I am working in a well known IT company in Pune. When I joined this company in 2012, my basic sal was 28K. The company at that time gave me an option to either opt for EPF or not. I preferred not to opt as I have PPF account with SBI Bank. Also, EPF accounts were not transparent that time with lot of glitches in EPF transfer/withdrawl.
At that time, I withdrawed my EPF amt and closed EPF account with previous employer.
Now my employer had sent an email to all such employees with mandatory new accounts for them. Also, as per email, he will recover EPF for all these employees starting from March-2014.
I am fine with EPF account although this has completely messed up with my financial planning.
The only issue is recovery from March-2014. This is a big amount i.e. 8k monthly from my salary. This is totally screwing up my budget. Also, as per my knowledge, no-one can open backdated accounts. No company have any authority for any recoveries.
Please help me with some inputs on same. Also, help me with some links to GOV rules/rule-book which I can read an point out to my company to avoid this recovery.
I think there are some changes in EPF rules that are asking for mandatory EPF accounts, but none rule asks for recovery.
Help me on this urgently.