TeamLease Services Limited has set up a Provident Fund Trust in the year 2006 with the primary objective of providing its large base of employees with enhanced services in matters related to their provident fund accumulations and benefit payments. Over the last 15+ years, we believe that the operations of our Provident Fund Trust have been able to deliver superior service levels to our Employees.
In the recent times, EPFO had enhanced their service levels by computerization and automation of their processes. Employees covered under the EPFO are provided with access to their portal to view their balances online, apply for withdrawals, data corrections, transfers etc. In addition, the proposed rule/process change by the EPFO, where employees shifting jobs will no longer be required to transfer their PF accounts is likely to significantly improve the overall Employee experience.
To leverage on the enhanced services provided by the EPFO, it has been decided by the Management to wind up the Provident Fund Trust and to comply with the EPFO.
We will continue to have internal team to support our employees on PF administration / transfer.
This shift will not change any entitlement of TeamLease employees with respect to their provident fund. By moving to the EPFO, employees have a sovereign underwriting on guaranteed returns.
The table below will clearly help you understand the contribution structures with the Trust and the EPFO. There will be no change in the contribution % or the interest rates. As you will notice, the contribution and interest rates remain the same after the transition to EPFO
|With PF trust||With EPFO|
|Provident Fund||Employer Contribution||12% of the basic salary minus contribution to EPS||12% of the basic salary minus contribution to EPS|
|Employee Contribution||12% of the basic salary||12% of the basic salary|
|Where is the contribution remitted?||To TeamLease PF Trust||PF Office in Bangalore|
|Employees Pension Scheme||Employer Contribution||8.33% of basic salary capped at Rs. 1,250/- per month||8.33% of basic salary capped at Rs.1,250/- per month|
|Where is the contribution remitted?||To the PF office in Bangalore||To the PF office in Bangalore.|
|Interest on Provident Fund||Interest rate credited to my PF balance.||Not less than the rate declared by the PF office. Last declared rate was 8.50% for the FY 2020-21||As declared by the PF office. Interest rate declared for the FY 2020-21 by the EPFO is 8.50%|
Overseeing the Company’s financial reporting process and disclosure of its financial information to ensure that its financial statements are correct, sufficient and credible.
|S.No.||Attribute||Existing (Trust)||New (PF Office)|
|1||Benefit Administration||Trust / Trustees||RPFC, Bangalore|
|2||Accounting contributions||Trust/Trustees||RPFC, Bangalore|
|3||Maintaining PF balance||Trust/Trustees||RPFC, Bangalore|
|4||Processing of applications (Withdrawals / Loans / Transfers)||Trust / Trustees through the PF administrator||RPFC, Bangalore – Employees have option to apply online for withdrawals and transfers through EPFO’s Member portal.|
|S.No.||Attribute||Existing (Trust)||New (PF Office)|
|5||PF passbook / statement||Online access of PF statement thru TeamLease Employee Self Service portal||Will be available online. Members can download their PF passbook after activating Universal Account Number (UAN).|
|6||Grievance redressal mechanism||Trust / Trustees through internal HR / PF team||Through EPFO portal, grievance can be raised. URL : https://epfigms.gov.in/. Member should have an active UAN to register a grievance. Member has an option to view the status and send reminders. Any claim status can also be used by submitting the UAN details.|
|7||PF account number||No changes in PF A/c Number||EPS number which is currently used for remitting pension contribution will become your PF number. Both PF and EPS contributions are remitted to the same account number maintained at RPFC, Bangalore.|
1st March 2022: The process of migration will commence effective 1st March and is expected to take around 6 months to complete the process.(this is subject to change due to dependency on RPFC to complete the process).
All PF contributions till the month of February will be made in the current PF trust. Starting from 1st March 2022 (March contribution payable in April 2022), the employee’s PF contribution will be made to PF office, Bangalore.
The current PF balance with the trust i.e. employee contributions and accrued interest till the month of transfer (February 2022) will be transferred to the employee’s PF account maintained by the PF office in Bangalore. This process is expected to take 6 months to complete
During the 6 month transition period, there will be a temporary stoppage of processing of loan requests, withdrawals and transfer-outs. Hence any employee needing an emergency PF loan should submit his /her application on or before 10th March 2022.
Employees joining on or after 1st March 2022 are advised not to initiate Transfer-In of their PF balances from their previous employer immediately upon joining. The Transfer-In request can be initiated after remitting two months of PF contribution to the EPFO. The members will have access to view their PF balances and to initiate any online transaction only upon completion of their KYC and e-nomination in the EPFO’s online portal available for members.
PF statements for last financial year have already been shared with you and before the PF is migrated to PF Office in Bangalore, you would get an updated statement of your PF balance with the trust. This balance would include up to date interest.
The entire balance (as reflecting in PF statement) would be transferred to the PF office in Bangalore.
