30 April 2009
Can we draw some amount from our PF account before leaving the organization. Is there any rule like after 5 years the PF amount gets transfered to pension fund, making us inable to draw funds even after quitting organization?????
30 April 2009
In big organizations, some employees are permanent and PF is deducted, while some temporary employees are also there. So some times practically some permanent employees shift their job to temporary employees and withdraw the PF deposited on behalf of them. So this is one way if you want to withdraw your amount.....
30 April 2009
PF is also applicable for temporary employees. So it is not a way to withdraw PF by shifting to temporary employee. However one can withdraw amount during job after 7 years of service. After 7 yrs application is made to PF Deptt. and they pay amt according to requirement and blance held in account.
30 April 2009
The PF can not be withdrawn during the peirod of service, however the non refundable loan can be taken from the funds. In case of loan for housing the an application can be made after five years of services and in other cases the time limit is 7 years. The time limit is for continous maintaining the PF a/c and not for the employer. for example if an employee is woking with his current employer only for period of 3 years and he worked with the ealier employee for 4.5 years and the PF of earlier employement is trasferred to his current employer, he can avail the loan in his current employment as he has met the minimum year of services rule.
CAclubindia
