EPFO Latest News: Has the company failed to deposit the PF funds? Work swiftly, and you'll get the whole money plus interest.

 EPFO Latest News: Has the company failed to deposit the PF funds? Work swiftly, and you'll get the whole money plus interest.

EPFO Members: You may file a complaint straight via the EPFO portal if the firm hasn't deposited your PF funds. Each delay in PF is subject to severe penalties from EPFO.

Every business in the organized sector is required to deposit the PF with EPFO each month, which is taken from the workers' paychecks. Workers Provident Fund Association. For every employee, PF is crucial. This involves collecting the funds that were granted to the employee at the time of their pension, on which the government additionally pays interest. It is often seen that some businesses withhold PF from their workers yet fail to credit the money to the workers' PF accounts.

Complain here if the firm has not deposited PF.

You may file a direct complaint on the EPFO's complaint site, epfigms.gov.in, if a firm fails to deposit the Provident Fund on time. Regarding non-deposit of PF, EPFO has extremely tight regulations. If the firm waits, it will be fined and will also be required to pay interest on the amount that is still owing. You will need to provide information on your PF account, a pay stub, and a statement, among other documents, when you file the complaint.

What kind of fine does the corporation face for failing to deposit profits?

As per the post published by EPFO on its homepage

The employer will be required to pay damages if he fails for less than two months: 5%; if he defaults over two to four months: 10%; if he defaults for four to six months: 15%; as well as if he refuses for more than six months: 25%. Damages are limited to one hundred percent of the outstanding balance. In addition to damages, the employer will be required to pay 12 percent annual interest on the outstanding balance.