Hello,
Is it compulsory to withdraw PF upon leaving the job? An employee has worked for three years in a MNC . Now is in self-employment.Now the employee doesnt want to withdraw the PF as he may loose on the employers contribution if withdrawn earlier than five years.
Kindly Advise.
Warm Regards
From India, Delhi
Is it compulsory to withdraw PF upon leaving the job? An employee has worked for three years in a MNC . Now is in self-employment.Now the employee doesnt want to withdraw the PF as he may loose on the employers contribution if withdrawn earlier than five years.
Kindly Advise.
Warm Regards
From India, Delhi
If he has been a member of Employees Provident Fund, he will not lose employer's share if he has worked at least for 6 months. However, if he is not presently working he can apply for withdrawal of Provident Fund only and simultaneously apply for scheme certificate in lieu of withdrawal benefit of Pension Fund to which 8.33% of employer's contribution goes.
Regards,
Madhu.T.K
From India, Kannur
4248Regards,
Madhu.T.K
From India, Kannur
Dear Madhu,
Thanks for replying. What happens to the fund if it is left untouched for 5 years. Is there any provision which states that the employee will loose out on the employer's contribution if withdrawal is done before completion of five years?
From India, Delhi
Thanks for replying. What happens to the fund if it is left untouched for 5 years. Is there any provision which states that the employee will loose out on the employer's contribution if withdrawal is done before completion of five years?
From India, Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls