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
2From India, Gurdaspur
Hi Buddy,
The recent changes in PF from the EPF notification said that employee cannot withdraw the employer contribution while leaving the organization however after attaining the age of 58 years only they can claim the employer contribution and earlier to the amendment there is a provision in EPF act which allow employee to withdraw certain part of PF after attaining the age of 54 now after the amendment it is changed to 57.
But there is no any amendment specifying contribution paid after 58 years as you mentioned above.
Please Visit PF website for more info.
With Regards
Mr.Thumbs Up
From India, Chennai
The recent changes in PF from the EPF notification said that employee cannot withdraw the employer contribution while leaving the organization however after attaining the age of 58 years only they can claim the employer contribution and earlier to the amendment there is a provision in EPF act which allow employee to withdraw certain part of PF after attaining the age of 54 now after the amendment it is changed to 57.
But there is no any amendment specifying contribution paid after 58 years as you mentioned above.
Please Visit PF website for more info.
With Regards
Mr.Thumbs Up
From India, Chennai
In the recent amendment it was noticed that full EPF accumulations can't be withdrawn before attaining the age of retirement i.e 58 years of age.Continuity of EPF membership increase in age limit to withdraw 90% of EPF balance is the only features.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Dear all,
Greetings for the day,
I am once again posting this hope this will be beneficial,
1.Full EPF Accumulation can't be withdrawn (Limit on early EPF withdrawals)
(a)Existing Rule- The EPF members can withdraw EPF accumulation after 60 days of cessation of employment (consist of Employee and Employer Share with interest) .
(b) New Rule - The EPF Accumulation can't be withdrawn before attaining the age of retirement.The maximum withdrawal on cessation of employment can't exceed an amount aggregating employees's own contribution and interest accured thereon.One Can withdraw own contributions+interest portion only.The employer portion can only be withdrawn after attaining the retirement age i.e 58 years.
2.Continuity of Own EPF Membership :
(a) Existing Rule : If an employee withdraw full EPF accumulation after resigning from the service, his/her membership is deemed to be terminated which means he/she is not a member of EPF Scheme after the full withdrawal of accumulation.
(b) New Rule : An employee can only withdraw his own share with intrest after resignation and employer share can only be withdrawn after attaining the age of retirement which means that your membership should be continued.
3.Retirement Age :
(a) Existing Rule : The retirment age is considered as 55 years.
(b) New Rule : The age of retirement is now been increased from 55 years to 58 years.
4.EPF Withdrawal Provision
(a) Existing Rule : As cited above the retirement age has been increased from 55 years to 58 years the option of full withdrawal of EPF accumulation can't be allowed, only employee share +interest rate only 90% of EPF balance was allowed.
(b) New Rule : One can only to avail this option after attaining the age of 57 years, which is now has been increased.
Employee Education During Separation :
(a) Only employee contribution can be withdrawn along with interest due to after 2 months of seperation from service from the services and not joining any other organization covered under EPFO.
(b) Employer contribution will continue to accure aand can only be withdrawn after attaining 58 years of age.
(c)Basically EPF savings is meant for provision of retirement. So EPFO has brought such changes for betterment of future of an employees.
Gazatte Notification enclosed earlier
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Greetings for the day,
I am once again posting this hope this will be beneficial,
1.Full EPF Accumulation can't be withdrawn (Limit on early EPF withdrawals)
(a)Existing Rule- The EPF members can withdraw EPF accumulation after 60 days of cessation of employment (consist of Employee and Employer Share with interest) .
(b) New Rule - The EPF Accumulation can't be withdrawn before attaining the age of retirement.The maximum withdrawal on cessation of employment can't exceed an amount aggregating employees's own contribution and interest accured thereon.One Can withdraw own contributions+interest portion only.The employer portion can only be withdrawn after attaining the retirement age i.e 58 years.
2.Continuity of Own EPF Membership :
(a) Existing Rule : If an employee withdraw full EPF accumulation after resigning from the service, his/her membership is deemed to be terminated which means he/she is not a member of EPF Scheme after the full withdrawal of accumulation.
