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I've Withdrawn EPS Twice, Can I Avoid It Again?

Milind Vadjikar |1113 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 22, 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

Question by guru on Nov 16, 2024Hindi

Money

I have worked in 2 company's, at 1 company they remitted eps even though am not eligible for pension scheme becouse of higher wages, second company also contributed to eps, by submitting nesesary documents i withdrawn both epf and eps amount from both the accounts, now the problem is, if I started a new job in a company how can I approach the company to not contribute on eps, what if contribution was made again because of eps account? Please help me ????

Ans: Hello;

You can talk to the HR team of your new employer and discuss these aspects. Submit a written request over mail/letter, if need be.

Check with you peers in the new establishment.

Such errors are not expected from professional organisations.

Best wishes;

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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My question is regarding to eps pension I have completed 14 year service the same company 3 pf account .asper our co norms 55 years was my retirement ie 30.05.2020 but my retirement was given 30.11 2020.and given reappointment from 02.12.2020 and pf and epf deducted and deposited uptpo 31.05.2021 old pf account. 01.06.2021 onwards a new account opend and all amount transferred to new account My contract perod end 30.11.2022. I withdraw my pf account. Now I applied eps claim rejecting due to Joining date wrong as contribution current Co. Pl advice your help Thanks 2 my

Ans: Hello;

You may change your service record in EPFO system through your current or previous employer after furnishing all documentary proofs substantiating your claim.

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I have a 2-year gap after college(B.E) since I was preparing for government exams. I still want to land a job in it, but the gap is widening, and I don't want to push it any further. Meanwhile, I have gained UI/UX skills and am preparing my portfolio. What other software skills do I acquire to enter the work force, like Cybersecurity and Data Analyst Courses? Will I still have a chance to be hired? Honestly, the gap has started to scare me(rightly so)... Any advice and suggestions will be of huge help.

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Dear Sir, I am 52 now, I have accumulated 19L in SIP of Rs.42000 p/m, 14L in PPF. I have withdrawn Rs. 12L from EPF for investing in a property of 45 L with a bank loan of 35 L which would invite an EMI of 32000 for next 18yrs. Due to this I might have to stop some SIPs (around 25000/0) in the first year to manage the first year EMI. However, I plan to increase the SIP by Rs. 6000 year after year. My present flat if sold off might fetch me around 25L if in need. If rented, I would get around 10000 p/m. I think of keeping both the flats. My daughter is doing her B.Sc right now, this is for info. My question, if the decision for purchase of new flat have been wise? At end of my pvt. co. service after 8 yrs. should I pay off the total principal at once or try to continue the EMI for next 10 yrs.? What do you think my financial condition be at time of retirement? Thank you. Kindly respond.

Ans: Hello;

Based on the given information, my view is your decision to purchase new flat is not correct from fiscal prudence standpoint.

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Ans: Hello;

In any insurance adequate disclosure is essential to get a thorough underwriting check and risk acceptance.

Once insurance company agrees to insure with the disclosures then chances of claim rejection are remote.

You may escalate the matter with Compliance Officer of the insurance company, insurance ombudsman or IRDAI for an amicable settlement, if possible.

You may also check with organisations such as "beshak.org" for any possible help in the matter.

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Growth plans have higher NAVs as profits are reinvested.

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Direct plans have lower NAVs as they have no commission costs.

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Your account statement might reflect an older NAV.

Check if you are comparing NAVs of the same date.

4. Fund Merger or Restructuring
Some funds merge with others over time.

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Compare the NAV of the exact same plan type and option.

Check the latest NAV on the AMC website.

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File an FIR: Lodge a First Information Report (FIR) with the police, detailing the loss of the share certificate. This is a crucial step to document the incident officially.

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Provide Supporting Documents: Along with the indemnity bond, submit other required documents such as a copy of the FIR, proof of identity, and address.

Freeze Share Transfers: The company will freeze the transfer of the lost shares for a specific period (usually 30 days) to prevent fraudulent activities.

Duplicate Certificate Issuance: After verifying your claim, the company will issue a duplicate share certificate.

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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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