EPF Withdrawal

EPF subscribers planning to withdraw funds from their accounts can now apply online

EPF members may present their withdrawal or transfer claims both offline and online. The members can view the progress of their EPF claims online no matter how they have submitted their application

An employer is under an obligation to pay the damages for delay in payment of the contribution of Employees' Provident Fund (EPF) of an employee, the Supreme Court said on Wednesday. A bench of Justices Ajay Rastogi and Abhay S Oka said Employees Provident Fund & Miscellaneous Provisions Act is legislation for providing social security to the employees working in any establishment and engaging 20 or more persons. The top court said that the Act casts an obligation upon the employer to make the compulsory deduction for provident fund and to deposit in the workers' account in the EPF office. We are of the considered view that any default or delay in the payment of EPF contribution by the employer under the Act is a sine qua non for the imposition of levy of damages under Section 14B of the Act 1952 and mens rea or actus reus is not an essential element for imposing penalty/damages for breach of civil obligations/liabilities, the bench said. The top court was hearing an appeal filed .

The maximum amount of Rs 8,968.45 crore EPF withdrawals from March 25 to August 31 were recorded in Maharastra, followed by Karanataka and Tamil Nadu (including Puducherry)

Under existing rules, once companies file their returns, known as ECR, they must also subsequently submit the EPF payments of employees at one go. Not doing so attracts a penalty

At present, 24 per cent of a worker's basic pay is deducted - with 12 per cent each counted as employer's and employee's share - towards the EPF savings

There is no income-tax on the advance, but withdraw only in dire need

Stringent rules have been put to ensure that this practice is discouraged

Pension Fund Regulatory and Development Authority has issued broad guidelines

EPFO has an ambitious plan to settle the claims within few hours after filing of application