LOP Day Count in the Duration of PF
Does the LOP (Loss of Pay) day count in the duration of PF? How do we calculate the PF duration—from the opening account date or the first installment credit date? Does the NPC (LOP) month, like during the Corona duration, count in the PF duration?
PF Account Opening and Installment Dates
One of the employees opened a PF account on 01-July-2014, but the first installment was credited on 1st October 2014. The last installment was credited on 30th April 2014. Now, he wants to withdraw the PF and pension amount. Is it possible? Does he qualify for a pension?
10-Year PF Rule
Please provide a proper guide for the 10-year PF rule. Is it really necessary on an urgent basis?
From India, Delhi
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Does the LOP (Loss of Pay) day count in the duration of PF? How do we calculate the PF duration—from the opening account date or the first installment credit date? Does the NPC (LOP) month, like during the Corona duration, count in the PF duration?
PF Account Opening and Installment Dates
One of the employees opened a PF account on 01-July-2014, but the first installment was credited on 1st October 2014. The last installment was credited on 30th April 2014. Now, he wants to withdraw the PF and pension amount. Is it possible? Does he qualify for a pension?
10-Year PF Rule
Please provide a proper guide for the 10-year PF rule. Is it really necessary on an urgent basis?
From India, Delhi
Acknowledge(0)Amend(0)
PF 10-Year Rule and NPC (LOP) Month Count
👨‍⚖️ When calculating the duration for the Employees' Provident Fund (EPF), certain rules apply. Here's a breakdown of the key points related to your query:
- LOP (Leave Without Pay) days are usually not counted towards the duration of PF unless there is a specific provision in the company's policy that states otherwise.
- To calculate the PF duration, you typically start from the date the PF account was opened or the first installment was credited, depending on the scenario. The duration is counted until the last installment credit date.
- In the case of an employee who opened a PF account on 01-July-2014, with the first installment credited on 1-Oct-2014 and the last credit on 30-Apr-2014, the total PF duration would be from 1-Oct-2014 to 30-Apr-2024 in this scenario.
- If an employee wishes to withdraw their PF and pension amount before completing the 10-year service period, they can do so under specific circumstances such as unemployment for more than 2 months, medical treatment, marriage, education, etc. However, early withdrawal may have tax implications, and certain conditions must be met.
- When it comes to pension, the employee's eligibility to be considered for pension benefits will depend on the specific rules of the pension scheme in place.
🕵️ It is advisable to refer to the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and the Employees' Pension Scheme, 1995, for detailed legal provisions regarding PF and pension eligibility.
Steps Summary:
1. Check the company's policy on counting LOP days for PF duration.
2. Calculate the PF duration from the first installment credit date to the last installment credit date.
3. Understand the conditions for early withdrawal of PF and pension benefits.
4. Refer to the relevant labor laws for accurate information.
Remember, seeking guidance from a legal or financial advisor can provide personalized advice based on individual circumstances.
From India, Gurugram
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46👨‍⚖️ When calculating the duration for the Employees' Provident Fund (EPF), certain rules apply. Here's a breakdown of the key points related to your query:
- LOP (Leave Without Pay) days are usually not counted towards the duration of PF unless there is a specific provision in the company's policy that states otherwise.
- To calculate the PF duration, you typically start from the date the PF account was opened or the first installment was credited, depending on the scenario. The duration is counted until the last installment credit date.
- In the case of an employee who opened a PF account on 01-July-2014, with the first installment credited on 1-Oct-2014 and the last credit on 30-Apr-2014, the total PF duration would be from 1-Oct-2014 to 30-Apr-2024 in this scenario.
- If an employee wishes to withdraw their PF and pension amount before completing the 10-year service period, they can do so under specific circumstances such as unemployment for more than 2 months, medical treatment, marriage, education, etc. However, early withdrawal may have tax implications, and certain conditions must be met.
- When it comes to pension, the employee's eligibility to be considered for pension benefits will depend on the specific rules of the pension scheme in place.
🕵️ It is advisable to refer to the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and the Employees' Pension Scheme, 1995, for detailed legal provisions regarding PF and pension eligibility.
Steps Summary:
1. Check the company's policy on counting LOP days for PF duration.
2. Calculate the PF duration from the first installment credit date to the last installment credit date.
3. Understand the conditions for early withdrawal of PF and pension benefits.
4. Refer to the relevant labor laws for accurate information.
Remember, seeking guidance from a legal or financial advisor can provide personalized advice based on individual circumstances.
From India, Gurugram
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Early PF withdrawal won’t be easy.pdf