I joined an IT company in Aug 2011 with Basic pay <15,000 INR. We had been given the choice to either have or not have an EPF at that time and I had not opted for it to get some standard in-hand salary.
In 2014 Sep, when the EPF rule was revised, then I opted for it and since then I had an EPF account since Basic pay was < 15K and I got to know about its tax benefits from HR. Also, at that time, our salary components were revised to reduce our special allowance, to deposit the Employer part of contribution in my EPF A/C informing us that previously the emplopyer was giving us his part or PF to us in pur monthly Payslips, which will now be deposited in respective accounts and not given to us in monthly payroll.
Later I came to know another fact about EPF that we become eligible to get the PF amount after 10 yrs of service.
So, I think I will have to serve for extra 3 years to make EPF contribution of 10 yrs and by then my actual service will be 13 yrs. Means I will be eligible to get the money in 2024 where as I could have got it in 2021 if I would have opted for PF since the begining of my job. Hence I am lagging by 3 yrs.
I was thinking that there any way to deposit the amount for those 3 yrs (2011 Aug-2014 Aug) now to close this gap ? Or it is not possible and I have to be at loss of this 3 ys time. Sine according to my employer, he had given us his part of PF contribution in our salary, so if this deposit is possible, then I will deposit both my contribution + employer contribution(which I had already received in my monthly payroll) in my account.
CAclubindia
