An Assistant Teacher in our school is scheduled to retire from his service on 30.09.2015. He has discontinued his PF contribution/deduction from July, 2015. Now, he wants to settle his PF Account till September, 2015 as the rate of interest is already declared for the financial year 2015-16. I think it is justified. But as per our HM’s view, he is eligible to withdraw PF fund till March, 2015 and the remaining part will be claimed by him after completion of this financial year i.e., 2015-16. Our HM is also unable to justify the reason behind his statement.
Anybody could light up in this matter!!!!
Yes, A subscriber may discontinue his/her subscription for the last six months of his/her service on serving a notice to the Head of the Institution. Here “may” means, the incumbent may not discontinue his/her subscription up to superannuation. (Para-10 (e) General Provident Fund Rules-1995). And if the rate of interest (15-16) is declared, then there is no problem to calculate the total amount including interest up to 30-09-15. And it will be the final Payment of his/her P.F.
Thanks a lot.
@tapas999: Regarding gpf withdrawl before retirement, the rule is the employee can withdraw upto 90% of his total GPF amount as per GPF Rules. There is no obligation regarding financial year.
Yes, A subscriber may discontinue his/her subscription for the last six months of his/her service on serving a notice to the Head of the Institution. Here “may” means, the incumbent may not discontinue his/her subscription up to superannuation. (Para-10 (e) General Provident Fund Rules-1995). And if the rate of interest (15-16) is declared, then there is no problem to calculate the total amount including interest up to 30-09-15. And it will be the final Payment of his/her P.F.
Thanks a lot.
please, provide me the concerned G.O. regarding the aforesaid — “Here “may” means, the incumbent may not discontinue his/her subscription up to superannuation.”
