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PF withdrawal restrictions to come into force from August 1, not May Day

Tue, Apr 19, 2016, 01:03 PM
The Employees Provident Fund Organisation has deferred the implementation of the new PF withdrawal norms to August 1 to enable employees to withdraw cent per cent of their PF accruals.

After the budget session, the Union Labour Ministry has drawn up new norms introducing restrictions in PF withdrawals after May 1, after which an employee would be eligible to withdraw only his contribution but not the matching contribution of the employer.

The restrictions also include barring an employee from withdrawing PF between the the age of 54 and 57. The employees claims were to be settled one year before retirement.

These restrictions were to come into force from May 1, 2016. But the employees have now been spared of the May Day blues being the International Workers Day. The employees can withdraw their PF in full till August 1, 2016.

However, there are no changes in the rules on PF withdrawals in emergency situations. These situations include housing, medical treatment, education of children in professional colleges and wedding of daughter or sister.
Agency: Ap7am Desk

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