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Old 30th October 2015, 10:23   #406
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Default Re: The "Provident Fund" Thread

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Originally Posted by penpusher View Post
As per PF Act thats not permissible.
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Please refer to the attached gazette notification.
Thank you very much for the prompt replies. I will convey this to him.

Cheers,
Vikram
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Old 1st December 2015, 21:09   #407
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Default Re: The "Provident Fund" Thread

EPFO seems to be working towards direct withdrawal of PF without Employers' attestation, not sure whether its going to help in transfer from older accounts when there was no UAN - ET - PF Withdrawal Claims (The "Provident Fund" Thread).
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Old 28th January 2016, 15:16   #408
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Default Re: The "Provident Fund" Thread

Update nomination details online :

Did anyone update the nomination details online ?

At http://uanmembers.epfoservices.in/index.php

After filling up the form online, do we need to send the hard copy of the documents / form to PF office ?

And any path or place online where we can change the address of communication.

On another note, if I want to increase my PF contribution [ voluntary ], can it be done "only" for one year ? Do I need to do it Y-O-Y ?

Any thoughts on the same are highly appreciated
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Old 15th February 2016, 18:41   #409
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Default Re: The "Provident Fund" Thread

Question on multiple account transfers
Hello bhp-ians!
I have a question on PF transfer. I switched jobs last year (From company A to company B). My previous organization (A) created by UAN and linked my previous PF account to my UAN. My current organization (B) also linked my new PF account to my UAN. However, I have not applied for transfer till now.

I have the following questions.
1. Let's say I quit organization B and join C . Can I transfer both my PF account from A and B to C?
2. My current organization(B) has incorrectly entered my father's name. How do I change it?

Thanks
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Old 15th February 2016, 19:01   #410
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Default Re: The "Provident Fund" Thread

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Originally Posted by blue_pulsar View Post
......
1. Let's say I quit organization B and join C . Can I transfer both my PF account from A and B to C?
Yes. Pretty straightforward and hassle-free process now, as long as the concerned PFO doesn't mess something up. A colleague just transferred two previous PF accounts' funds to his current UAN-linked account and both happened pretty quickly without any follow-up.

Quote:
2. My current organization(B) has incorrectly entered my father's name. How do I change it?
Your employer will need to submit a joint declaration to PFO on your behalf to update/correct details (Form 5), ask for an acknowledged copy in case you need it for follow-up/complaints later. I noticed my name updated in the wrong sequence in my UAN account (last/first name) and got it corrected recently. Takes about a month, and you have access to the UAN helpdesk in case your case remains unresolved (I had to do this too unfortunately as they didn't update in all places, but I got quick help on my complaint to both the PFO and UAN Helpdesk).

Last edited by Chetan_Rao : 15th February 2016 at 19:03.
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Old 16th February 2016, 00:11   #411
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Default Re: The "Provident Fund" Thread

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Yes. Pretty straightforward....
Thanks a lot for the lightning fast response!
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Old 29th February 2016, 14:37   #412
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Default Re: The "Provident Fund" Thread

Guys, was there a change to the PF withdrawal rules recently? I got some whatsapp forward saying that we cannot withdraw the PF amount from our account until reaching the age of 57? Wasn't sure how the govt can do that, so asking here.

I was planning to use that money for proof of funds - any idea if that can be done in this case?

EDIT - see that it can be withdrawn in the case of Immigration etc.

Last edited by naveenroy : 29th February 2016 at 14:56.
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Old 29th February 2016, 14:45   #413
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Default Re: The "Provident Fund" Thread

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......we cannot withdraw the PF amount from our account until reaching the age of 57? Wasn't sure how the govt can do that, so asking here.......
Context. It's basically a revision to get retirement age in line with current norms for utilizing Sr. Citizen pension schemes. Nobody's blocking your money.
Quote:
Retirement fund body EPFO has tightened norms on withdrawal of provident fund as well as investment of such amount in Varishtha Pension Bima Yojana for its over five crore subscribers.

"Now, the subscribers will not be able to claim withdrawal of their provident fund after attaining age of 54 years. They would have to wait till attaining the age 57 years. The ministry has notified new rules," a senior official told PTI.

As per the earlier norms, the Employees' Provident Fund Organisation (EPFO) subscribers were allowed to claim 90 per cent of their accumulations in their PF account at the age of 54 years and their claims were settled just one year before their retirement.

