The most recent circular from the Employees’ Provident Fund Organisation (EPFO) was published on May 11, 2023, and it clarifies how past-due EPS contributions and accrued interest will be assessed. The past due amounts will be moved to the Employees’ Pension Scheme (EPS) account if there is enough funds in the Employees’ Provident Fund (EPF) account. Pensioners and employees will be required to use funds from their bank accounts to make up any deficits. Once the joint application form for a higher pension has been approved by the EPFO, this transfer or deposit from EPF to EPS account will take place.
Additionally, because of this decision, interest will be pulled back from the EPF account.
Once the dues are calculated, according to the most recent EPFO circular, the field office will notify the pensioner or employee about the dues and any money that needs to be deposited again or diverted from an EPF account once the overall dues (missing contribution and accrued interest from the past missing EPS account) are determined.
The previous/current employer will communicate the information to the pensioner/employee. They will receive information from the EPFO regarding any dues that were paid by their previous or present employment. The amount that must be transferred from the EPF account to the EPS account will also be disclosed in additional detail. For such a transfer to occur, the employee’s written permission must be obtained.
EPF pensioner or member are given up to 3 months’ time to deposit and to give consent for diversion of these dues.
The outstanding contributions with interest may be deducted from the PF balance first. The concerned pensioner or member will only make deposits into the bank account listed in the EPFO records. Incase of deposits, it will be made by the concerned pensioner/member only from the bank account available in EPFO records.
The deposits can be made as under:-
- Any online facility, if provided by EPFO.
- Cheque (payable at par at all branches) drawn in favour of concerning RPFC (and as communicated in the demand letter issued by FO).
It is to be ensured that Cheque should have following details on its back side:
- Application ID
- UAN/PPO number
- Name and Mobile number
- Demand notice number and date
