Dear All, Would like to know the changes made in EPF from Feb 2016 onwards.. Regarding contribution to be paid after 58 years etc... Regards Neeraj
From India, Gurdaspur
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2From India, Gurdaspur
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Dear friends, To my knowledge, there is no age limit for EPF contribution. Abbas.P.S
From India, Bangalore
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From India, Bangalore
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Recent Changes in EPF Withdrawal Rules
The recent changes in PF from the EPF notification state that an employee cannot withdraw the employer's contribution upon leaving the organization. However, they can claim the employer contribution after attaining the age of 58. Previously, there was a provision in the EPF act allowing employees to withdraw a certain part of their PF after reaching the age of 54. With the recent amendment, this age has been raised to 57.
Regarding the contribution paid after 58 years, there has been no specific amendment as mentioned above.
For more information, please visit the PF website.
With Regards,
Mr. Thumbs Up
From India, Chennai
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The recent changes in PF from the EPF notification state that an employee cannot withdraw the employer's contribution upon leaving the organization. However, they can claim the employer contribution after attaining the age of 58. Previously, there was a provision in the EPF act allowing employees to withdraw a certain part of their PF after reaching the age of 54. With the recent amendment, this age has been raised to 57.
Regarding the contribution paid after 58 years, there has been no specific amendment as mentioned above.
For more information, please visit the PF website.
With Regards,
Mr. Thumbs Up
From India, Chennai
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In the recent amendment, it was noticed that full EPF accumulations can't be withdrawn before attaining the age of retirement, i.e., 58 years of age. Continuity of EPF membership, increase in age limit to withdraw 90% of EPF balance, is the only feature.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
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Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
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Thank you all for your valuable contributions. My question is: after the age of 58 years, does an employee receive a 12% contribution from the employer or do they get a pension according to the funds the department had at that time?
Regards,
Neeraj
From India, Gurdaspur
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Regards,
Neeraj
From India, Gurdaspur
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EPF Withdrawal and Membership Rules Update
I am once again posting this in the hope that it will be beneficial.
1. Full EPF Accumulation Withdrawal Restrictions
(a) Existing Rule: EPF members can withdraw EPF accumulation after 60 days of cessation of employment (including both employee and employer shares with interest).
(b) New Rule: EPF accumulation can't be withdrawn before reaching the age of retirement. The maximum withdrawal upon cessation of employment can't exceed the employee's own contribution and the interest accrued thereon. One can withdraw only their own contributions plus the interest portion. The employer's portion can only be withdrawn after reaching the retirement age of 58 years.
2. Continuity of EPF Membership
(a) Existing Rule: If an employee withdraws the full EPF accumulation after resigning, their membership is deemed terminated, meaning they are no longer a member of the EPF Scheme after the full withdrawal.
(b) New Rule: An employee can only withdraw their own share with interest after resignation, and the employer's share can only be withdrawn after reaching the retirement age, ensuring that membership continues.
3. Retirement Age
(a) Existing Rule: The retirement age is considered 55 years.
(b) New Rule: The retirement age has now been increased from 55 years to 58 years.
4. EPF Withdrawal Provision
(a) Existing Rule: As mentioned, the retirement age has been increased from 55 years to 58 years. The option of full withdrawal of EPF accumulation wasn't allowed; only the employee's share plus interest, up to 90% of the EPF balance, was allowed.
(b) New Rule: This option can only be availed after reaching the age of 57 years, which has now been increased.
Employee Education During Separation
(a) Only the employee's contribution can be withdrawn along with interest after 2 months of separation from service, provided they do not join another organization covered under EPFO.
(b) The employer's contribution will continue to accrue and can only be withdrawn after reaching 58 years of age.
(c) EPF savings are primarily meant for retirement provision. EPFO has implemented these changes for the betterment of employees' futures.
Gazette Notification enclosed earlier.
Thanks & Regards,
Sumit Kumar Saxena
From India, Ghaziabad
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I am once again posting this in the hope that it will be beneficial.
1. Full EPF Accumulation Withdrawal Restrictions
(a) Existing Rule: EPF members can withdraw EPF accumulation after 60 days of cessation of employment (including both employee and employer shares with interest).
(b) New Rule: EPF accumulation can't be withdrawn before reaching the age of retirement. The maximum withdrawal upon cessation of employment can't exceed the employee's own contribution and the interest accrued thereon. One can withdraw only their own contributions plus the interest portion. The employer's portion can only be withdrawn after reaching the retirement age of 58 years.
