From 30 April, you cannot withdraw your PF until you turn 58

[letmein]

EPFO rules restricting withdrawal of employees' provident fund will come into force after April 30. This means that in case you are unemployed for 2 months or more and want to withdraw your full EPF you can do so only within the next 15 days. After that the withdrawal amount will be restricted and you will be able to get the full amount only when you turn 58.

Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst

 

[Mr India]

thanks a lot modi ! , was hoping the 20k accumulated over the past year would be useful when i switch jobs in 1-2 months.cant i even withdraw my own contribution ??

 

[bond_bhai]

Under the new rule, a member after being unemployed for 2 months or more can withdraw only his own contribution and the interest earned on it. He can't withdraw the corpus generated from the employer's contribution along with the interest earned on it.

 

[sabby]

Makes me wonder if there's a scam going on with PF money or one planned for near future. If they can modify the PF bill like this, I wouldn't be surprised if one day the Govt announce they are seizing all PF funds for improving economy or whatever bogus excuse.

 

[psyph3r]

Makes me wonder if there's a scam going on with PF money or one planned for near future. If they can modify the PF bill like this, I wouldn't be surprised if one day the Govt announce they are seizing all PF funds for improving economy or whatever bogus excuse.

I don't approve of destroying public or any property for that matter but for once the people rioted for a good reason, the govt. has rolled back their decision on withdrawal norms for now.
There is a lot of money in dormant accounts and these parasites probably had their eyes set on leeching it somehow.

 

[bond_bhai]

I am pretty sure they will come up something which will limit the PF withdrawal or taxing the withdrawal. Having a lawyer as a FM is certainly causing problems for the working class!