EPF withdrawal from an organization EPF trust
I have been relieved from my last job on 9th Feb 2016 in an organization in Ahmedabad and have started my own venture.
Now as per the new rules, full accumulation of the EPF corpus can be withdrawn only till 30th April 2016 and new rules apply from 1st May 2016, which states that only the employee portion with interest can be withdrawn and the balance at the age of 58.
My EPF accumulation is with this organization trust and not with the EPF office. On contacting the company's EPF authorities, I was informed that they cannot allow full withdrawal as the extension in date for full withdrawal is only for those who have their EPF balance in EPF office and I have to withdraw my portion immediately as they cannot retain my accumulation with them for a long time.
I need to know the actual rule applying to the various trusts operated by organizations in India.
Is the rule different for EPF office and private trusts? Is it prudent to have different rules for EPF
formalities?
Can anyone guide me with the actual rule applying to all the EPF trusts in India?
Awaiting response. more
Now as per the new rules, full accumulation of the EPF corpus can be withdrawn only till 30th April 2016 and new rules apply from 1st May 2016, which states that only the employee portion with interest can be withdrawn and the balance at the age of 58.
My EPF accumulation is with this organization trust and not with the EPF office. On contacting the company's EPF authorities, I was informed that they cannot allow full withdrawal as the extension in date for full withdrawal is only for those who have their EPF balance in EPF office and I have to withdraw my portion immediately as they cannot retain my accumulation with them for a long time.
I need to know the actual rule applying to the various trusts operated by organizations in India.
Is the rule different for EPF office and private trusts? Is it prudent to have different rules for EPF
formalities?
Can anyone guide me with the actual rule applying to all the EPF trusts in India?
Awaiting response. more
Viewed by 2221
View all 8 comments Below 8 comments
Whether your PF accumulations are with EPFO with PF Trust of an exempted organisation, provisions of EPF & MP Act, 1952 and the amendments from time to time have to be followed. When your resigned in February, you should have applied for withdrawal, the TRUST could hav e settled the case immediately after completion of two months, i.e. much before thedeadline. Now you have no option but to wait until you attain the age of 58 years. more
Apr 11
Yes what MM Ali Khan says is right. Go to EPF Office meet the comnissioner. He will guide you in an unprejudised way. No doubts wiil be lwft as he is the authority take action per prevailing rules..my experience in mubai epfo is this recently i got the withdtawal offcourse it was done before changes in rules.... Plz contact EPF Office personally and your job will be done in a month..no hanging around.. more
Apr 11
I really do not know why government is coming with such rules at all. There are many who has plans like this. What will they do in case they leave/lay off the job early. Wait and suffer till they reach 54. :( Extremely disappointed. Even I am thinking to take early retirement and do something on my own. more
Apr 11
