Dear All,
Is it compulsorry to transfer the PF Amount if an employee has switch to the another organization within 60 days?
Is there any recent circular from EPFO that if member is joining another organization within 60 days he/she can not withdaw his/her PF Amount?
Please discuss - help.
Regards,
From India, Bhuj
1Is it compulsorry to transfer the PF Amount if an employee has switch to the another organization within 60 days?
Is there any recent circular from EPFO that if member is joining another organization within 60 days he/she can not withdaw his/her PF Amount?
Please discuss - help.
Regards,
From India, Bhuj
By law, You are not allowed to withdraw your pf amount, irrespective of how long it is between jobs.
You are supposed to withdraw it only after retirement.
Since there is no fixed definition of retirement and it cant be easily enforced, the rules allow employees to withdraw their PF amount if they stop working. however, this is to be only for those who are not going to take up a job again. The form for withdrawal has such a declaration (dont remember the exact wording)
When you join a new organisation, you are required to fill up a form that has your details of previous PF account. In the above cases, you will need to give a false declaration at both ends.
Even that is likely to be plugged with the concept of single centralised PF number (as against current practice of PF number linked with the employer's code). So again, you will not be able to withdraw it unless you give a false declaration and ask the company to make a new account for you (stating you did not have a PF account earlier)
From India, Mumbai
You are supposed to withdraw it only after retirement.
Since there is no fixed definition of retirement and it cant be easily enforced, the rules allow employees to withdraw their PF amount if they stop working. however, this is to be only for those who are not going to take up a job again. The form for withdrawal has such a declaration (dont remember the exact wording)
When you join a new organisation, you are required to fill up a form that has your details of previous PF account. In the above cases, you will need to give a false declaration at both ends.
Even that is likely to be plugged with the concept of single centralised PF number (as against current practice of PF number linked with the employer's code). So again, you will not be able to withdraw it unless you give a false declaration and ask the company to make a new account for you (stating you did not have a PF account earlier)
From India, Mumbai
Dear Deepmona,
You are well come to this forum of knowledge sharing. This is your first response (and second post of you) to the query in the forum. I do not intend to discourage you from posting. I am not a senior member or moderator of this forum, but still I would like to advise you to confirm the correctness in the response, atleast in such queries in which question of law is not involved and queation of fact is involved. Our posts are read by people from all over world and they carry wrong picture with them.
The correct answer to the query is there in the query itself. However, there is no recent circular of recent. It is an old law and new.
From India, Mumbai
You are well come to this forum of knowledge sharing. This is your first response (and second post of you) to the query in the forum. I do not intend to discourage you from posting. I am not a senior member or moderator of this forum, but still I would like to advise you to confirm the correctness in the response, atleast in such queries in which question of law is not involved and queation of fact is involved. Our posts are read by people from all over world and they carry wrong picture with them.
The correct answer to the query is there in the query itself. However, there is no recent circular of recent. It is an old law and new.
From India, Mumbai
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EMPLOYEES' PROVIDENT FUND & MISC PROVISIONS ACT '1952.ppt
EMPLOYEES' PROVIDENT FUND & MISC PROVISIONS ACT '1952 [Compatibility Mode].pdf