PF Withdrawal Amendments

Industry in News

• The Wages (Central) Rules Preliminary Draft Rules 2019

  Click on link for the PDF of the Document - The Wages (Central) Rules Preliminary Draft Rules

• Employees Compensation-Amendment Act 2017

  The Employee’s Compensation (Amendment) Bill, 2016 was introduced in Lok Sabha on August 5, 2016 by the Minister for Labour and Employment, Mr. Bandaru Dattatreya. The Bill amends the Employee’s Compensation Act, 1923.  The Act provides payment of compensation to employees and their dependants in the case of injury by industrial accidents, including occupational diseases.

  Duty [...]

• Stay Order on amendment of Bonus Act

  The interim order passed by the high Court in WMP NO.6177 of 2016 in WP No. 6958 of 2016 on 25.02.2016, granting interim stay of the retrospective effect of the amendment to the Payment of Bonus Act 1965.

• PF Withdrawal Amendments

  1.      Withdrawal age has been increased from 54 years to 57 years under para 68NN – Withdrawal within one year before retirement.
  2.      New Para 68-NNNN has been introduced “Option for withdrawal  on cessation of Employment” (i.e. before attaining retirement age or 58 yrs). Employee can withdraw only his own share of total contribution including the interest thereon [...]

• PF Admin charges reduced by .25%

  Effective 01-01-2015 the PF admin charges (under Account No.2) has been reduced from 1.1o% to .85% and therefore the final Employer PF contribution comes down to 13.36%. The PF admin charges will be a minimum of Rs. 500 and minimum EDLI charges of Rs. 200 even if the number of employees drop to one and [...]