Retaining EPF
First of all, EPF rules should be same for EPF body and private trusts. Hence, if EPF body is allowing full withdrawal, trustees should also allow. I also do not understand as to why separate trusts are allowed to retain public funds, since a government body in the name of EPF office already exists.
Secondly, retaining employer's portion of EPF with the EPF body or the trustees is not correct as these funds belong to the outgoing employee. The outgoing employee may be a retiring employee OR one whose services might have been terminated OR one who wants to start his own business venture.
Finally, in case, a outgoing employee does not want to do a job and transfer his corpus to his new company, he should be allowed to withdraw fully
OR the entire corpus should be deposited in the government EPF body new account, whose responsibility should lie with company's trustee to open immediately. more
Secondly, retaining employer's portion of EPF with the EPF body or the trustees is not correct as these funds belong to the outgoing employee. The outgoing employee may be a retiring employee OR one whose services might have been terminated OR one who wants to start his own business venture.
Finally, in case, a outgoing employee does not want to do a job and transfer his corpus to his new company, he should be allowed to withdraw fully
OR the entire corpus should be deposited in the government EPF body new account, whose responsibility should lie with company's trustee to open immediately. more
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