Exploration to block PF Subscribers getting full PF amount before the age of 58!
Posted on: 24/Jan/2015 3:14:05 PM
Provident Fund Organisation has started exploring the possibilities of blocking the release of full Provident to subscribers below 58 years of age.
The PF Commissioner informed that there is a current practice of allowing PF subscribers to get the PF amount whenever they switch jobs from one company to another.
However, giving due consideration for future welfare of PF subscribers, the organisation is analyzing whether to impose new rules blocking the release of full PF amount for subscribers who are below 58 years of age.
Once this rule is implemented, the subscribers below 58 years of age apply for PF release, only 90% of the PF under the account will be released.
The balance 10% will remain the subscriber�s universal account (Universal Account Number). Even if the employee change job, the account will continue under the subscriber�s name.
