Dear HR Leaders,
Please refer to the enclosed "Latest Amendments in PF and EDLI" for your professional reference.
Summarized Version of the Four Attachments:
1. Amendment to Para 26A, etc.: This pertains to withdrawal. Under Para 68NN, a member had the option to withdraw up to 90% of total accumulations one year before superannuation or at 54 years. By this amendment, 54 years is replaced by 57 years. A new Para 68NNNN has been inserted, allowing an employee who ceases working and is not employed for more than 2 months continuously to withdraw 90% of his/her contribution with interest. This 2-month waiting period does not apply to a female member who has ceased employment due to marriage, pregnancy, or childbirth. Finally, under Para 69, the full amount in that member’s account could have been withdrawn on retirement after attaining 55 years. 55 years is now replaced by 58 years. No member would withdraw because they would stand to lose out on employer contributions.
2. Applying to Banks: This will apply to all banks that employ 20 or more if they were not covered under the Contributory Provident Fund or any other similar scheme.
3. Introducing Incentive Refund Scheme: This modified scheme encourages employers to comply with seeding all details of employees by providing Form 11, Aadhaar, bank details, UAN activation, etc. This scheme, introduced for the calendar year 2016, refunds 10% or 5% of administrative charges if the employer attains, at the end of every quarter, a certain percentage of seeding all details of employees is maintained.
4. ICICI Policy in Lieu of EDLI: The ICICI Pru-Group Term Plus policy has been approved by the PF as a policy if EDLI exemption is sought. This is in addition to other insurance policies issued by LIC, Kotak, etc.
With Thanks and Best Regards,
Nanjegowda
[Phone Number Removed For Privacy Reasons]
"Dream in my eyes, passion in my heart, and drive in my soul, here I am an achiever!"
From India, Bangalore
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106Please refer to the enclosed "Latest Amendments in PF and EDLI" for your professional reference.
Summarized Version of the Four Attachments:
1. Amendment to Para 26A, etc.: This pertains to withdrawal. Under Para 68NN, a member had the option to withdraw up to 90% of total accumulations one year before superannuation or at 54 years. By this amendment, 54 years is replaced by 57 years. A new Para 68NNNN has been inserted, allowing an employee who ceases working and is not employed for more than 2 months continuously to withdraw 90% of his/her contribution with interest. This 2-month waiting period does not apply to a female member who has ceased employment due to marriage, pregnancy, or childbirth. Finally, under Para 69, the full amount in that member’s account could have been withdrawn on retirement after attaining 55 years. 55 years is now replaced by 58 years. No member would withdraw because they would stand to lose out on employer contributions.
2. Applying to Banks: This will apply to all banks that employ 20 or more if they were not covered under the Contributory Provident Fund or any other similar scheme.
3. Introducing Incentive Refund Scheme: This modified scheme encourages employers to comply with seeding all details of employees by providing Form 11, Aadhaar, bank details, UAN activation, etc. This scheme, introduced for the calendar year 2016, refunds 10% or 5% of administrative charges if the employer attains, at the end of every quarter, a certain percentage of seeding all details of employees is maintained.
4. ICICI Policy in Lieu of EDLI: The ICICI Pru-Group Term Plus policy has been approved by the PF as a policy if EDLI exemption is sought. This is in addition to other insurance policies issued by LIC, Kotak, etc.
With Thanks and Best Regards,
Nanjegowda
[Phone Number Removed For Privacy Reasons]
"Dream in my eyes, passion in my heart, and drive in my soul, here I am an achiever!"
From India, Bangalore
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Dear Sir,
I have a query. Earlier, an employee could withdraw 100% of both the employee and employer share two months after leaving a job. Has this now changed to only 90% of the employee's share? I would be grateful if you could clarify.
With thanks, Talwinder Singh
From India, Langroya
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I have a query. Earlier, an employee could withdraw 100% of both the employee and employer share two months after leaving a job. Has this now changed to only 90% of the employee's share? I would be grateful if you could clarify.
With thanks, Talwinder Singh
From India, Langroya
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Dear Seniors, As per the amendment 3, "refund of admin charges" check the comparison between criteria of both options and sample computation sheet. Please review.
From India, Mumbai
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From India, Mumbai
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Hi all, I have joined a new organization, and it is a new setup. Can somebody guide me with the PF process? What forms are to be filled, and who all are eligible? A complete guide for the process is much appreciated. Thanks in advance.
From India, Mumbai
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From India, Mumbai
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In case of resignation before 58 years of age, a member can withdraw his share contribution only, and the company's share will be paid with interest after he attains the age of 58 years. Therefore, it would be wise if the member transfers his PF from their erstwhile employer as in this case, both the shares i.e., Employees' and Employers' will be transferred.
From India, Mumbai
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From India, Mumbai
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