1. #1
    Unregistered

    Can an employee withdraw his whole PF amount while working in the organization?

    I am working as an HR in small software company called Anush InfoTech. We have got this different case. One of our employees wants to withdraw his PF amount. He is still working in our organization. As this is the first case, can anybody help me on this? Can an employee withdraw his whole PF amount while he is working? If yes what is the procedure?

  2. #2
    rockindeepak Array
    Join Date
    Aug 2012
    Posts
    189

    Re: Can an employee withdraw his whole PF amount while working in the organization?

    Hello

    I dont think it is possible.As you cannot take another pf number for the same employee who is still working.

    He can withdraw only after he resigns .

    As per my knowledge no one can withdraw PF amount while on service.

    I am not sure about this idea but still i wanted to share with you

    If your company policies permit employee to resign and rejoin again in the next month then he can withdraw the amount and his old PF number will be deleted and he will get a new one

    Thank you

  3. #3
    Labournet Law Consultancy Array
    Join Date
    Oct 2012
    Location
    2nd Floor, Patel Complex, Basin Road, Ernakulam, Kerala
    Posts
    287

    Re: Can an employee withdraw his whole PF amount while working in the organization?

    An employee cannot with draw the amount from his PF account when he is still in his service. He can only withdraw the amount when he left the service or at the time of attaining 55 years of age. But there is a provision to take loan from the PF accounts and only 75% of the loan amount can be taken from the employees PF accounts. Also the employee can withdraw some amount from the Pf account if any urgency arises such as marriage of the daughter, for medical treatment and for children education. For this you have to submit application before the EPF commissioner. But he cannot get loan or any other amount if he has availed the one of the above mentioned service within the last 5 years.
    LabourNET Law Consultancy
    Leading Labour law Compliance Consultancy in Kerala having PAN India presence.
    8129016649

  4. #4
    Unregistered

    Re: Can an employee withdraw his whole PF amount while working in the organization?

    As i checked online, he can take loan against his PF. for further he can coordinate with PF office or Loan company.

  5. #5
    Unregistered

    Re: Can an employee withdraw his whole PF amount while working in the organization?

    Quote Originally Posted by Unregistered View Post
    As i checked online, he can take loan against his PF. for further he can coordinate with PF office or Loan company.
    can u pl let me know the website on which u have checked

  6. #6
    varshu Array
    Join Date
    Jan 2013
    Posts
    240

    Re: Can an employee withdraw his whole PF amount while working in the organization?

    hello friends..

    @ he can not withdraw the PF amount at time of he his in service

    @ it will be possible at the time of 55 years age

    @ it will be possible at the time of resign the job

    all the best

+ Reply to Thread

Similar Threads

  1. Replies: 7
    Last Post: 06-02-2013, 06:47 AM
  2. Payment of amount as salary when not working
    By Unregistered in forum Professional Discussions
    Replies: 11
    Last Post: 02-01-2013, 12:17 AM
  3. Replies: 13
    Last Post: 09-12-2012, 04:49 PM
  4. Can we take retired employee again to the organization on contract basis?
    By Unregistered in forum Professional Discussions
    Replies: 3
    Last Post: 30-09-2012, 11:32 PM
  5. Replies: 2
    Last Post: 15-09-2012, 08:47 PM