Team-BHP - The "Provident Fund" Thread

Quote:

Originally Posted by ghodlur (Post 2271338)

No Rishie,

What I meant was since there are no deposits continous for 5 years, any amount accumated as on date can be withdrawn but is taxable. Had you continued putting in the money till July 2011, you would have been able to withdraw with zero tax.

@ghodlur: Thanks for the clarification.

I will be checking with my finance team to see if I can directly deposit the amount into the PF account (I am not sure of whether the employee alone can deposit the amount directly into the EPF account)

Quote:

Originally Posted by NetfreakBombay (Post 2271387)

Rishie, you might be able to withdraw a large portion of it by showing that you are buying a house.

But, even this withdrawal is allowed only after 5 years, as far as I know.

Quote:

Originally Posted by rishie (Post 2271390)

But, even this withdrawal is allowed only after 5 years, as far as I know.

No, you can withdraw this amount any time.

Quote:

Originally Posted by moralfibre (Post 2255141)

You can now find out your claim status online at this address.

Has anybody used this link? The PF account no. expected has 5 fields, with a 7 digit Establishment Code, 3 character Extension, and a 7 digit Account Number. Is this standard now? My Bangalore account number has only 3 fields, with a 2 character location code (KN), a 5 digit Establishment Code, and a 2 digit Account Number. So I can't use it on the above page! What can I do? Is there any other site that would accept my number? Thanks.

I'm in a situation now.
I applied for PF transfer and it's still under process as per current company's HR department.
Now i'll be joining another company within 2 months and i'm thinking of withdraw all PF.
Lets say in old company i had 50K and current company i've 50K, i need to withdraw all 1 Lac amount, however since PF transfer is not done, not sure what will happen.

Waiting for expert suggestions.

meerkat - the new numbers are "social security numbers", IIRC. Implemented already, at least in KL.

For those consiering PF withdrawal / closure - I would suggest second thoughts.

EPF is a very safe investment; and is not subject to cout attachments, etc. If you have contributed for at least 10 years, you are eligible for a pension on completion of 10 years. Even at the minimum, the pension comes to around 800 INR now. Even without the pension, if you continue to keep the amount till end of your working life, you will get very handsome returns.

Quote:

Originally Posted by BaCkSeAtDrIVeR (Post 2298447)

Even without the pension, if you continue to keep the amount till end of your working life, you will get very handsome returns.

And how easy or difficult is it to withdraw this amount then?

If people have the option, I would seriously recommend PF withdrawal. It's been almost a year, I am still to get my money back since I applied, and I am not the only one. It's a scam at best. I need that money urgently, and I am just being made to send form after form. The pf office reeks of red tape, and I would never want to keep my hard earned money with these babus.

Quote:

Originally Posted by e1t1bet (Post 2298578)

There has been major layoffs in our company and we had a session with our Finance team yesterday. They also had the same advice. If we transfer our PF account through the new company, they can't even guarantee if/when the transfer will happen. Moreover, you don't have any control other than keep checking with the new company finance team about the status. So, better apply for withdrawal and start a new PF account at the new place.

In my company the PF is deposited in a trust managed by the company and this makes the withdrawal process less painful. Many employees who had applied for the PF withdrawal have got the money within 3 months max.

Dear Pals,

Kindly help me.

I left my last organization (x) and joined (y) 4.7 years back. I did not transfer or withdraw my PF from (x):Frustrati(negligence)

Now (x) was taken over by a new organization (z) two yeas back and relocated to other state.

Now what shall I do to transfer my PF to (y) from (z)?

Looking forward to hearing from you.

Regards

Vinu

Guys, I need some help. I quit my job last year, and applied for withdrawal (in March 2010). However, I haven't heard anything from epf office, and my company has already made the application. I can see my balance till Mar 2010 online, however, the claim status hasn't updated in a year. It still shows "your claim hasn't reached ..". Should I get a lawyer or file an FIR? How does this work?
I really need the money now as I am back to being a student please:

Quote:

Originally Posted by e1t1bet (Post 2311979)

I have been trying to check my PF balance online but not able to do so. Whenever I try, I get an error as "Object reference not set to an instance of an object."

Not sure whom to contact in this case.