Hi Friends,
My company has taken up a policy of converting the contract associates into employees on a CTC basis, that is with PF, ESI, etc., legally recognizing them as official employees of the company.
What my doubt is about is, is there any rule on Provident Fund rules stating that the employee should have worked with the company for a specified period of time to be eligible for withdrawal of his Provident Fund amount. I once heard that an employee has to work for at least 3 months with the same company to be eligible for his Employee Pension Fund amount and at least 6 months to be eligible for withdrawing his PF amount. This is the case if he opens a first-time PF account with the company.
Could you please give me the right information on this matter.
My company has taken up a policy of converting the contract associates into employees on a CTC basis, that is with PF, ESI, etc., legally recognizing them as official employees of the company.
What my doubt is about is, is there any rule on Provident Fund rules stating that the employee should have worked with the company for a specified period of time to be eligible for withdrawal of his Provident Fund amount. I once heard that an employee has to work for at least 3 months with the same company to be eligible for his Employee Pension Fund amount and at least 6 months to be eligible for withdrawing his PF amount. This is the case if he opens a first-time PF account with the company.
Could you please give me the right information on this matter.