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Sanjeev Govila | Answer |Ask -Follow

Financial Planner - Answered on Oct 29, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more

Question by SHASHANK on Oct 23, 2023Hindi

My Name is Shashank, I'm a teacher, My EPF was deducted in previoys school but in my currect school no such dedu tion is done, Only few teachers EPF whose salary was 12000 five years ago was deducted, Now current salary of those teachers is what was mine at that time but still their EPF is deducted, I'm told that i should hv given my EPF number at that time then domething could hv been done but nothing can be done now,Kindly guide me if anything can be done now to start deducting it, Other teachers are unaware of such type of things, Kindly help, Regards

Ans: Dear Shashank,
If you are a teacher in a private school and your salary is more than Rs. 15,000 per month, then your employer is legally required to deduct EPF from your salary.

If you have not given your EPF number to your current school, you can still do so. This will allow them to start deducting EPF from your salary and crediting it to your EPF account.

Here are the steps you can take:-

1. Talk to your school's payroll administrator. Let them know that you want to start deducting your EPF and that you have an EPF account from your previous school.

2. Provide your school's payroll administrator with your EPF number. You can find your EPF number on your EPF passbook or by logging into your EPF account online.

3. Ask 12% of your basic your school's payroll administrator to start deducting salary towards EPF. Your employer will also contribute 12% of your basic salary towards EPF.

It is important to note that your employer cannot deduct EPF from your salary retrospectively. This means that you will not be able to get EPF contributions for the period of time that your employer was not deducting them. However, by taking the steps above, you can ensure that your employer starts deducting EPF from your salary now and that you are able to benefit from this scheme.

Asked on - Nov 03, 2023 | Answered on Nov 04, 2023

Dear Sir, There are great chances that management may ask to either deduct full amount from your own side or leave the school, in that case what can i do? Kindly give ur valuable suggestions

Ans: Shashank, that is a personal decision question and risk that you have to evaluate in light of your personal equations and situations. As a financial advisor, I would not be able to comment on that please.

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