1.Full EPF Accumulation can't be withdrawn (Limit on early EPF withdrawals)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(b) New Rule - The EPF Accumulation can't be withdrawn before attaining the age of retirement.The maximum withdrawal on cessation of employment can't exceed an amount aggregating employees's own contribution and interest accured thereon.One Can withdraw own contributions+interest portion only.The employer portion can only be withdrawn after attaining the retirement age i.e 58 years.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New Rule : An employee can only withdraw his own share with intrest after resignation and employer share can only be withdrawn after attaining the age of retirement which means that your membership should be continued.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(a) Only employee contribution can be withdrawn along with interest due to after 2 months of seperation from service from the services and not joining any other organization covered under EPFO.
(b) Employer contribution will continue to accure aand can only be withdrawn after attaining 58 years of age.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 for the reference
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
252(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(b) New Rule - The EPF Accumulation can't be withdrawn before attaining the age of retirement.The maximum withdrawal on cessation of employment can't exceed an amount aggregating employees's own contribution and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 for the reference
Thanks & 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 & Misc. Provision Act.1952 & the scheme.ppt
Epf circular on full salary 230317 Pension on full salary as per SC order 23.3.2017.pdf