a Singapore based company though my posting would be at my hometown . They have asked me to submit all credentials related to education & job experiences which is quite normal but they have asked the following documents also which they said would help me to arrange through some agent by payment & the same would be reimbursed during first month of employment . Earlier also another overseas company asked for the same & I denied to make payment before having the job in hand . 1. Construction Health and Safety Technician (CHST) – Compulsory 2. OSHA Safety Certificate – Compulsory 3. Safety Trained Supervisor (STS) – Non-Compulsory Kindly advise whether these certificates are really required to be submitted to join any foreign company or any sort of cheating business regards,
Ans: Hello Bipradas.
From your query, it is clear that you have offered by job by a Singapore-based company and they are giving you a posting in your home town. You did not mention anything about the work culture of the company. It simply indicates that you are supposed to work from home which is always related to computers. I think there is no harm in producing the required documents through an agent if they are offering you a handsome salary. The requirement for documents differs from company to company. There is no harm in submitting the mentioned documents. If have fear in your mind, then please go through the profile of the company in detail before submitting the documents. There are many ways to check the authenticity of the company. There are some chances of cheating, but everybody is not indulged in the same category. But take the steps with utmost precaution.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

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Ramalingam

Ramalingam Kalirajan  |7201 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Dec 03, 2024

Asked by Anonymous - Nov 29, 2024Hindi
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Hi , I am 46 year old and trying to see if i can take an early retirement in next 2 years. Below is my financial condition; - Mutual fund 40Lakh - FD 30 Lakhs - 2 rental yielding flat with total rent of 55000 per month - Own house with no loan. - PF 80 Lakhs - NPS 10 Lakhs - PPF 20 Lakhs - Term insurance 50Lakhs
Ans: Your financial position shows good planning and discipline.

Assets Summary:

Mutual Funds: Rs 40 lakh
Fixed Deposits: Rs 30 lakh
Rental Income: Rs 55,000 per month from two flats
Own House: Fully paid, no loan liabilities
Provident Fund (PF): Rs 80 lakh
National Pension System (NPS): Rs 10 lakh
Public Provident Fund (PPF): Rs 20 lakh
Term Insurance: Rs 50 lakh
You have built a diversified portfolio across multiple asset classes.

Assessing Early Retirement Feasibility
Early retirement in two years can be achieved with strategic planning.

Key Factors to Evaluate:

Monthly Expenses: Calculate post-retirement expenses, including inflation.
Income Sources: Ensure rental income, investments, and withdrawals meet your needs.
Wealth Growth: Balance corpus growth with income stability.
Monthly Expense Coverage
Assume your future monthly expense is Rs 1.25 lakh.

Existing Income Streams:

Rental Income: Rs 55,000 monthly provides 44% of estimated expenses.
Corpus Withdrawals: Use investments to cover remaining expenses.
Adjust for Inflation:

Plan for a 6% inflation rate to protect purchasing power.
Investment Strategy
Align your portfolio for growth, stability, and liquidity.

Mutual Funds:

Continue investing in equity-oriented funds for long-term growth.
Opt for actively managed funds through Certified Financial Planners.
Avoid index funds; they limit opportunities for alpha generation.
Fixed Deposits:

Reallocate a portion to debt mutual funds for better post-tax returns.
Retain some FDs for emergencies and short-term needs.
NPS and PPF:

Maximise NPS contributions for additional tax savings.
Allow PPF to mature for risk-free, tax-exempt growth.
Corpus Withdrawal Plan
A systematic withdrawal strategy ensures steady income.

Use Systematic Withdrawal Plans (SWP) in mutual funds for monthly cash flow.
Keep withdrawal rates below 4% annually to sustain the corpus.
Children’s Education Planning
Your son’s education may require significant funds.

Steps to Plan for Education Costs:

Use PPF maturity or mutual fund proceeds for higher education.
Avoid using retirement corpus for educational expenses.
Risk Management
Protecting your family is as critical as building wealth.

Term Insurance Coverage:

Rs 50 lakh is adequate for income replacement.
Ensure policies are active and nominees updated.
Health Insurance:

Opt for a comprehensive family floater policy with Rs 20–25 lakh coverage.
Keep health-related emergency funds for additional expenses.
Tax Planning
Efficient tax planning maximises post-retirement income.

Mutual Fund Taxation:

Equity fund LTCG above Rs 1.25 lakh is taxed at 12.5%.
Short-term gains are taxed at 20%. Plan withdrawals carefully.
Fixed Deposit Interest:

FD interest is taxable as per your slab. Consider this in income planning.
Real Estate Considerations
Your rental flats provide steady income.

Points to Consider:

Avoid further real estate investments for better liquidity.
Keep properties well-maintained to ensure uninterrupted rental income.
Healthcare and Emergency Funds
Unplanned medical costs can affect your finances.

Steps to Safeguard:

Maintain Rs 10–15 lakh in liquid assets for emergencies.
Regularly review health insurance coverage to meet rising costs.
Assessing Early Retirement Timing
Your early retirement is achievable by 48 years with careful execution.

Why This is Feasible:

Rental income and portfolio can meet monthly needs.
A diversified asset base ensures sustainable returns.
Finally
Early retirement is within your reach with disciplined planning.

Review your financial plan annually and adjust for changes in needs or markets.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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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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