Full PF Withdrawal on Conditions
It is not understood "Why is Govt only trying to think only 4 reasons for full withdrawal of PF w.e.f 1st Aug 2016 . The 4 reasons being : a) Children Marriage, b) Medical treatment, c) higher education of children, d) house construction...."
There can be "n' no of reasons why people of India can need their own money to protect their own position to utilize their savings.
As of 1st Aug 2016 :
1. Will people not need their own money to make their own startup ?
2. Will people not loose jobs ?
3. Can't people decide to work as consultant
4. Can't people decide to quit their jobs due to any reason and then rely upon their savings for rest of the future ?
The most fundamental question though is " Why is Govt wanting to put their hand on Public savings ?? "
Anything that has to be done, does not calls for retrospective action. Only new account holders can be subject to new rules. more
There can be "n' no of reasons why people of India can need their own money to protect their own position to utilize their savings.
As of 1st Aug 2016 :
1. Will people not need their own money to make their own startup ?
2. Will people not loose jobs ?
3. Can't people decide to work as consultant
4. Can't people decide to quit their jobs due to any reason and then rely upon their savings for rest of the future ?
The most fundamental question though is " Why is Govt wanting to put their hand on Public savings ?? "
Anything that has to be done, does not calls for retrospective action. Only new account holders can be subject to new rules. more
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Sir, child needs a toffee and does not understand why parents say "will give u tomorrow". From all conditions above, U will need ur money most when u r unable to earn and ur health will definetely need some financial assistance. Today u have energy , if u loose job, find one. if u want to start start up, look for other means rather out ur all money at risk and then live life of below poverty line for rest of ur life. more
May 17
Adding to my above comment, there is huge population in the country who could not get the money on-time for their needed expenses, falls in the trap of Money Lending Financial Institutions and struggling to repay them.. Some even commit suicide more
May 17
Laxman Rajwani's query is very much valid. Though there are Employee's contribution and Employers' contribution in EPF, it has to benefit the citizens while they live. Apart from the 4 reasons for withdrawal, there may be many other needed expenses which we have to spend before our retirement, like the following - Children tuition fees and expenditures for extra curricular activities - Expenses for parent's well being (we can't wait till our retirement to take care our parents) - Adhoc travel expenses for common causes / interests - Buy education materials for grooming children - Expenses to spend for relatives functions - Medical expenses to help relatives and friends, which are not covered under Insurance - Help society who are affected with natural disasters - When shortfall arises to pay our own Property Tax, Road Tax, Insurance, Loans, Rent, Vehicle maintenance, House maintenance, (sometimes even to buy groceries) - To become entrepreneur and give opportunities for others to earn When our own money is not useful at the needed times, people become frustrated and start to forget about their accumulated EPF money, resulting in several crores of unclaimed EPF money being enjoyed by Govt charity purposes. If there is anyway in this forum to raise our voices to facilitate on better withdrawal options, please suggest. Am happy to spend sometime to put the efforts to bring up to Govt officials. more
May 17
Doesn't this act of Government Questioning the employee's who transferred their PF account from Company to Company, rather than withdrawing the same - two months after they change companies. Is this act of Government good enough to the loyal citizen's who believed in following the law/rules defined by the government? Considering this act of the government, isn't it good enough for all the employees demanding for a withdrawal of PF amount, when they change companies rather than transferring the same. more
May 04
