New PF Rules from May 1st: Do They Affect Employees Who Resigned Last Year?

Dear All,

There are some new amendments going to apply from 1st May. So, I just need to ask if any employee had already resigned from his company last year but he didn't withdraw his PF yet, therefore, can this rule apply to that person as well? If he is applying for PF, how much will he get - the full amount or only his contribution?

Please advise.

Regards,
Rinkal

Dear Rinkal,

His contribution + interest portion only. As per the present rule (w.e.f. 10 Feb 2016), an employee can withdraw his own contributions + interest portion only.

Regards,
Thirumurugan

Hi Buddy,

Even though the above-mentioned employee was relieved from service last year, the new amendments will be applicable to him if his claim for withdrawal is made after the amendment comes into effect. After the new amendment, the employee will only receive his PF contribution.

With Regards,

Mr. Thumbs Up