Employee PF's under threat: What employees should know?

I think this is the first sign that should spur you into finding out more. You can spot this pretty easily if your salary suddenly starts coming late, if you see guards hustling people who want to be paid, telephone calls from people aggressively asking for their money or news reports of a cash crunch. And also signs that the company is delaying payments to vendors, suppliers, contractors, salaries, are important signs of liquidity issues. Liquidity problems do not mean that PF contributions are not being made but it could be an important flag to think about benefit remittance in future.

employees must have to check theirs pf account slip every month to month; so that they can keep watch on update

Todays world is changing jobs very fast to grow faster for an employee and this PF issue is a really big threat.

The PF account should work like high tech bank account which ,once opened the account can be at the same city but the organization  and residential address is always new.Still the employee should be able to see his money safe in the account and growing with respect to the contribution by his salary and by the organization along with interest accrued.Even he should be able to take loan,partial withdrawals in case of emergencies which is the true motto of this fund.In 2008,it was realized by several employees due to recession.They lost their job and seeking funds from PF account.It was almost impossible for most of them to get this money due to non cooperation of their respective organizations and also by PF offices.It was really matter of shame with respect to this segment.

HI REENE SHARMA

How are you

i m sourabh vohra (director) of monika computers

well no one say that which private company is running for long time may be for 2 yrs , 4 , 10 or may drop after 6 months from the DOP but

well according to my knowledge and experience regarding this PF taking from any our past company is generally our saving which we take at the ending point of our work in our company

In 2007 only I also left the retail showroom with the name EBONY Retail Holding Ltd in Ebony i have worked for 2 yrs but after leaving my job in 2007 i got my PF after few months only

well what is going happen in present only we can think over them only and make modification on them only but thinking of Carrier of any company on which we are doing job is also depend on present only

see Ebony has 7 Branches when i got in touch with that organization but when i got resign from that company after 3 months only the name of the company from Noida Sector - 18 is completely wave off

now i don't know that whether this company is still running for more years so nobody can say that at what time does a private company will do the business

so we can do only these things

1. don't allow your company to reduced any amount from your salary in the form of PF

2. secondly take your 6 months PF from the company in any way and deposited to your account only so that at the time of leaving your company you don't have tension of taking PF of your entire working period

by doing this second step if in any case your company will be get locked due to any reason so your more PF will not drop in loss

Find your balance online if its an epf. A sample is given for the state of kerala!

[http://india.gov.in/howdo/onlineservice_detail.php?id=511]

And here is a small tip if your organisation is an equal contributor, you are lucky!

While most of us would look at the zeros of their salary cheque, it would make sense to study your pay slip that comes along. It carries the break up of your salary, mentioning major components such as basic salary, house rent allowance, special allowance, tax deducted and PF contribution. Check to see if a full 12% of your basic (plus dearness allowance and retaining allowance, if any) is being deducted. Remember, your employer is supposed to match this 12% and credit the entire amount to EPFO.

And nice issue that you have highlighted here Renne, its really important for an employee to know what is happening with their PF and other things in an organization.

The Government has given a very powerful tool of Right to Information (RTI) under RTI Act to every citizen of India. Why not ask the Commissioner of Provident Funds to supply information about credits affoded in to Employee's PF account and the reason for instances of no-credit, if any?

Assuming that PF deductions are made regularly from pay slip (need to be checked by employees). Organizations may have own PF Trust or Govt PF. First step is to find out where the contribution is made. Second step will be to ask for PF contribution status and interest credited. normally Govt Agencies provide PF slips late but private funds should be doing it regularly on annual basis. The validated PF contribution status slip is proof that employees need to look for.