PF Withdrawal Amendments

1.      Withdrawal age has been increased from 54 years to 57 years under para 68NN – Withdrawal within one year before retirement.

2.      New Para 68-NNNN has been introduced “Option for withdrawal  on cessation of Employment” (i.e. before attaining retirement age or 58 yrs). Employee can withdraw only his own share of total contribution including the interest thereon up to date of payment provided the member is not employed in any factory / establishment  to which the Act applies for a continuous period of not less than 60 days immediately preceding the date of application.

However the clause of 60 days is relaxed in case of female member resigning from the establishment for the purpose of getting married or on account of pregnancy or child birth.

3.      Full withdrawal is only permissible on retirement post attaining the age of 58 years.

PF 2016 amendment Notice

Twitter Digg Delicious Stumbleupon Technorati Facebook

No comments yet... Be the first to leave a reply!