One of our contract employee want to withdraw from PF contribution for purchase of plot, she joined last year Oct, 2014. My Question is she can withdraw money from her contribution. Our contractor told she can withdraw money it should mention "resigned", otherwise she should complete 5 years service. Kindly provide me a good suggestion regarding this question.
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From India, Faridabad
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From India, Faridabad
Dear Mr. Santosh,
As per 68(B), towards house construction/purchase/ plot purchase etc, non refundable loan is admissible. Minimum service required - 5 years. Amount to be disbursed - 100% of both employee & employer contribution.
Abbas.P.S
From India, Bangalore
517As per 68(B), towards house construction/purchase/ plot purchase etc, non refundable loan is admissible. Minimum service required - 5 years. Amount to be disbursed - 100% of both employee & employer contribution.
Abbas.P.S
From India, Bangalore
Hi Mr.Santhosh,
She is not eligible to withdraw her PF amount because in order to withdraw the amount for the said purpose employee should served at least 5 years of membership to the PF.
With Regards
Mr.Thumbs Up
From India, Chennai
She is not eligible to withdraw her PF amount because in order to withdraw the amount for the said purpose employee should served at least 5 years of membership to the PF.
With Regards
Mr.Thumbs Up
From India, Chennai
In most of such cases, they show the member as resigned and settle his PF amount which he can use for his contingencies.
Therefore, they show that person as newly joined with new PF Number. This is a wrong practice and should not be encouraged. To be eligible for withdrawal, member should put in minimum 5 years of membership as per PF rules.
From India, Mumbai
Therefore, they show that person as newly joined with new PF Number. This is a wrong practice and should not be encouraged. To be eligible for withdrawal, member should put in minimum 5 years of membership as per PF rules.
From India, Mumbai
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls