Byju’s Transfers Rs 123 Crore to EPFO: Byju’s has transferred 10 months’ PF money of the employees to EPFO. The employees had alleged that the PF money was not deposited.
Think & Learn, the parent company of edtech firm Byju’s, has sent the outstanding provident fund amount of its employees from August 2022 to May 2023 to the Employees’ Provident Fund Organization (EPFO). Following the instructions of EPFO, the company has sent the PF amount of its employees.
Byju’s sent money to EPFO (Byju’s Transfers Rs 123.1 Crore to EPFO)
Sources aware of this development have informed that Byju’s has paid Rs 123.1 crore to EPFO for a period of 10 months. At the same time, has expressed commitment to repay the remaining arrears of Rs 3.43 crore in the next few days.
Money not deposited in PF account despite deduction
Some former employees of Byju’s had alleged that the company did not deposit PF money in their EPF account despite deducting PF money from their salary.
Some employees of Byju’s had shared their EPF account passbooks and salary slips complaining about non-deposit of PF contribution in the EPF account. It was also revealed from the data of EPFO portal that the company did not follow the rules of depositing contribution every month.
PF money has to be deposited by 15th of next month
Under the Employees’ Provident Fund and Miscellaneous Provisions Act, any company has to deposit the PF amount of every month by the 15th of the next month.
In case of any delay, EPFO Penal Interest may have to be paid.
Under this law, employees can file a complaint about delay in depositing money in EPF account. The EPFO system issues a list of defaulters on a monthly basis.
