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Pppffft Provident Fund Follies in India – Part 3

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Everyone likes a nice story book happy ending? Right?

And guess what? Spoiler alert! I’m about to give you one…

To recap… once upon a time I had real salaried jobs in India.

With each job at each company there was a little thing known here as a “Provident Fund” i.e. something you contribute to towards your retirement.

Which is a great thing!

Except that if you are not actively contributing to your Provident Fund (PF), it goes dormant and lies there withering away with no interest accumulating.

Yeah… you got that right… it gets frozen.

Factor in inflation… rupee devaluation… and basically what could have paid rent may not even buy a cup of coffee when you try to retire. I exaggerate… somewhat… but not completely…

So what happened?

Job #1 – Zippidydoodah!!

  • Remarkably quick… merely took a few calls, getting the right forms, supporting documents in place and that was it!
  • Redeemed in weeks… that’s correct! Under a month!

Job #3 – Get smart!

  • Began with the usual “We lost the paperwork” and “Ooops! We didn’t set it up with your middle name…”
  • Re-submitted paperwork with a different ID and different bank account without my middle name. Smart lass, eh?
  • Redeemed in only a few months… that’s correct! Under a year!

Job #2 – Umm…. 

There is a reason the middle job comes last in this story…

There was more than one obstacle in this case… Like any good tale there were villains aplenty!

Villain #1 – Good old M&A

Original company merged with its global competitor… Combined company again went through a further acquisition… each change meant a further complication.

Villain #2 – Good old incompetance

Original PF registration had the wrong date of birth. Yeah, I know, how could that be when all supporting documents has the correct date of birth? Simple… someone… somewhere… wrote or typed a “0” instead of a “9” and voila! We have a problem.

Villain #3 – Good old ignorance

Once navigating a defunct PF was managed, date of birth corrected, someone got the bright idea that I was disqualified from withdrawing due to my citizenship. Seriously???

Yet like all good stories, we have heroes too!

Hero #1 – Good old boys…

Unbelievably, remarkably, astoundingly… despite all the changes, the Finance guys at my erstwhile employer remain.

Even more amazingly, they respond to my emails and til this day do not ignore my calls.

Without them nothing – and I do mean nothing – would have happened.

Hero #2 – Good old persistence

Even with the right people behind you, without consistently, persistently following up, resubmitting documentation, checking and rechecking… submitting new documentation, checking and rechecking… submitting yet new documentation, following up, checking and rechecking…

Only with pesky sometimes annoying prodding could any progress be achieved.

Hero #3 – Good old info

When ignorance reared its ugly head, more help was needed.

Even the right people, with persistence, gets nothing accomplished without the right “proof” that what someone less informed thought impossible was indeed possible and proper. Information is power. Proof of that information is even more powerful!

Documents were duly submitted dispelling ignorant assumptions that foreigners – and more specifically Canadians – have no access to their Indian Provident Fund.

So then what happened?

The heroes prevailed and defeated the evil villains and my beautiful lovely provident fund was won!

Redeemed in only a few years… that’s correct! Under a decade!

dragon-slayer

Moral of the story?

Living in India Tip #2

Remain friends with the finance and admin guys of your former employer!!! You never know when you may really really really REALLY need their help!

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