Dear friends, I worked in my previous organization for 6 years. I resigned in April 2015 and joined the new firm in July 2015 after serving a 3-month notice period. I want to withdraw my PF due to an immediate need for funds. However, the new firm is saying they cannot open a new PF account as I already have one. So, in this case, if my existing firm continues to use my old PF account, will I be able to withdraw funds from it? I need those funds desperately, so I need your advice on how to proceed. Can I opt out of PF completely? Please let me know.
From India, Mumbai
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From India, Mumbai
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Loan Options from PF Account
If you are continuing with the same PF account, there is no option to withdraw the amount. However, you may take a loan as detailed below, provided a minimum employee contribution (with interest) of Rs. 1000 is available in the PF.
1. **68(B)** - Towards house construction/purchase/plot purchase, etc. Minimum service required is 5 years. The amount admissible is 100% of both employee and employer contributions.
2. **68(H)** - For a lockout of 2 months or more (due to reasons other than a strike). No minimum service is required. The amount admissible is 6 times the basic + DA or the employee contribution, whichever is less.
3. **68(J)** - For one month of hospitalization, major surgical operations, diseases like leprosy, TB, cancer, mental retardation, etc. No minimum service is required, but it is for members out of ESI coverage. The amount admissible is 6 times the basic + DA or the employee contribution, whichever is less.
4. **68(K)**
- a) For post-metric education of children.
- b) For own/brothers'/sisters'/children's marriage. This can be availed a maximum of three times during service. Minimum service required is 7 years. The amount admissible is 50% of the employee contribution.
5. **68(N)** - Applicable for physically handicapped individuals towards the purchase of equipment to reduce handicap. The amount admissible is 6 times the basic + DA or the employee contribution or the cost of the equipment, whichever is less.
6. **68(NN)** - After attaining the age of 54 years and before one year from the date of superannuation, whichever is later. The amount admissible is 90% of both employee and employer contributions.
Regards,
Abbas. P. S
From India, Bangalore
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530If you are continuing with the same PF account, there is no option to withdraw the amount. However, you may take a loan as detailed below, provided a minimum employee contribution (with interest) of Rs. 1000 is available in the PF.
1. **68(B)** - Towards house construction/purchase/plot purchase, etc. Minimum service required is 5 years. The amount admissible is 100% of both employee and employer contributions.
2. **68(H)** - For a lockout of 2 months or more (due to reasons other than a strike). No minimum service is required. The amount admissible is 6 times the basic + DA or the employee contribution, whichever is less.
3. **68(J)** - For one month of hospitalization, major surgical operations, diseases like leprosy, TB, cancer, mental retardation, etc. No minimum service is required, but it is for members out of ESI coverage. The amount admissible is 6 times the basic + DA or the employee contribution, whichever is less.
4. **68(K)**
- a) For post-metric education of children.
- b) For own/brothers'/sisters'/children's marriage. This can be availed a maximum of three times during service. Minimum service required is 7 years. The amount admissible is 50% of the employee contribution.
5. **68(N)** - Applicable for physically handicapped individuals towards the purchase of equipment to reduce handicap. The amount admissible is 6 times the basic + DA or the employee contribution or the cost of the equipment, whichever is less.
6. **68(NN)** - After attaining the age of 54 years and before one year from the date of superannuation, whichever is later. The amount admissible is 90% of both employee and employer contributions.
Regards,
Abbas. P. S
From India, Bangalore
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Early PF withdrawal won’t be easy.pdf
Guide Lines for PF Withdrawal.doc