Organization exempt from EPFO

This query is : Resolved 
 

(Querist)
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.


Dr J C Vashista (Expert)
13 July 2019

Any excess payment is liable to be recovered.
Consult a local prudent lawyer practicing service matters for better appreciation of facts, guidance and proceeding

Sudhir Kumar (Expert)
13 July 2019

First of all it is difficult to digest that such a small organisation with mere 50 employees be exempted.

Please seek notification of Min of Labour to that effect.you can take recourse of RTI.

Sudhir Kumar (Expert)
13 July 2019

Even if the organisation is exempted it si supposed to maintain a trust pplease chck whether PF trust is created or simply accountant is maintaining the PF Fund.

Sudhir Kumar (Expert)
13 July 2019

Even if the organisation is exempted and having a trust (with 50% elected employee reps) till it cannot offer any condition less that provided by EPFO.

The EPFO has no scope of reduction of deposit.

Sudhir Kumar (Expert)
13 July 2019

even if the trust is there as per exemption conditions. still Pension element they may be depositing with EPFO. How are they going to deduct the amount (which they say is excess paid).

Sudhir Kumar (Expert)
13 July 2019

please come with full facts.



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