latest amendments in the EPF Scheme say that :
1.Full EPF amount cannot be withdrawn by the member before attaining the Retirement Age. i.e., 58 years.
New Rule : Under para 68 NNNN, the EPF members cannot withdraw full PF amount (both shares) before attaining the age of 58 years. An out-going employee can withdraw only his contributions + interest thereon. The employers portion (i.e., 3.67%) can be withdrawn after attaining the retirement age of 58 years, which is retained with EPFO for continuity of EPF membership.
2.Increase in age limit i.e., 54 to 57 for withdrawal of 90% of PF amount under para 68 NN.
HOWEVER, CHENNAI EPFO has issued circular to stop sending Form 10 & 19 for withdrawal.
My question is - Per rule (1), I can still withdraw my contribution & interest thereon, upon cessation of my employment. Then why the rule 2 ?
HR STALWARTS, pls advise. Can I withdraw my PF now ? & HOW ? Is there any age-barrier or lock in period to be able to do this ?
request reply with citings.
NB
From India, Ahmedabad
1.Full EPF amount cannot be withdrawn by the member before attaining the Retirement Age. i.e., 58 years.
New Rule : Under para 68 NNNN, the EPF members cannot withdraw full PF amount (both shares) before attaining the age of 58 years. An out-going employee can withdraw only his contributions + interest thereon. The employers portion (i.e., 3.67%) can be withdrawn after attaining the retirement age of 58 years, which is retained with EPFO for continuity of EPF membership.
2.Increase in age limit i.e., 54 to 57 for withdrawal of 90% of PF amount under para 68 NN.
HOWEVER, CHENNAI EPFO has issued circular to stop sending Form 10 & 19 for withdrawal.
My question is - Per rule (1), I can still withdraw my contribution & interest thereon, upon cessation of my employment. Then why the rule 2 ?
HR STALWARTS, pls advise. Can I withdraw my PF now ? & HOW ? Is there any age-barrier or lock in period to be able to do this ?
request reply with citings.
NB
From India, Ahmedabad
How can Chennai EPFO disallow withdrawals especially when rule (1) permits withdrawal of my contribution. How do I take this up with Chennai EPFO to allow me withdrawal. If I don't withdraw, will they give me interest till I turn 57 ? I am in serious need for withdrawal. PLS HELP WITH RIGHT ADVISE.
From India, Ahmedabad
From India, Ahmedabad
Dear Mr. Nirav,
As per notification issued on 10-02-2016, PF not allowed to withdraw till retirement age. For withdrawal of Member's contribution, member has to apply under para 68NNNN. Fill form 31 and write withdrawal after cessation, to be filled after two months from resignation,if not joined where PF act applies.
Member's medmbership is continued and will earn interest up to retirement. There will not be in operative a/c after 3yrs. Even in-operative account will get interest from 01-04-2016 onwards.
Only for retirement, form 19 and 10C / 10D will be given.
Thanks,
Bhat
From India, Pune
73As per notification issued on 10-02-2016, PF not allowed to withdraw till retirement age. For withdrawal of Member's contribution, member has to apply under para 68NNNN. Fill form 31 and write withdrawal after cessation, to be filled after two months from resignation,if not joined where PF act applies.
Member's medmbership is continued and will earn interest up to retirement. There will not be in operative a/c after 3yrs. Even in-operative account will get interest from 01-04-2016 onwards.
Only for retirement, form 19 and 10C / 10D will be given.
Thanks,
Bhat
From India, Pune
Whether interest credited to Unclaimed PF accounts and if the interest credited amount is more than Rs. 5,000/-; whether TDS is required to be deducted or not under Section 194C of the Income-tax act. I request clarification on this matter from our esteemed panel members.
From India, Mumbai
From India, Mumbai
even i got this kind of mail from my employer...My last date was 14th Jan.
Now i immigrated(permanently to outside India). does this rule applies in this scenario too.?
if not can i take loan on employee contribution once i withdrwan my contribution?
Now i immigrated(permanently to outside India). does this rule applies in this scenario too.?
if not can i take loan on employee contribution once i withdrwan my contribution?
Hi Aastha, I don't have an attachment in this regard. But we had an internal communication from HR where they cited a notification by Chennai EPFO. I fear I will not be able to share internal communication, but I guess same is available on EPFO Chennai site/portal if it helps u. Pls let me know if u gather more info. in this regard.
thanx.
From India, Ahmedabad
thanx.
From India, Ahmedabad
Dear Mr. Bhat, thanx for ur valued insite. If I may pls harp again -
1) Can I withdraw my contribution (& its accrued interest) 2 months post-my unemployment ? If so, should I still send it to my ex-employer for the needful bu sending across the Forms cited by u ... Why will EPFO Chennai deny sending forms in that case ?
at the risk of repetition, request ur elaboration.
From India, Ahmedabad
1) Can I withdraw my contribution (& its accrued interest) 2 months post-my unemployment ? If so, should I still send it to my ex-employer for the needful bu sending across the Forms cited by u ... Why will EPFO Chennai deny sending forms in that case ?
at the risk of repetition, request ur elaboration.
From India, Ahmedabad
Dear Mr. Bhat, thanx for ur valued insite. If I may pls harp again -
1) Can I withdraw my contribution (& its accrued interest) 2 months post-my unemployment ? If so, should I still send it to my ex-employer for the needful bu sending across the Forms cited by u ... Why will EPFO Chennai deny sending forms in that case ?
at the risk of repetition, request ur elaboration
From India, Ahmedabad
1) Can I withdraw my contribution (& its accrued interest) 2 months post-my unemployment ? If so, should I still send it to my ex-employer for the needful bu sending across the Forms cited by u ... Why will EPFO Chennai deny sending forms in that case ?
at the risk of repetition, request ur elaboration
From India, Ahmedabad
Please note that EPFO has issued a circular and the date of implementation of the above circular dated 10.02.2016 has been extended to 1st May 2016. Therefore, entire PF contributions (i.e. Employees' as well as Employers') could be settled in respect of resigned employees.
However, after 1st May, 2016, only Employees PF Contribution shall be settled and Employers PF contribution will be settled on attaining the age of 58 years.
Those persons, who have resigned upto now could take advantage of the above extension granted by EPFO and get their entire PF balance settled.
From India, Mumbai
However, after 1st May, 2016, only Employees PF Contribution shall be settled and Employers PF contribution will be settled on attaining the age of 58 years.
Those persons, who have resigned upto now could take advantage of the above extension granted by EPFO and get their entire PF balance settled.
From India, Mumbai
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