Trending @Accenture; Reduce PF to 1800
Hi,
I have joined last year end and mistakenly opted for Y instead of F in Allsec. I have been investing 24% of my basic to PF which i never wanted to. Now in the new financial year, I wanted to reduce my PF to 1800 but now I am not been allowed by payroll. They are saying it is not allowed but the EPFO doesn’t disallows it rather it tis something Accenture is doing.
Anyone else who has faced similar situation and any possible solutions.
Well it is not allowed, in induction session HR /Finance team told the same. However you can create a support ticket on support.accenture.com and ask your question to the finance team.
I know Accenture is not allowing it but my point was if EPFO restricts it.
Nope, i raised the incident but once it's Yes, then unless we are with Accenture we don't have that option to move back the option as N... EVEN, i subscribed to Y but unable to do now
Once you choose 24% it remains at 24% till you quit and rejoin ;)
If EPFO doesn’t restricts then Accenture can’t force to invest. It is my money paid from my salary not over any above, i feel i have all rights to decide what i want. I have raised a concern with EPFO as well against Accenture, lests see
Hi I will tell you don’t reduce it and possible increase your basic salary as this will benefit you a lot.
Higher basic salary benefits you to get higher gratuity when you leave, higher leave encashment when you leave as thy at calculates based on basic salary.
Loan from PF for future requirements such as House construction, your marriage or children marriage and medical reasons.
I want to increase my basic from 50% to 60% but can’t invest 24% of my basic in PF, i am not getting any tax benefit apart from tax benefit on employer share which is also deducted on my salary. Investment to tax saving ratio is not good hence want to switch
How to increase base salary?
I would suggest you wait and try it again. Sometimes later.
It should be possible to change it in the "compensation plan" section of AllSec portal, which I think you already know.
There was a tax adjustment update going on in the portal for a day or two, so few tabs and options were disabled.
A few colleagues changed it to F instead of Y, a few months back.
Portal is open now, u can change it.
Btw has anybody able to retrieve pf
