[ghodlur]

Originally Posted by pgginish

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

I guess the govt did not learn from the EPF tax fiasco during the budget and is hell bent on bringing the rules other way round. Why would any employee agree to the partial withdrawal scheme and allow the employer contribution to rot till they turn 58. Illogical decision.

I wanted to withdraw my EPF so that I can close my home loan instead of keeping it with the govt but unfortunately the home loan is from non govt institution (HDFC instead of SBI). If I have to still do it, I will have to change the home loan account and then withdraw. But I dont have the time on my side even if I wish to coz SBI needs minimum of 20 days for the loan transfer and they would not allow immediate complete repayment of the loan.

This means I will have to somehow survive till age of 58 to recover my money.

I have signed this petition, request others to do so too (no compulsion though).
https://www.change.org/p/epfoaindia-...st_signed=true

[Chetan_Rao]

Originally Posted by poloman

.......still left out the other major eventuality, that is job loss or unemployment.

One possible way out would probably be to allow a progressive payout in case of unemployment. Something like a fixed percentage/month after TWO months and balance paid out lump-sum if unemployment lasts beyond a year.

The current TWO-month rule is open to abuse and a majority of even well-to-do folks used to withdraw PF when switching jobs.

[RaguHolla]

Originally Posted by Chetan_Rao

One possible way out would probably be to allow a progressive payout in case of unemployment. Something like a fixed percentage/month after TWO months and balance paid out lump-sum if unemployment lasts beyond a year.

Whole point of provident fund it to take when one is in need. Why should Govt control the same?

Originally Posted by Chetan_Rao

The current TWO-month rule is open to abuse and a majority of even well-to-do folks used to withdraw PF when switching jobs.

It is problem because Govt making it mandatory payment. Why do "well to do" folks contribute? Reason for withdraw because, it is beneficial to withdraw and invest in elsewhere rather than keeping with PF trusts for "manipulated" interest!

Also please note that now (after UAN) its not possible to withdraw if one is switching to new job and his new PF gets linked to UAN (UAN is linked to PAN, PASSPORT, AADHAR etc). This means if one is not employed till 2 months, then applies for withdraw, after which the process takes 60 days, till that if UAN is not linked such cases withdraw is allowed. Otherwise request will be rejected.

[Chetan_Rao]

Originally Posted by RaguHolla

Whole point of provident fund it to take when one is in need. Why should Govt control the same?

In a country with no direct Social Security coverage, PF and other long-term savings instruments provide some semblance of financial security in retirement. While PF is far from being a perfect solution, neither is being penniless at an age when long-term savings are the only sources of income to meet living expenses for a sizable chunk of our retired population.

......it is beneficial to withdraw and invest in elsewhere .......

Most people never bother with the 'invest' bit. Like it or not, the majority can't resist the urge to spend ready cash. While it would be ideal if everyone had the discipline to save by themselves, putting away a portion of one's money out of reach until regular income stops is not such a bad idea. Whether the govt. should control such savings is debatable (we have a separate PF thread), but let's not digress any further on this one.

[Digital Vampire]

New PF withdrawal norms put on hold till July 31 after protests

Read more at:
http://economictimes.indiatimes.com/...w/51893181.cms

[glenmz]

Originally Posted by ghodlur

I have signed this petition, request others to do so too (no compulsion though).
https://www.change.org/p/epfoaindia-...st_signed=true

Update from the change.org petition -
Good news! Govt cancels new PF withdrawal norms, old system to continue


Govt rolls back decision on tightening PF withdrawal norms

[murillo]

Originally Posted by Digital Vampire

New PF withdrawal norms put on hold till July 31 after protests

That is good news.

Sad that "no bad news" has become the "good news" nowadays!

[WindRide]

All PF amendments withdrawn. Old rules back in force.
http://www.firstpost.com/business/pf...y-2738640.html

Glad people's voice is heard strongly in this country. Proud of our democracy!
For once i must sheepishly admit my admiration for the various trade unions for their STRONG protest which made this quick turnaround prossible. Kudos to them, even though things did go out of hand in BLR.

