12 July 2019
My organization is exempt from epfo. We have a staff of 50 enployees. The provident fund corpus is being maintained in house for the last 30 years. Now my organization says that the formula applied for calculation od interest on pf balance is wrong and resulted in excess payment of interst and want to recover excess interest credited to my account. Are they legally authorised to do so. If yes under which law if no under which law. Pl advise.