Hi Friends,
Please find the details on the amendments made to EPF contribution of International Workers.
1. Provident Fund withdrawal is not possible until the International Worker retires or reaches 58 years of age, whichever is later (except under specific circumstances).
2. Bank account in India has been made a prerequisite for obtaining a refund from Provident Fund Authorities (except where the assignee is covered under a Social Security Agreement).
3. Employer's contribution allocated to Pension will no longer be capped at 8.33% of Rs. 6,500 per month.
4. No pension benefit will be available to International Workers under the Pension Scheme (except where the assignee is covered under a Social Security Agreement or has rendered more than 10 years of service in India).
Regards, kml
From India, Bangalore
Please find the details on the amendments made to EPF contribution of International Workers.
1. Provident Fund withdrawal is not possible until the International Worker retires or reaches 58 years of age, whichever is later (except under specific circumstances).
2. Bank account in India has been made a prerequisite for obtaining a refund from Provident Fund Authorities (except where the assignee is covered under a Social Security Agreement).
3. Employer's contribution allocated to Pension will no longer be capped at 8.33% of Rs. 6,500 per month.
4. No pension benefit will be available to International Workers under the Pension Scheme (except where the assignee is covered under a Social Security Agreement or has rendered more than 10 years of service in India).
Regards, kml
From India, Bangalore
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Hi,
Can you provide clear details about PF International Workers? If an NRI works here, what procedures need to be followed? Additionally, if foreign employees come to work in India for an extended period, what kind of procedures need to be followed? Please revert with answers as soon as possible.
Thanks and Regards,
Ashok Kumar
From India, Hyderabad
Can you provide clear details about PF International Workers? If an NRI works here, what procedures need to be followed? Additionally, if foreign employees come to work in India for an extended period, what kind of procedures need to be followed? Please revert with answers as soon as possible.
Thanks and Regards,
Ashok Kumar
From India, Hyderabad
Hi,
I am a foreign national and I have been working in India for 3 years. After completing the first year, I moved to another company, Y, and asked for my PF withdrawal, which happened without any problem from the company X. Due to the new Indian government rules, my company was obliged to terminate my contract, and I was surprised to learn that I cannot withdraw my PF as per the new government rule.
My questions are as follows:
1) Does this rule for PF withdrawal concern me since my recruitment happened before it was published (hired in August 2008)?
2) Does this mean that I have to wait until I am 58 years old for my PF withdrawal?
What is the procedure to retrieve it later as I am no longer in India?
Regards
1I am a foreign national and I have been working in India for 3 years. After completing the first year, I moved to another company, Y, and asked for my PF withdrawal, which happened without any problem from the company X. Due to the new Indian government rules, my company was obliged to terminate my contract, and I was surprised to learn that I cannot withdraw my PF as per the new government rule.
My questions are as follows:
1) Does this rule for PF withdrawal concern me since my recruitment happened before it was published (hired in August 2008)?
2) Does this mean that I have to wait until I am 58 years old for my PF withdrawal?
What is the procedure to retrieve it later as I am no longer in India?
Regards
Dear Hi Kamala,
Thank you very much for your valuable sharing.
Regards, Keshav Korgaonkar
http://www.shantadurgaent.com, Welcome To Shantadurga Enterprises
Cell: +91 99675 16383
From India, Mumbai
Thank you very much for your valuable sharing.
Regards, Keshav Korgaonkar
http://www.shantadurgaent.com, Welcome To Shantadurga Enterprises
Cell: +91 99675 16383
From India, Mumbai
Can you please provide clear details about PF International Workers?
If an NRI works here, what procedures need to be followed, and what is their PF wage ceiling limit to contribute to PF? If foreign employees come to work in India for a period of time, what kind of procedures need to be followed?
Please revert with answers asap.
Thanks and Regards, Bharathi
From India, Bangalore
If an NRI works here, what procedures need to be followed, and what is their PF wage ceiling limit to contribute to PF? If foreign employees come to work in India for a period of time, what kind of procedures need to be followed?
Please revert with answers asap.
Thanks and Regards, Bharathi
From India, Bangalore
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