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When I resigned from my previous job, I opted to withdraw my Employees Provident Fund (EPF) contribution. Unlike D, I don’t contribute to the Voluntary Provident Fund (VPF) — hence my EPF corpus was built on a monthly contribution of 12% of my Basic Salary plus an equal match from my employer. I filled-up the necessary application forms and submitted these as part of the exit process. This was on July 31, 2010.
I received the EPF credit in two tranches: the first on February 05, 2011 and the second on February 11, 2011. Apparently, your EPF contributions are split into two: a pension part and a provident fund part. Hence, the payout also happens in two stages.
What’s interesting, however, is the guessing game that you play in the intervening six months while you wait for your money.
- Your employer generally doesn’t have a clue about the status of your application once they handover the forms to the applicable Provident Fund office. I’ve heard multiple versions of the processing steps at different times. Quite not sure which one’s true.
- A good friend, who resigned a couple of weeks after I did, received a couple of status SMSes from the Provident Fund office suggesting that his forms had been processed and that the payments had been dispatched through check. I, however, never received any status SMSes.
- Having received the lower-value pension part (through NEFT) but not the higher-value provident fund part, my friend (who’d received neither) and I spent a good couple of hours at the Bank (where we have the Savings Account into which we’d asked for the payout to happen) trying to figure out why. The Bank officials were sympathetic to our cause and extremely helpful in their investigation, but ultimately they couldn’t answer why. I received the higher-value provident fund part a week later (again, through NEFT).
- In the interim, my friend had also managed to get someone from our previous employer to personally visit the Provident Fund office and check on our applications. We were given check numbers (they were the same for both of us!) and the amounts but we were further confused when my first credit happened over NEFT but the amount was an exact match. The Bank wasn’t sure how this was possible.
- A couple of colleagues who’d resigned before we did told us that they’d received the full amount in a single credit — but they’d faced other issues of their own such as signature mismatches.
- We finally decided to wait it out for a week.
Luckily the ending was a happy one — for both of us.
But why it takes six months, to begin with, is beyond my understanding.
What has your experience been?
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