EPFO: Your pension money will not be tampered with! The department will correct errors in EPS contributions

The EPFO ​​has issued new guidelines for employees who do not contribute to the pension scheme or are mispaid. The EPFO ​​stated that it has observed instances where employers either deposited EPS funds for employees who were not entitled to a pension, or failed to make EPS contributions for employees who were eligible under the scheme.

The organization stated that such errors were causing difficulties in processing employees' pension claims. To ensure a uniform process for these matters, the EPFO ​​has issued correction rules for both exempted and non-exempt organizations.

Errors related to ineligible EPS members

In cases where EPS funds were deposited for employees who were not eligible, the EPFO ​​stated that the incorrectly deposited pension amount will be recalculated. 

The interest rate declared by the EPFO ​​will also be added. In the case of non-exempt organizations, the entire amount will be transferred from the pension account (account number 10) to the PF account, and the pension service will be deleted from the employee's record.

In the case of exempted institutions, the EPFO ​​will transfer the incorrectly deposited amount, along with interest, to the PF Trust account number 10. Additionally, the incorrect pension service will be removed from the employee's account.

Mistakes related to eligible EPS members

In cases where pension-eligible employees were mistakenly excluded from the EPS, the EPFO ​​stated that the pension contribution due, including interest, will be calculated and credited to the pension account. 

For non-exempt organizations, this amount will be transferred from account number 1 to account number 10. The employee's pension service will then be added to the record, including the period where contributions were not made, as per the rules.

For exempted organizations, the relevant PF trust will calculate the EPS amount payable, including interest, and transfer it to the EPFO's pension account. 

The EPFO ​​will then update the employee's pension service record. The EPFO ​​stated that, where necessary, actual funds will be transferred to ensure accurate accounting. 

According to the organization, these guidelines are intended to protect employees' pension rights and ensure uniform implementation across all field offices.

EPFO