The current PF balance with the trust i.e. your contributions and accrued interest till the month of transfer (28th February 2022) will be transferred to the PF office, Bangalore.
These transfers will happen to your account that will be maintained by the PF office in Bangalore. The interest accrued on PF till the month of transfer (28th February 2022) will be transferred by the trust to the PF office in Bangalore at the interest rate declared by the Trustees.
Interest during this period will be credited to your account as usual by the RPFC and there will be no financial loss to you.
The migration will commence in March 2022 and is expected to take around 6 months subject to regulatory approvals and to complete the procedures at the Trust and PF Office. During the migration period, no requests for withdrawals/ settlements/ transfers in/ transfers out will be accepted.
Please note that only those applications received prior to 10th March-2022 will be processed.
Transfers of provident fund accumulations from your previous employers which have already been filed for, but not yet received will be accepted in the Trust till the closure of the Trust. The provident fund will then be transferred by the Trust to PF office, Bangalore.
Post 10th March 2022, employees/ ex-employee who wish to obtain settlements, transfer-in their PF from previous employers/ effect transfer out/ withdrawals can apply for the same with the PF office in Bangalore only after the migration completes. This temporary stoppage is on account of the processes that need to be followed and completed by our Trust and the PF office, Bangalore to update your PF account.
During the migration period if any transfer-in amounts received by the trust same will be deposited with PF office, Bangalore with a request to credit the same to the respective member account.
Kindly note that the estimated migration timeline of 6 months is tentative and is subject to extend due to dependencies on completion of certain activities by the RPFC, Bangalore for completion of migration activities (Technology issues at RPFC, resource bandwidth in RPFC to handle large migrations etc). Any delay/extension of migration timeline will be communicated subsequently. Further, KYC and E-Nomination to be completed by all the employees for any transaction like viewing PF Passbook, Transfer-In & Out application, PF & EPS settlement application and PF Loan in UAN based login under EPFO.
During the migration period, starting from 1st March 2022 (March contribution payable in April 2022) your PF contribution will be made to PF office, Bangalore.
If you wish to obtain a loan on your PF from the trust, please submit the application for the same with relevant documents through online non-refundable withdrawal process latest by 10th March 2022. If the application is complete and supporting documents are adequate, the request will be processed by the trust and payments will be made to you. After 10th March 2022, there will be a temporary stoppage of accepting such applications. The PF office in Bangalore will accept and process such applications once the migration of balances is completed.
Employees, who resign from the services of TeamLease and want to obtain settlement of PF balances or transfer out their balances to the next employer’s PF from the trust, will have to apply before 10th March 2022. After this date, only post completion of migration, applications will be accepted for processing. These claims will be processed by the PF Office, Bangalore.
Transfers of PF balance from your previous employers which have already been filed for, but not yet received will be accepted in the Trust till such a time that the Trust is closed. The PF balance will then be transferred to the PF office, Bangalore.
After the Trust balances are transferred to the PF office, statements of PF balances will be provided by the PF office in Bangalore as per their processes and timelines. We will however, keep track of the amount transferred from the Trust and the amounts contributed to the PF office on a monthly basis. You can check your PF statement online on EPFO site post the migration process is completed by PF Office, Bangalore. The online statement can be viewed after activating your UAN ,KYC updation and E-Nomination updation completed in UAN based login under EPFO Portal
There will be no impact to EPS since same number is used for remitting your PF contribution.
You have to activate UAN in EPFO online portal. On activation of UAN you can either view the statement online or download the statement from EPFO website for your consumption. The statement includes both PF and EPS balances shown together in separate columns.
The statement includes personal details such as Name, Father’s/ Husband’s name, Date of Birth, Date of Joining and Date of Leaving, if applicable.
The same can be viewed in https://passbook.epfindia.gov.in/ by login with your UAN
The UAN will act as an umbrella for the multiple Member Ids (PF Numbers) allotted to an individual by different establishments. This is to link multiple Member Identification Numbers (Member Id/ PF Numbers) allotted to a single member under single Universal Account Number.
Members can view the PF balances till the last contribution remittance through UAN portal after activating the same in EPFO portal.Members will receive a SMS from EPFO immediately after credit of the monthly PF contribution to member’s account.
Members can view their balances till the last contribution made by the Company including any transfer-ins received and accounted by the RPFC in the PF account.
a) The PF Transfer-In Process will be faster than Exempted PF Trust since the process will eliminate the delay in getting the Annexure K from Previous RPFC subject to satisfying conditions laid down by the EPFO. In addition, the proposed rule/process change by the EPFO, where employees shifting jobs will no longer be required to transfer their PF accounts.
b) Need not to search multiple Portal for PF and EPS status
Associate can send mails to firstname.lastname@example.org and can be called to our call centre 080- 60000655
The Regional Office, Bangalore,
# 13, Bhavishya Nidhi Bhawan,
Rajaram Mohan Roy Road,
Bangalore – 560 025