Friends, PFA news alert issued by PWC on the subject. Thanks
From India, Malappuram

Attached Files
File Type: pdf Govt puts limit on early withdrawal of PF 10.2.2016.pdf (296.8 KB, 1937 views)


Copy of government notification dated 10.2.2016 in this regard is attached. Thanks
From India, Malappuram

Attached Files
File Type: pdf EPF Amendment Scheme 2016.pdf (148.5 KB, 391 views)

As per amendment, the employee cannot withdraw employer's share and interest accrued on it till attaining retirement age.
The interest is cumulative paid on average monthly balance. Now since there will no addition to the PF balance later existing balance will be receiving interest as per the interest rate applicable to the period.
The Excel file attached can be used for the calculation.
For illustration purpose,
consider an employee is separated in 2016 and is not covered under PF later on.
The age of employee is 40. The birth month is August. The employee will be attaining age 58 in Aug-2033.
The current balance of Employer's share is Rs.1,00,000.
The employee can withdraw amount Rs.4,37,918.
The interest rate is unchanged during this period.
If interest rate changes during this period, it can be updated against the year.

From India, Mumbai

Attached Files
File Type: xls PF_Interest_Calculator.xls (66.5 KB, 299 views)

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From India, Porur

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