[naveenroy]

Originally Posted by WindRide

All PF amendments withdrawn. Old rules back in force.
http://www.firstpost.com/business/pf...y-2738640.html

Glad people's voice is heard strongly in this country. Proud of our democracy!
For once i must sheepishly admit my admiration for the various trade unions for their STRONG protest which made this quick turnaround prossible. Kudos to them, even though things did go out of hand in BLR.

Yup, so true. I am sheepish in admitting it too. But well, the IT Industry isn't covered under labour laws so we cannot even sit in protest - sad about that. Maybe that will change some time in the future.

[RaguHolla]

Originally Posted by naveenroy

But well, the IT Industry isn't covered under labour laws so we cannot even sit in protest - sad about that. Maybe that will change some time in the future.

OT: We are covered under labor laws. However there are some exceptions. What is exempted is, for companies to mandatory have Standing order which defines rule & regulations, leaves, increment all defined in black n white. In additions Companies are exempted from accepting Unions representation in all decision making involving their employees.

As far protest is concerned, anyone in India can sit for protest, as long as you give it in writing (to local Police, Management)! Which applies to even IT guys. All protest needed not to come from organized union.

Not completely PF related however related to form of Pension,

We didn't see any protest or strike when Govt silently introduced taxing for Superannuation (which is form of Pension) in 2014. Now Superannuation contribution in excess of 1lachs per year is taxed. You may say whats big deal, the thing is you need to pay tax during exit to this scheme. Which basically double taxation. S.A is not paid to you and deducted from salary, but will be directly given. in addition you will now need to deduct tax for an amount which is not part of your salary. Its also possible that if you quit in 3 years you lose this amount (like Gratuity). This will affect all entry level IT guys who tend to quit frequently. Not that their SA will reach 1 lakhs per year (it can be up to 15% of your basic), however if it in excess of 1 lakhs you also paid tax for money which you wouldn't get.

We don't see any strike for same sadly!

[tejas08]

Guys,

Can anyone tell me what happens to EPS Contribution during transfer of PF due to change in Company?

My previous PF balance has been transferred to the new PF account. But nowhere is the previous EPS contribution seen.

[vnabhi]

Originally Posted by tejas08

Guys,

Can anyone tell me what happens to EPS Contribution during transfer of PF due to change in Company?

My previous PF balance has been transferred to the new PF account. But nowhere is the previous EPS contribution seen.

You don't have to bother about that. That goes into a common corpus from which retirees are paid. They do not transfer that amount when you change jobs.

It is good to have a UAN. It will help in determining if you have contributed to the pension fund for minimum ten years. In case you haven't, and retire, then your pension will be reduced.

[RaguHolla]

Originally Posted by tejas08

Guys,

Can anyone tell me what happens to EPS Contribution during transfer of PF due to change in Company?

My previous PF balance has been transferred to the new PF account. But nowhere is the previous EPS contribution seen.

There are conflicting information. Till UAN came in to existence you didn't even see contribution. Earlier to UAN existence practice was you fill Form 10c with appropriate choice. You choices are take entire contribution if you are not working for more than 60days and your pension contribution is less than 10 years. Or you get pension scheme certificate.

By reading epfo site this (Filing of Form 10c and submitting to EPFO after attesting same with previous employer) needs to be still done.

Your best bet is to ask current employer PF responsible.

[redbaron91]

Hello guys,

I've filled the PF withdrawal forms (15G, 19 & 10C) to my previous employer recently, since then I've not got any updates.
Is there any way to know the status of request placed, other than from the employer?

[hothatchaway]

Originally Posted by redbaron91

Hello guys,

I've filled the PF withdrawal forms (15G, 19 & 10C) to my previous employer recently, since then I've not got any updates.
Is there any way to know the status of request placed, other than from the employer?

If the accounts involved are both maintained by the Regional PF Commissioner (RPFC) then you would have a UAN number via which you can access the PF website and download a passbook which will display all remittances made by your employer as also any transfers into the account.

If any of the accounts are with a PF Trust maintained by the organization, just check directly with the organization which maintains the trust.

If nothing works you may pay a visit to the nearest regional PF office in your city, provided of course your current employer maintains the PF account in the same state. For Bangalore the regional PF office is at Raja rammohan roy road