The official said that the earlier clause was relevant because there were establishments where retirement age was 55 years or 56 years.

"In today's scenario when retirement age is 58 years across all organisation the clause of scheme is not relevant. But the big change is that now under this facility, the subscriber would be able to withdraw his contribution and interest earned on it unlike 90 per cent of the total accumulations earlier," he explained.

In another change, EPFO has made it mandatory to wait till attaining the age of 57 for claiming PF withdrawal for transferring that to the Life Insurance Corporation of India for investment in Varishtha Pension Bima Yojana.

Earlier norms used to allow subscribers to claim 90 per cent of their accumulations for investing in the scheme after attaining the age of 55 years.
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Originally Posted by Indian View Post
What if someone is planning for an early retirement say at 50 years? Can he/she withdraw the PF at the end of their work tenure OR do they have to wait till 57 to withdraw PF?
Edited my post for clarity while you were posting. To your question, existent withdrawal rules at the time of withdrawal will apply. The above age revision is relevant only for people who invest their PF funds into public-sector (mostly LIC-driven) pension schemes instead of withdrawing lump-sum. That age limit has changed to 57 from the earlier 54.

Last edited by Chetan_Rao : 29th February 2016 at 14:59.
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Old 29th February 2016, 14:51   #414
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Default Re: The "Provident Fund" Thread

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Originally Posted by Chetan_Rao View Post
Context. It's basically a revision to get retirement age in line with current norms. Nobody's blocking your money.
What if someone is planning for an early retirement say at 50 years? Can he/she withdraw the PF at the end of their work tenure OR do they have to wait till 57 to withdraw PF?
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Old 29th February 2016, 15:06   #415
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Default Re: The "Provident Fund" Thread

And now , it looks like budget 2016 will start taxing 60% of EPF withdrawals for contributions made after April 2016. This may also apply to other provident funds like the PPF.

http://www.moneycontrol.com/news/tax...d_5696321.html
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Old 29th February 2016, 15:15   #416
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Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by Chetan_Rao View Post
Context. It's basically a revision to get retirement age in line with current norms for utilizing Sr. Citizen pension schemes. Nobody's blocking your money.

Edited my post for clarity while you were posting. To your question, existent withdrawal rules at the time of withdrawal will apply. The above age revision is relevant only for people who invest their PF funds into public-sector (mostly LIC-driven) pension schemes instead of withdrawing lump-sum. That age limit has changed to 57 from the earlier 54.
Hehe, thanks for the clarification though.
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Old 29th February 2016, 23:52   #417
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Default Re: The "Provident Fund" Thread

If a guy is quitting his job and moving overseas, but does not want to withdraw the amount in his PF account, what happens ? The existing corpus remains and continues to earn interest, even though there won't be any more contributions ? Or he is required to withdraw the balance and close the account ?
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Old 1st March 2016, 02:15   #418
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Originally Posted by supremeBaleno View Post
If a guy is quitting his job and moving overseas, but does not want to withdraw the amount in his PF account, what happens ? The existing corpus remains and continues to earn interest, even though there won't be any more contributions ? Or he is required to withdraw the balance and close the account ?

No, from 10 February 2016 onwards, even dormant PF accounts get interest. So no need to withdraw. Also even if you wanted to withdraw, you could only withdraw the employee share of PF according to the new rule. The employer share can be withdrawn after one reaches 58 years. This is according to the new PF rule.
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Old 5th April 2016, 18:22   #419
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Default Re: The "Provident Fund" Thread

Based on the latest circular dated on 1st April, employee can withdraw entire PF fund (employee share + employer share) by 30th of April.

Source
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Old 5th April 2016, 18:34   #420
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Default Re: The "Provident Fund" Thread

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Originally Posted by pgginish View Post
Based on the latest circular dated on 1st April, employee can withdraw entire PF fund (employee share + employer share) by 30th of April.

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THANKS a ton! I quit my job in mid December and was eligible to withdraw my entire corpus with PF authorities on 15th Feb, but the circular came in my way. As i am just 56.5 years, I'd have to wait till i turned 58 in Oct, 2017. At least i now have the option till the month end.

However, i need to take a calculated decision to withdraw or will till next year's October. I have no need for the money right now. At least I'll get 8.9% of risk-free interest if i leave the money with them.
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