2. Continuity of EPF Membership
(a) Existing Rule: If an employee withdraws the full EPF accumulation after resigning, their membership is deemed terminated, meaning they are no longer a member of the EPF Scheme after the full withdrawal.
(b) New Rule: An employee can only withdraw their own share with interest after resignation, and the employer's share can only be withdrawn after reaching the retirement age, ensuring that membership continues.
3. Retirement Age
(a) Existing Rule: The retirement age is considered 55 years.
(b) New Rule: The retirement age has now been increased from 55 years to 58 years.
4. EPF Withdrawal Provision
(a) Existing Rule: As mentioned, the retirement age has been increased from 55 years to 58 years. The option of full withdrawal of EPF accumulation wasn't allowed; only the employee's share plus interest, up to 90% of the EPF balance, was allowed.
(b) New Rule: This option can only be availed after reaching the age of 57 years, which has now been increased.
Employee Education During Separation
(a) Only the employee's contribution can be withdrawn along with interest after 2 months of separation from service, provided they do not join another organization covered under EPFO.
(b) The employer's contribution will continue to accrue and can only be withdrawn after reaching 58 years of age.
(c) EPF savings are primarily meant for retirement provision. EPFO has implemented these changes for the betterment of employees' futures.
Gazette Notification enclosed earlier.
Thanks & Regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Dear Mr. Neeraj,
To the best of my knowledge, after reaching 58 years of age, employees receive a 12% contribution from the employer, but the entire 12% amount should be deposited into employees' PF accounts. After the age of 58 years, employees are not eligible for EPS (Pension) benefits.
Thanks & Regards,
Ubaid Raheman.
From India, Mumbai
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To the best of my knowledge, after reaching 58 years of age, employees receive a 12% contribution from the employer, but the entire 12% amount should be deposited into employees' PF accounts. After the age of 58 years, employees are not eligible for EPS (Pension) benefits.
Thanks & Regards,
Ubaid Raheman.
From India, Mumbai
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Dear Mr. Abbas,
Yes, you are correct that EPF contribution does not have any age limits. Only after the age of 58 years, both the employer and employee contributions are to be deposited in the employees' EPF accounts.
Thanks,
Ubaid Raheman.
From India, Mumbai
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Yes, you are correct that EPF contribution does not have any age limits. Only after the age of 58 years, both the employer and employee contributions are to be deposited in the employees' EPF accounts.
Thanks,
Ubaid Raheman.
From India, Mumbai
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EPFO Defers Implementation of New Norms
EPFO today deferred until April 30, 2016, the implementation of new norms, which I mentioned previously, that restrict 100% withdrawal of EPF/EPS accumulations by the members after being unemployed for more than 2 months, among other changes.
EPFO subscribers who have been out of a job for more than 2 months can now file for withdrawal of EPF/EPS accumulations until the end of the month. The new provisions will come into effect from May 2, 2016.
Consequently, all claims received up to April 30, 2016, will be settled according to the existing provisions that were in place before the issuance of the notification dated February 10, 2016.
Thanks and regards,
Sumit Kumar Saxena
From India, Ghaziabad
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EPFO today deferred until April 30, 2016, the implementation of new norms, which I mentioned previously, that restrict 100% withdrawal of EPF/EPS accumulations by the members after being unemployed for more than 2 months, among other changes.
EPFO subscribers who have been out of a job for more than 2 months can now file for withdrawal of EPF/EPS accumulations until the end of the month. The new provisions will come into effect from May 2, 2016.
Consequently, all claims received up to April 30, 2016, will be settled according to the existing provisions that were in place before the issuance of the notification dated February 10, 2016.
Thanks and regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Dear all,
Greetings for the day,
Please note that all claims received up to April 30, 2016, will be settled in accordance with the existing provisions predating the notification issued on February 10, 2016. The enclosed notification is provided for your reference.
Thanks and regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Greetings for the day,
Please note that all claims received up to April 30, 2016, will be settled in accordance with the existing provisions predating the notification issued on February 10, 2016. The enclosed notification is provided for your reference.
Thanks and regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Dear All,
Greetings for the day.
The gazette notification issued in reference to the new EPF policy drafted in February 2016 has been withdrawn. The notification regarding this matter is enclosed herewith for reference.
Thanks & Regards,
Sumit Kumar Saxena
From India, Ghaziabad
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Greetings for the day.
The gazette notification issued in reference to the new EPF policy drafted in February 2016 has been withdrawn. The notification regarding this matter is enclosed herewith for reference.
Thanks & Regards,
Sumit Kumar Saxena
From India, Ghaziabad
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