Full EPF withdrawal permitted under certain condit
Full EPF withdrawal permitted under certain conditions; new norms deferred till August 1
In a move that would bring cheers to Employees' Providend Fund Organsation (EPFO) members, the Government has decided to permit full withdrawal of EPF corpus for purchase of house, medical treatment for self and family members, education of children in medical, dental and engineering colleges and for child's marriage.
The Ministry of Labour has also put on hold till August 1, 2016, its notification placing withdrawal restrctions which was due to come into effect from May 1. The move has come after opposition from union representatives in the Central Board of Trustees of the EPFO.
FeMoney had reported on April 12 that the government might reconsider its stand to place restructions on withdrawal and would allow EPFO members to retain rights over the entire accumlated EPF corpus including own contribution, contribution of employers and accumulated interest.
The labour ministry had earlier proposed that if a member is below 58 years, and employed, he or she will be allowed to to withdraw only own contributions lying in the fund and the accrued interest on that and not the entire corpus. The new norms has proposed retirement age for provident fund purposes as 58 years against the earlier 55 years. This meant that the member would not be allowed to withdraw the employer's contribution and the interest accrued until attaining 58 years more
In a move that would bring cheers to Employees' Providend Fund Organsation (EPFO) members, the Government has decided to permit full withdrawal of EPF corpus for purchase of house, medical treatment for self and family members, education of children in medical, dental and engineering colleges and for child's marriage.
The Ministry of Labour has also put on hold till August 1, 2016, its notification placing withdrawal restrctions which was due to come into effect from May 1. The move has come after opposition from union representatives in the Central Board of Trustees of the EPFO.
FeMoney had reported on April 12 that the government might reconsider its stand to place restructions on withdrawal and would allow EPFO members to retain rights over the entire accumlated EPF corpus including own contribution, contribution of employers and accumulated interest.
The labour ministry had earlier proposed that if a member is below 58 years, and employed, he or she will be allowed to to withdraw only own contributions lying in the fund and the accrued interest on that and not the entire corpus. The new norms has proposed retirement age for provident fund purposes as 58 years against the earlier 55 years. This meant that the member would not be allowed to withdraw the employer's contribution and the interest accrued until attaining 58 years more
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Yes, Vilas Patil you can withdraw the amount of the two companies if they are not accumulated under a single UAN with the third company. If you've all the amount in a single account then you can only withdraw the total amount after 90 days of resigning from service, which itself is impossible. more
Apr 21
As per EPF scheme, you can only transfer all your old PF a/cs to your present employer PF a/c, as withdrawal is possible only in case of no employment/ retirement. more
Apr 21
I have not withdrawn my last 2 companies PF. Now I am in a 3rd company and want to withdraw PF from earlier 2 accounts. Can I withdraw before July? Please help. more
Apr 21
An Happy news! The Labour Minister has announced that the Government (EPFO) has with drawn the Feb,2016 notification which puts restrictions on PF withdrawal before attaining the age of 58. Accordingly status quo is maintained and the old rules are applicable on pf withdrawals. more
Apr 20
This is a good move. Hope the govt will not implement any major changes in this area post august also more
Apr 20
