Resignation before 10th Feb rule
Hello....I calculated my Gratuity and Provident amounts and made plans to quit my job and start something on my own. So, I put down my papers in January 2016 and agreed my last working day with the company as 1st March 2016. Just before my last working day, it came as a lightning bolt to me when I heard that I would not be allowed to withdraw "Employer's contribution" to EPF before I attain the age of 58. All my plan went for a toss. Now what do I do? With the gratuity amount and the EPF amount that I will be able to withdraw, my plan to start my own business will not come true. This new rule is effective from 10th February 2016. Now, there is an allowance that if applications to withdraw are submitted till 30th April, one can withdraw the whole EPF amount, including "employer's contribution". Sadly enough, my last working day was 1st March 2016. So, I have to wait for 2 months before I can apply to withdraw EPF amount. Just by a day or two, I won't be able to withdraw the full amount, due to no fault of mine. My contention is that since I had put down my papers before this rule came into existence, I should be allowed to withdraw the full amount. Please bear in mind that my decision to quit my job (where I was happy otherwise) and start my own business (influenced by Make in India etc) was solely on my calculation of Gratuity and EPF amount. Lastly, I have another contention. I worked in a private company. So, even the "Employer's Contribution" to EPF comes as a part of my Cost to Company (CTC). So, that is my money. So, I do have a problem when the government decides to take control of "MY MONEY". HELP............................ more
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Withdrawal rules apply only post May 1,2016 as per reports. You have enough time to make your applications for release of money. more
Apr 08
One should not be too greedy. what is the hurry to put your papers for resignation without weighing the pros and cons. One should be careful in service matters. When you tendered your resignation does not matter, the date of last working day only matters. Hence the 10th February 2016 is very much applicable. It is entirely your fault and you cannot claim of no fault of yours. Some decisions may hurt somebody and benefit others. But in the national interest balance weight towards the larger side. Hence you wait till attain the age of 58 years or go and beg your previous employer to take you back, if he is so considerate. more
Apr 07
I have signed the petition, "@epfoaindia @socialepfo @BandaruDattatry Why should we wait till 58 years to withdraw employee provident fund #NoEPFWithdrawalLimits." I think this is important and would urge you to give it a thought and if it meets your concurrence then please sign it. Here's the link: https://www.change.org/p/epfoaindia-socialepfo-bandarudattatry-why-should-we-wait-till-58-years-to-withdraw-employee-provident-fund-noepfwithdrawallimits Thanks for your time and attention. more
Apr 07