(b) New Rule : An employee can only withdraw his own share with intrest after resignation and employer share can only be withdrawn after attaining the age of retirement which means that your membership should be continued.
3.Retirement Age :
(a) Existing Rule : The retirment age is considered as 55 years.
(b) New Rule : The age of retirement is now been increased from 55 years to 58 years.
4.EPF Withdrawal Provision
(a) Existing Rule : As cited above the retirement age has been increased from 55 years to 58 years the option of full withdrawal of EPF accumulation can't be allowed, only employee share +interest rate only 90% of EPF balance was allowed.
(b) New Rule : One can only to avail this option after attaining the age of 57 years, which is now has been increased.
Employee Education During Separation :
(a) Only employee contribution can be withdrawn along with interest due to after 2 months of seperation from service from the services and not joining any other organization covered under EPFO.
(b) Employer contribution will continue to accure aand can only be withdrawn after attaining 58 years of age.
(c)Basically EPF savings is meant for provision of retirement. So EPFO has brought such changes for betterment of future of an employees.
Gazatte Notification enclosed earlier
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Dear Mr. Neeraj,
From the best of my knowledge... after completion of 58 years of age, Yes employees are get 12% contribution from the side of employer but entire 12% amt. to be deposited into employee PF accounts.
After age of 58 yrs employees are not eligible for EPS (Pension) benefits.
Thanks & Regards,
Ubaid Raheman.
From India, Mumbai
From the best of my knowledge... after completion of 58 years of age, Yes employees are get 12% contribution from the side of employer but entire 12% amt. to be deposited into employee PF accounts.
After age of 58 yrs employees are not eligible for EPS (Pension) benefits.
Thanks & Regards,
Ubaid Raheman.
From India, Mumbai
Dear Mr. Abbas,
Yes, your correct EPF contribution don't have any age limits.
Only after age of 58 years both the side contribution to be deposited in employees EPF accounts.
Thanks,
Ubaid Raheman.
From India, Mumbai
Yes, your correct EPF contribution don't have any age limits.
Only after age of 58 years both the side contribution to be deposited in employees EPF accounts.
Thanks,
Ubaid Raheman.
From India, Mumbai
Dear All,
Greetings for the day,
EPFO today deffered till april30,2016 implementation of new norms which was cited by me as above that restrict 100% withdrawl of EPF/EPS accumulations by the members after unemployed of more than 2 months among others.
The EPFO subscribers who were out of job for more than 2 months can file for withdrawl of EPF/EPS accumulation till month end.The new provisions will be implemented wef May2,2016.
Accordingly all the claims received upto april 30,2016 will be settled as per existing provisions prior to issuance of notification dated feb.10 2016.
thanks and regards
from,
sumit kumar saxena
From India, Ghaziabad
Greetings for the day,
EPFO today deffered till april30,2016 implementation of new norms which was cited by me as above that restrict 100% withdrawl of EPF/EPS accumulations by the members after unemployed of more than 2 months among others.
The EPFO subscribers who were out of job for more than 2 months can file for withdrawl of EPF/EPS accumulation till month end.The new provisions will be implemented wef May2,2016.
Accordingly all the claims received upto april 30,2016 will be settled as per existing provisions prior to issuance of notification dated feb.10 2016.
thanks and regards
from,
sumit kumar saxena
From India, Ghaziabad
Dear all,
Greetings for the day,
Accordingly all the claims received upto april 30,2016 will be settled as per existing provisions prior to issuance of notification dated feb.10 2016, notification enclosed for the reference as per above reference also.
thanks and regards
from,
sumit kumar saxena
From India, Ghaziabad
Greetings for the day,
Accordingly all the claims received upto april 30,2016 will be settled as per existing provisions prior to issuance of notification dated feb.10 2016, notification enclosed for the reference as per above reference also.
thanks and regards
from,
sumit kumar saxena
From India, Ghaziabad
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.
EPF ON LINE REGN. USER MANUAL.pdf