December 05, 2016
As per the previous labour laws, the employees would receive the lump sum amount of the provident fund at the time of his retirement. This proved cruel in the past days when the employees were in the urgent needs of money in some emergency situations and unavoidable circumstances like home loan payoff, home alteration and renovation, housing, treatment for self, admission of children in medical and engineering colleges. In spite of having an adequate amount of money in his or her provident fund, she or he could not utilize it at the time of emergency.
To help them in their critical situations, EPFO has loosened the norms on withdrawal of provident fund. According to the new regulations, the PF members or Pf account holders can withdraw their PF amounts up to a certain amount. He or she can withdraw nearly 90% of the amount till the age of 57. None can withdraw 100% percent of the PF amount until an employee becomes 58 years’ old- as there remain the interest and the contribution of the employer.
Furthermore, to make the matter more convenient for you, EPFO has introduced a new system for facilitating submission or withdrawals of PF online. The main objective is to make the process transparent, efficient and convenient for the employees. The most interesting part is that an employee can track the regular transfer done by his or her employer.
To do so he or she can follow this link
The interesting part is that it offers an option for EPFO claim online. A PF member can submit his or her claim online.
Moreover, when your employer does not help you to withdraw some amount in your urgent need, you can lodge a complaint against him. The above-mentioned portals allow you to file a complaint regarding provident fund.
Have a look at the circumstances liable to file provident fund complaints against employer
>>No cooperation in PF withdrawal
>>Final settlement issue
>>Irregularities in PF submission
>>Problems of PF slip or PF Balance
>>Problems in transfer of PF accumulations
>>An employee must complete at least two months of service.
>>None can withdraw 100% of the EPF amount until he or she reaches at 58.
>>If an employee withdraws his or her PF amount before 5 years of continuous service, the PF amount would get taxable.
Stories by GetaBuddy