Recently I have withdrawn my EPF balance and realised that I have short received the employer's contribution.I also received a letter from EPFO confirming that the pension amount is not paid and additional form 1B has to be submitted by the employer so that pension details against my account are identified.On contacting my last employer I was informed that since I have worked there for only six months my pension amount is forfeited. Even if I consider that this forfeiture is as per the regulations,still the amount that I have short received is much more than the pension amount due from my last employer.
1) Is it true that pension amount is forfeited if a person works for 6 months or less for an organisation? 2) Is it possible that my employer prior to my previous employer has not transferred my pension amount when I switched job? 3)Or is the amount being held up because I have not submitted form 1B.
You assistance will be highly appreciated. Regards,
2) EPF deducted from salary has two components - Provident Fund & prension. Ideally employers deposit the deductions made. Since your stay < 6 months, pension shall not be released. If the employer doesnot deposit then it's his compliance issue & shall be raised during the audit.
3) I don't think this is due to non submission of 1B.
Retain the payslips issued by your previous employer. Attach a copy of the same while replying to the EPFO. Don't worry you are fair and square!
CAclubindia
