Merging EPF Accounts
Ones who have done it before -
- Was it something tedious? How long did it take?
- What are the pros/ cons of doing so, if any.
Thanks!
jumpinglucifer
EPF Accounts Merge
I joined company A and worked there for 3 Years. Now I have switched and joined company B. EPF has two accounts. One for company A and one for company B. Now the problem is when I try to merge both the accounts it rejects my request as my basic salary in Company A was greater than 15000 and irrespective of that company A made a contribution in EPS (Employer Pension Scheme). Now without closing the EPS account from Company A there is no way to merge the EPF account.
When I contacted company A, they said they don't have any solution for this problem it's been 10 months with the same issue.
Any suggestions/solutions???
13mo ago
BiryaniEnthu
Stealth13mo
Have you trued transfer request on EPFO portal? It is the easiest government thing I have used
LazyNinja
Stealth13mo
EPFO transfers were smoother before, now they are a pain. I have 2 UAN, and I have been following up for 2 years to get the funds transferred to my current employer but they are saying even though the previous employer has PF contribution transferred from every single PF account I have had (6), they did not get the EPS contribution and can not forward funds till they receive EPS. Connected to previous employers, raised offline claims to transfer EPS. All claims got settled. Still they will not transfer PF 😭. It's painful all that I had to do and still not getting any resolution
TallTales69
Unemployed13mo
It is you past employers mistake to deduct EPS despite non-eligibility. Hence they have to rectify it by writing to PF authority that they had mistakenly enrolled you for EPS scheme although you were not eligible. Further they need to request transfer of such fund to your PF account.
Once thats done, transfer from EPF A to EPF B.
jumpinglucifer
Stealth13mo
Agreed and I have mentioned the same on email. But they said that EPF don't have any defined process to so do this online.
TallTales69
Unemployed13mo
Cannot happen online. Your employer has to write to them to move the EPS amount to the EPF account.
It's an offline request.
Amounts will be transferred only after close of books for FY and interest calculations are done. Typically around the June time frame.
dlfcybercity
Stealth13mo
same is with me. it's hugely cumbersome process as i understand.. if you're contributing 1.8k pm then let it go.. you can see later on if there's some new process Epfo does but rn i would suggest not worth the time. though if you get it done do let me know as wel
jumpinglucifer
Stealth13mo
Problems:
- You can't merge all your accounts into one. Once you switch 5-6 companies. You will have 5-6 accounts and merging will be much more difficult.
- You can only withdraw money from the current account when u turn 60. So if accounts are not merged. Then at the age of 60 it will be very difficult.
- Per month 1500 is 18000 per annum and you are missing out on 7-8% EPF interest.
Stillgrowing
Stealth13mo
I have switched 6 jobs till date, have transferred all money to current EPF. There wasn’t any hassle for me. While selecting transfer, I selected my latest company to do that for me. According to what I know, EPF stops giving interest if there are no funds coming to an account after 3 years of last credit.
LawfulPray11
PayPal13mo
@jumpinglucifer I am facing exact same problem. Last employer deducted EPS even though my basic was more than 15000pm. Tried transferring funds from last employer to current pf account. Got my request rejected for the exact same reason. They said contact PF office for this. Not able to find any solution and like you said, this money can't be withdrawn before 60. So, basically stuck!
jumpinglucifer
Stealth13mo
The only solution I see here is visiting EPF office. But then what to do next is not sure.
Because I am damn sure visiting a government office once wont solve our issue
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