[vnabhi]

It appears that the limit for Gratuity increased to 10 lakhs after the 6th Pay Commission was implemented with retrospective effect from 2007. But amounts over 3.5 lakhs were taxable.

It was only in May 2010 that the Income Tax Rules have been amended by the Central Board of Direct Taxes to make the entire amount of 10 Lakhs non-taxable.

There is some controversy whether this exemption is only for Government employees and PSU employees, but to me it looks like it is applicable to all, including private sector employees. I shall update this thread after I gather information.

[lambuhere1]

Quoting from the article below

employees will have to sacrifice the bonus they get on 20 years of pensionable service.

Is anyone aware of this bonus if you are in 20 years of service. Thats a new thing in here.


Article Link : EPFO bonus may go in exchange for pension hike - The Economic Times

[black12rr]

I did not know where to ask . Is Superannuation part of CTC or not ? . Does every company has Superannuation by default ? . How do I know whether my previous company had Superannuation or not ?

[lambuhere1]

E-passbook for your PF Account. Great Initiative

Member Portal - Beta

I have not yet explored it. Would love to hear from you

[vnabhi]

Originally Posted by lambuhere1

Quoting from the article below

Is anyone aware of this bonus if you are in 20 years of service. Thats a new thing in here.

Article Link : EPFO bonus may go in exchange for pension hike - The Economic Times

Thanks for the update. I got to read this post just now.

I don't think it is a big difference, as the difference in monthly pension after withdrawing the bonus of 2 extra years of pensionable service on completing 20 years of service under FPS is quite meager.

If you read through the example given in the url below, the difference works out to Rs 186 per month (Rs 2321 Vs 2135)

Epf Pension Calculation Formula | HR Letter Formats

[mail4ajo]

Is it possible to claim a PF which is atleast 7 years old?

[vnabhi]

Originally Posted by mail4ajo

Is it possible to claim a PF which is atleast 7 years old?

Of course you can. You need to contact your ex-employer and the PF office local to that employer's office.

[sam003]

Can we withdraw full or part amount from PF if you are still in service ? If yes then how much and how?

[carwatcher]

As per today's ToI Rs. 26000 Crore lying unclaimed in PF and Bank accounts.
Rs 26,000 crore left unclaimed in bank, provident fund accounts - The Times of India

[ghodlur]

Originally Posted by sam003

Can we withdraw full or part amount from PF if you are still in service ? If yes then how much and how?

Of course you can, subject to certain qaulifications for reason of withdrawal. Attached is the link below which will give more details.
Guide Lines for PF Withdrawal | HR Letter Formats

If your PF is held through a trust managed by your company then you need to contact your HR for more details on the withdrawal process.

[vnabhi]

Originally Posted by sam003

Can we withdraw full or part amount from PF if you are still in service ? If yes then how much and how?

Yes, you can, and ghodlur's link is correct. But it is always advisable to resist the urge to do so (though I am guilty of yielding to the urge twice).

I'm not sure how much time it takes, but if your PF is managed by a trust, then it is a smooth affair. But Trusts are rare, and mostly found in government undertakings.

There was a limit of maximum two withdrawals in one's lifetime from the Trust of the company I used to work in.

[SankalpDesai]

Originally Posted by carwatcher

As per today's ToI Rs. 26000 Crore lying unclaimed in PF and Bank accounts.
Rs 26,000 crore left unclaimed in bank, provident fund accounts - The Times of India

I too have a share in that pot. It's a nominal amount hence not raising a hell for the same although I have already initiated the process of withdrawal from my previous PF account. I seriously feel this amount would have been much lesser if the PFO was computerized and the homo-sapien neanderthals working in PF department were a bit more 'customer friendly'.

[carwatcher]

Originally Posted by SankalpDesai

I seriously feel this amount would have been much lesser if the PFO was computerized and the homo-sapien neanderthals working in PF department were a bit more 'customer friendly'.

In case you are not aware, PF department has been computerised at a very fast pace during last few years. The staff also has become much more public-friendly and computer savvy, throughout India their offices have been renovated. IIRC they will give (or its already started) each individual an account no. like PAN that will take care of all your PF related issues.

[vnabhi]

Originally Posted by carwatcher

In case you are not aware, PF department has been computerised at a very fast pace during last few years. The staff also has become much more public-friendly and computer savvy, throughout India their offices have been renovated. IIRC they will give (or its already started) each individual an account no. like PAN that will take care of all your PF related issues.

Yes, this is correct.

OT---'Home sapien neanderthals' made me guffaw!

[vnabhi]

Originally Posted by lambuhere1

E-passbook for your PF Account. Great Initiative

Member Portal - Beta

I have not yet explored it. Would love to hear from you

Thanks once again for that link. I registered on that site on July 26th and requested for a soft copy of a passbook.
I got the response today (after a month) and was able to view and download my passbook in pdf form. It was updated till August 1st PF deposit, which is the most current one.

That site rocks.