Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Withdrawal from PF

Khushboo Maheshwari (Company Secretary) (548 Points)

17 July 2009

Can an existing employee withdraw money from his PF account? If yes what % and what are the other conditions.........please reply

Reply
Follow
Share

1 Replies

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 13 May 2011

Para 70(A):

If a person entitled to received a share in the Provident Fund accumulations of a deceased member is charged with committing the murder of the member or with abetting the crime, the share payable to such person shall be retained till the case is finalised . If, subsequently he/she is exonerated, the share will be paid to him/her. If such a person is found guilty and convicted, the share will be paid equally to other person(s) entitled to receive the accumulations.

WITHDRAWALS

Types of Benefit	Eligibility	Eligible Amount	Form	Documentary Support
The purchase of site for construction of house	5 Years of membership of the Fund (Minimum balance in member’s a/c should be Rs. 1000/-) * The purchase should be in favour of member or member & spouse.	l 24 months wages (Basic & DA) OR l Member’s own share of contribution + Company’s share of Contribution with interest thereon	No.31	A declaration from the member that, dwelling site or dwelling house/flat or the house under construction is free from encumberances and the same is under the title of the member or the spouse (notification dated 25.2.2000)
The Construction of House	5 Years of membership of the Fund (Minimum balance in member’s a/c should be Rs. 1000/-) * The purchase should be in favour of member or member & spouse.	l 36 months wages (Basic+DA) OR l Members own share of contribution + Company’s share of contribution with interest thereon	No.31	A declaration from the member that, dwelling site or dwelling house/flat or the house under construction is free from encumberances and the same is under the title of the member or the spouse (notification dated 25.2.2000)
The purchase of dwelling flat	5 Year of membership of the Fund (Minimum balance in member’s a/c should be Rs. 1000/-) * The purchase should be in favour of member or member & spouse.	l 36 months wages (Basic+DA) OR l Members own share of contribution + Company’s share of contribution with interest thereon	No.31	A declaration from the member that, dwelling site or dwelling house/flat or the house under construction is free from encumberances and the same is under the title of the member or the spouse (notification dated 25.2.2000)
Additions, Alterations or improvements to the dwelling house	5 years from the date of completion of dwelling house	12 months basic or members own share of contribution with thereon.	No.31

68 BB : REPAYMENT OF LOAN

Types of Benefit

Eligibility

Eligible Amount

Form

Documentary Support

Advance from the fund for repayment of loan

10 years membership of the fund & member should have taken loan from Govt. Body

36 month wages (Basic + DA)
OR
Members own share of Contribution + Company’s share of Contribution with interest thereon.

No.31

A certificate from the lending authority furnishing the details of loan and outstanding amount.

68 J : ADVANCE FROM FUND FOR ILLNESS

Types of Benefit	Eligibility	Eligible Amount	Form	Documentary Support
Advance from the fund for illness viz. hospitalisation for more than a month, major surgical operation or suffering from TB, Leprosy, Paralysis, Cancer, Heart ailment etc.	Stay in Hospital at least for a month	6 moths wages (Basic + DA)	No.31	A certificate from the Medical Practitioner for hospitalisation or operation.

68 K : ADVANCE FROM THE FUND FOR MARRIAGE

Types of Benefit	Eligibility	Eligible Amount	Form	Documentary Support
l Advance from the fund for Marriage of self/son/daughter/ sister/brother etc. l Advance from the fund for education of Son/Daughter	l 7 years membership of the fund & minimum balance in member’s account should be Rs. 1000/-	l 50% of member’s own share of contribution	No.31	Declaration by the member which is attested by the employer.

68L : ADVANCE IN ABNORMAL CONDITIONS

Types of Benefit	Eligibility	Eligible Amount	Form	Documentary Support
Grant of advance in abnormal conditions, Natural calamities etc.	l Certificate of damage from appropriate authority. l State Govt. declaration.	l Rs. 5000/- or 50% of member’s own share of contribution (To apply within 4 months)	No.31	l Certificate from the Appropriate Authority.

68 M : ADVANCE TO MEMBER AFFECTED BY CUT IN THE SUPPLY OF ELECTRICITY

Types of Benefit	Eligibility	Eligible Amount	Form	Documentary Support
Grant of advance to members affected by cut in the supply of electricity	l The advance may be granted only to a member whose total wages for any one month commencing from the month of January 1973 were 3/4^th or less than 3/4^th of wages for a month	l Wages for a month OR l Rs.300/-	No.31	Certificate from State Govt. regarding cut in the supply of electricity.

68 N : GRANT OF ADVANCE TO MEMBERS WHO ARE PHYSICALLY HANDICAPPED

Types of Benefit	Eligibility	Eligible Amount	Form	Documentary Support
To Physically Handicapped member for purchase of an equipment required to minimize the hardship on account of handicap.	Production of medical certificate from a competent medical practitioner to the effect that he is physically handicapped	Basic wages+ DA for six months or own share of contribution with interest or cost of equipment which ever is least.	No.31	Certificate from the Medical practitioner to the effect that the member is physically handicapped..

Note: For calculation/ computing the period of membership U/P 68B, 68BB, 68K, total service exclusive of periods of break under the same employer before the scheme is applied to him, as well as period of membership of the fund is always included.