Withdrawal from EPF account proposed to be restricted ?!!!
In September 2010, the Indian Government (Government) imposed major restrictions on the eligibly of International Workers to withdraw from Employees’ Provident Fund (EPF). Coming on the heels of such restrictions imposed for International workers, the EPF Authorities have now proposed similar changes to EPF Rules for local Indian employees. Currently, EPF Authorities are in the process of gathering data from various regional offices to present a strong case to Government for such change
EPF is primary social security scheme in India to which major part of contributions made by employer and employee are allocated. As per the existing Rules, an Indian employee is entitled to withdraw such contributions two months after leaving employment with a covered employer. However, there is a condition that the employee should not take up fresh employment with another covered employer during the said period of two months. Where the employees takes up employment with another covered employer during the said period of two months, the Rules provide that EPF balance with the prior employer should be transferred to the EPF account of the employee opened under the new employer.
EPF Authorities have done a recent analysis on the existing pattern of withdrawal by employees which has highlighted that the majority of employees withdraw their EPF balances with every job change, defeating the very objective of social security. The basic premise of EPF Scheme is to provide compulsory saving for old age when employee is not able to earn. Further, frequent withdrawal by employees also impacts the earnings of EPF as the funds are available for investment by EPF Authorities for very short period.
Following changes are proposed in the EPF Rules:
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Streamlining the process of transfer of employee’s EPF balance from one employer to another;
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Deny pre-mature withdrawal of EPF balance barring exceptional circumstances;.
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Restricting advances/loans under the EPF Scheme to only once in ten years;
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Pre-mature withdrawal to be permitted only in case of death, permanent and total disablement, mental infirmity and in case of leaving country for good;
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Providing a lock in period of 3 years to be eligible to withdraw from EPF for an employee quitting job and taking up self employment.
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PME Due Date
Master Circular No. 25
Copy of Railway Board’s letter No. 69/H/3/11 dated 06.12.1974
Subject: Implementation of the Recommendations of the Visual Sub-Committee.
6. Periodical re-examination of serving Railway Employees:
6.l. In order to ensure the continued ability of Railway employees in Classes A l, A 2, A 3, B l and B 2 to discharge their duties with safety, they will be required to appear for re-examination at the following stated intervals throughout their service as indicated below:
6.1.1. Classes A l, A 2 and A 3 —At the termination of every period of three years, calculated from the date of appointment until they attain the age of 45 years, and thereafter annually until the conclusion of their service.
Note: (l) The staff in categories A l, A 2 and A 3 should be sent for special medical examination in the interest of safety under the following circumstances unless they have been under the treatment of a Railway Medical Officer.
(a) Having undergone any treatment or operation for eye trouble irrespective of the duration of sickness.
(b) Absence from duty for a period in excess of 90 days.
(2) If any employee in medical category A has been periodically medically examined at any time within one year prior to his attaining the age of 45, his next medical examination should be held one year from the due date of the last medical examination and subsequent medical examination annually thereafter.
If, however, such an employee has been medically examined, at any time earlier, than one year prior to his attaining the age of 45, his next medical examination should be held on the date he attains the age of 45 and subsequent medical examination annually thereafter.
Ammendment: It was ammended in 1993 as below
Age Group PME Due
Age 00-45 every 4yrs
Age 45-55 every 2yrs
Age 55-60 every year
Details:-
As per Rly Bd's Guideline of Medical Exam issued vide LNo. 88/H/5/12 dated 24-01-1993
a) PME would be done at the termination of every period of 4 years from date of appointment / Initial medical Exam till the date of attainment of age of 45 years, every 2 years upto 55 years & there after annual till retirement.
b) Employees who has been periodically examined at any time within 2years prior to his attaining the age of 45years would be examined after 2years from the date of last PME & subsequent PME for every 2years upto 55years age.Of
NRMU 4 you
SMLokhande
6.1.2. Classes B-1 and B-2—On attaining the age of 45 years, and thereafter at the termination of every period of five years.
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