19 May 2009
I have a query related to the Employees pension fund. The facts of the case are:
The employer is deduction 12% of the basic pay from the salary as the employees contribution towards the P.F. Now he is also supposed to deposit the same amount in P.F. whereas he has been depositing only 3.67% in P.F.
The employees noticed this from the P.F. acount statement but they assumed that the employer must have been depositing the balance 8.33% in the Employees pension Fund.
But now they have discovered that no such contributions have been made by the employer in Employees Pension Fund.
Now my query is that whether employees have any rights & measures to exercise against the employer? If yes please provide me with a refernce or link where I can found all of them in Detail.
Also, is there any account statement of Employees pension fund that should be made available to the employees similar to the account statement of the P.F. & on what periodicity?
20 May 2009
As you told employer is depositing only 3.67% towards PF a/c but this is not possible he will pay balance (12%-3.67%) in EPF a/c this will not reflect in PF Yearly staement. Without making contribution to EPF(Pension), Dept will not accepet the monthly return, you better check this matter with PF AUTHORITIES
You will not get any statement for pension account
Please clarify further that if the employee does not get the statement for the pension scheme then how & when will he be able to claim the balance accrued in that account?
Also, does any interest accrues on the same. If Yes, at what rate?
CAclubindia
