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Ramalingam

Ramalingam Kalirajan  |9189 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 26, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Basavaraj Question by Basavaraj on Nov 12, 2023Hindi
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I have worked in ltd company for 19 years, then resigned & Join another company they created new epf account & i got transferred my old epfo amount to new account but my pension contribution amount is not displaying new created epfo account

Ans: Addressing Pension Contribution Discrepancy in EPF Account
Encountering discrepancies in EPF accounts, especially regarding pension contributions, can be concerning. Let's explore steps to address this issue effectively.

Understanding the Situation
Assessing the Discrepancy

Evaluate the discrepancy in your EPF account, particularly regarding the display of pension contribution from your previous employment.
Gather relevant documentation, including EPF statements, transfer receipts, and communication with EPFO authorities.
Reviewing EPF Regulations

Familiarize yourself with EPF regulations, specifically regarding pension contributions, to understand your rights and entitlements.
Initiating Communication
Contacting EPFO Authorities

Reach out to EPFO authorities promptly to report the discrepancy in your pension contribution display.
Clearly articulate the issue and provide supporting documentation to facilitate resolution.
Following Up Regularly

Maintain regular follow-ups with EPFO authorities to track the progress of your complaint and ensure that it is being addressed.
Resolving the Discrepancy
Requesting Correction

Formally request EPFO authorities to correct the discrepancy and update your EPF account to reflect accurate pension contributions.
Provide any additional information or documentation requested by EPFO to expedite the resolution process.
Seeking Assistance

If informal communication with EPFO does not yield results, consider seeking assistance from a legal expert or Certified Financial Planner (CFP) specializing in EPF matters.
Legal professionals can provide guidance on your rights, potential courses of action, and escalation procedures.
Exploring Alternative Solutions
Alternative Channels

Explore alternative channels for lodging complaints, such as EPF grievance portals or helplines, to escalate the issue if necessary.
Utilize official channels to ensure your complaint is registered and addressed by EPFO authorities.
Patience and Persistence

Exercise patience throughout the resolution process, as addressing EPF discrepancies may take time and persistence.
Remain persistent in following up with EPFO authorities and exploring all available avenues for resolution.
Conclusion
Resolving discrepancies in EPF accounts, particularly regarding pension contributions, requires proactive communication, documentation, and persistence. By initiating contact with EPFO authorities, seeking correction of the discrepancy, and exploring alternative solutions if necessary, you can work towards ensuring accuracy and integrity in your EPF records.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
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  |9189 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 18, 2024

Asked by Anonymous - Apr 24, 2024Hindi
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Hi, My company was depositing EPFO pension fund for 8 years upto 2020. Then its name got changed. So did my EPFO account number. Subsequent funds are deposited in new account. Now I have 2 EPFO accounts. While the old PF part got merged with new account, the pension part shows break in between, and 2 accounts are seen. Base income for pension is Rs 15000 in both accounts. My question is: Will EPFO change the base income in future so that my pension in old account can get updated accordingly? If not, I think it is better to withdraw the old account fund because it does not get any interest. Need informed opinion.
Ans: EPFO Pension Fund Query Resolution

Understanding EPFO Pension Account Consolidation

It's understandable to seek clarity regarding your EPFO pension accounts and the potential impact of changes in your employer's name. Let's address your concerns and provide guidance on the best course of action.

Assessing EPFO Pension Account Consolidation

The consolidation of your EPFO pension accounts due to changes in your employer's name has resulted in two separate accounts with a base income of Rs 15,000 each. While the old PF portion has been merged with the new account, the pension component shows a break in continuity.

Future Updates to Base Income for Pension Calculation

EPFO typically calculates pension benefits based on the average monthly salary contributed during your service period. If your base income remains consistent at Rs 15,000 in both accounts, it's unlikely that EPFO will change the base income in the future to update the pension amount in your old account.

Assessing the Impact on Pension Benefits

Given the lack of interest accrual on the old account and the potential for stagnant pension benefits, withdrawing the funds from the old account may be a prudent decision. However, it's essential to consider any tax implications and assess your overall retirement planning strategy before making a withdrawal.

Consultation with EPFO Authorities

To obtain accurate information regarding potential updates to base income for pension calculation and explore available options, consider reaching out to EPFO authorities or consulting with a certified financial planner (CFP) specializing in retirement planning.

Conclusion

While EPFO may not change the base income for pension calculation in the old account, withdrawing the funds from the old account and consolidating them with the new account could be a viable option to optimize your retirement savings. Seek guidance from EPFO authorities or a certified financial planner (CFP) to make an informed decision aligned with your financial goals.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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