Dear friends,
I worked in my previous organization for 6 years. I resigned in April 2015 and joined the new firm in July 2015 after serving the 3 months notice period. I want to withdraw my PF for immediate need of funds. However, the new firm is saying they cannot open a new PF account as I already have a PF account. So, in this case, if my existing firm continues to use my old PF account, will I be able to withdraw funds from it? I need those funds desperately, so I need your advice on how to proceed. Can I opt out of PF completely? Please let me know.
From India, Mumbai
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I worked in my previous organization for 6 years. I resigned in April 2015 and joined the new firm in July 2015 after serving the 3 months notice period. I want to withdraw my PF for immediate need of funds. However, the new firm is saying they cannot open a new PF account as I already have a PF account. So, in this case, if my existing firm continues to use my old PF account, will I be able to withdraw funds from it? I need those funds desperately, so I need your advice on how to proceed. Can I opt out of PF completely? Please let me know.
From India, Mumbai
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Dear Mangeshab,
If you are continuing in the same PF account, there is no option to withdraw the amount. But you may take a loan as detailed below, provided a minimum employee contribution (with interest) of Rs. 1000 is lying with PF.
1. 68(B) - Towards house construction/purchase/plot purchase, etc. Minimum service required - 5 years. Amount admissible - 100% of both employee & employer contribution.
2. 68(H) - Towards 2 months or more lockout (due to other than strike). No minimum service. Amount admissible - 6 times of basic+DA or employee contribution, whichever is less.
3. 68(J) - Towards one month hospitalization, major surgical operation, diseases like leprosy, TB, cancer, mental retardation, etc. No minimum service, but for out of ESI coverage members. Amount admissible - 6 times of basic+DA or employee contribution, whichever is less.
4. 68(K) - a) Towards post metric education of children.
b) Towards own/brothers'/sisters'/children's marriage. Maximum three times in service. Minimum service required - 7 years. Amount admissible - 50% of employee contribution.
5. 68(N) - Applicable for physically handicapped towards the purchase of equipment to reduce handicap. Amount admissible - 6 times of basic+DA or employee contribution or cost of the equipment, whichever is less.
6. 68(NN) - After attaining the age of 54 years and before one year from the date of superannuation, whichever is later. Amount admissible - 90% of both employee & employer contribution.
Abbas. P. S
From India, Bangalore
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552If you are continuing in the same PF account, there is no option to withdraw the amount. But you may take a loan as detailed below, provided a minimum employee contribution (with interest) of Rs. 1000 is lying with PF.
1. 68(B) - Towards house construction/purchase/plot purchase, etc. Minimum service required - 5 years. Amount admissible - 100% of both employee & employer contribution.
2. 68(H) - Towards 2 months or more lockout (due to other than strike). No minimum service. Amount admissible - 6 times of basic+DA or employee contribution, whichever is less.
3. 68(J) - Towards one month hospitalization, major surgical operation, diseases like leprosy, TB, cancer, mental retardation, etc. No minimum service, but for out of ESI coverage members. Amount admissible - 6 times of basic+DA or employee contribution, whichever is less.
4. 68(K) - a) Towards post metric education of children.
b) Towards own/brothers'/sisters'/children's marriage. Maximum three times in service. Minimum service required - 7 years. Amount admissible - 50% of employee contribution.
5. 68(N) - Applicable for physically handicapped towards the purchase of equipment to reduce handicap. Amount admissible - 6 times of basic+DA or employee contribution or cost of the equipment, whichever is less.
6. 68(NN) - After attaining the age of 54 years and before one year from the date of superannuation, whichever is later. Amount admissible - 90% of both employee & employer contribution.
Abbas. P. S
From India, Bangalore
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