Member employees will no longer be allowed to withdraw the full amount standing to their credit in the fund on cessation of employment ( Resignation before 58 years of age ) from a covered establishment before attaining the age of retirement from Service after attaining the age of 58 years.
The maximum withdrawal on cessation of employment ( Resignation before 58 years of age ) cannot exceed an amount aggregating employee’s own contribution and interest accrued thereon.
The amendments introduced in the PF scheme will have a wide impact on Indian employees as they will no longer be allowed to withdraw the entire PF contribution on cessation of employment ( Resignation before 58 years of age ). While this will help members to build funds for their retirement, at the same time, long term availability of funds to the PF authorities might result in better returns for the members.
23rd February 2016 From India, Calcutta
I need information about PF withdrawal.
I got basic idea about new rule my queries are;
1.can employee remove some part of PF before retirement while continuing with same employer, if need for e.g. some medical emergency, business if yes how much
2. if employee left company and not working for some month can he/she remove PF amount if yes how much
6th January 2017 From India , Kalyan