Is your company depositing your PF with EPFO?

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Companies deduct Provident Fund (PF) money from their employees’ salaries, but fail to deposit the same into their PF accounts. In recent times, many such cases have surfaced, especially in startups. This is akin to playing with the employee’s future, given that the employee’s PF funds serve as a financial cushion for his or her future.

Every company which has more than 20 employees on its roll is required to register with EPFO. Registered companies are required to deposit 12% of the employee’s basic salary into his or her PF account, and the company also contributes the same amount under various heads. It is the company’s responsibility to deposit the deducted amount for PF into the employee’s EPFO account.

Employers must deposit funds into the employee’s EPFO by the 15th of the following month, in which the salary is credited. That means if the salary for September is credited on October 1st, the deducted amount for PF should be deposited by October 15th.

The Supreme Court clarified in February 2022 that if there’s any error or delay in the employer’s EPF contribution, the employer will be liable to pay a penalty under Section 14B of the Employee Provident Fund Act. Companies cannot evade their responsibility after deducting PF.

Last year, similar news came regarding the edtech company Byju’s. However, the company later made the payment.

So, it is essential to ensure that your PF money is indeed being deposited into your EPF account. You can easily check how much money is deposited in your PF account and whether the amount is being deposited every month or not.

There are several ways to find this out. One way is to visit the EPFO portal, log into your account to check. Another way is to download the UMANG app, sign up, and download your passbook to find out. The third and easiest way is to send an SMS to 7738299899 from your registered mobile number. Type EPFOHO (space) UAN and send it. You can also call on 9966044425 from your registered mobile number to find out.

Now, if you find out that PF money has been deducted from your salary but has not deposited into your PF account, what should you do? How will you resolve this issue? You’ve informed the company about this, but if the company isn’t listening to you, what options do you have? These are crucial questions. Here are some options you can consider for resolving this.

If you want, you can also file a complaint with the Regional Provident Fund Commissioner in your area. You can also send legal notices to the company and its directors. In other words, you have several options through which you can compel your company to deposit your old and rightful PF contributions; so that such situations don’t arise again.

In conclusion, you need to stay alert. If PF money is being deducted, you will receive a message from EPFO once a month regarding your passbook balance. It will also show your monthly contribution.

So, if you’re not receiving such messages, be alert. Because PF is an essential fund for your future, so scrutinize every part of your salary slip. Ensure that the money is going to the right place. You have the right to know a complete account of your hard-earned money. So, stay vigilant and if the company isn’t taking responsibility, then complain on the right platform for claiming your rightful money.