Amendment In EPF Withdrawal Rules & Retirement Age - With Effect From February 2016:
New Rule: The EPF Members Cannot Withdraw Full PF Amount Before Attaining The Age Of Retirement. The Maximum Withdrawal On Cessation Of Employment Cannot Exceed An Amount Aggregating Employee’s Own Contribution And Interest Accrued Thereon. I.E, A Person (Separated Employee) Can Withdraw Their Contributions + Interest Portion Only. The Employer’s Portion Can Be Withdrawn After Attaining The Retirement Age (58 Years).
Continuity Of EPF Membership:
• Existing Rule: If An Employee Withdraws Full EPF Amount After Resigning From The Job, His/Her PF Membership Is Deemed To Be Terminated. That Means He/She Is Not A Member Of EPF Scheme After The Full Withdrawal.
• New Rule: An Employee Can Only Withdraw His Share On Resigning From The Job. A Person (Separated Employee) Cannot Withdraw Full EPF Amount Before Attaining The Retirement Age (58yrs). So, A Person (Separated Employee) Will Still Be The Member Of EPF Even If A Person (Separated Employee) Cease To Be An Employee Of A EPF Covered Establishment.
Retirement Age
• Existing Rule: The Retirement Age Is Considered As 55 Years.
• New Rule: The Age Of Retirement Has Now Been Increased From 55 To 58 Years. more
New Rule: The EPF Members Cannot Withdraw Full PF Amount Before Attaining The Age Of Retirement. The Maximum Withdrawal On Cessation Of Employment Cannot Exceed An Amount Aggregating Employee’s Own Contribution And Interest Accrued Thereon. I.E, A Person (Separated Employee) Can Withdraw Their Contributions + Interest Portion Only. The Employer’s Portion Can Be Withdrawn After Attaining The Retirement Age (58 Years).
Continuity Of EPF Membership:
• Existing Rule: If An Employee Withdraws Full EPF Amount After Resigning From The Job, His/Her PF Membership Is Deemed To Be Terminated. That Means He/She Is Not A Member Of EPF Scheme After The Full Withdrawal.
• New Rule: An Employee Can Only Withdraw His Share On Resigning From The Job. A Person (Separated Employee) Cannot Withdraw Full EPF Amount Before Attaining The Retirement Age (58yrs). So, A Person (Separated Employee) Will Still Be The Member Of EPF Even If A Person (Separated Employee) Cease To Be An Employee Of A EPF Covered Establishment.
Retirement Age
• Existing Rule: The Retirement Age Is Considered As 55 Years.
• New Rule: The Age Of Retirement Has Now Been Increased From 55 To 58 Years. more
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The steps to with hold the constribution till an employee attaines the superannuation will defeat his future development. Because he looses the job for various factors. health, closure,VRS but for this employee or pensioners should not be made suffer on any account more
Mar 30
The Govt is simply crucify the salaried persons, instead they need to focus on the thieves who deliberately evading the tax by taking undue advantage of tax provisions for the Businessmen & big tax payers by showing malafied business losses. more
Mar 07
Govt seems to be frustrated. They couldn't bring black money, they couldn't bring actual major investment, they couldn't make share market attractive , they couldn't stop bleeding of Govt Treasury through MNERGA like schemes & lastly they failed to ensure ground governance at state level. Now there main worry is how to pay interest on EPF. Still 3 yrs are left before next election in 2019 takes place. Govt should fulfill whatever being promised rather than doing such things more
Mar 05
Rather silly step taken by government. A lot of people in their 30's and 40's are leaving jobs to start-up their own ventures. The PF is a nice corpus that helps fund these ventures. This will deliver a serious blow to The Start-up India Movement - You are taking away the funds by stopping this withdrawal. Unless the government believes that only people above 58 years can initiate start-ups. I hope PM Modi and FM review this move. more
Mar 05
Government is taking decision as a rising sun but forget that Sun Set will definitely be their. They are dictating their terms. more
Mar 04
