Master Copy for IRTMTCALD by IRICEN P F
Master Copy for IRTMTC/ALD by IRICEN
P. F. Meaning, Rate, Withdrawal
Railway staff Provident Fund Rules • For Railway employees who are posted on or after 01. 2004 Provident Fund rules are not applicable. • Railway employee contributes 8. 5% of Pay + GP to State Railway Provident Fund Account. • The account is maintained by Accounts Department. Each PF account is allotted a specific number. • Voluntary Contribution to PF (VPF) can be made from the salary of a Railway staff subject to the maximum limit that the amount should not be more than the amount remaining after recoveries. • VPF amount may be reduced once a year and may be enhanced twice a year. • Each account holder is given a statement indicating balance at the beginning of the year, his contributions, interest, withdrawal etc.
Railway staff Provident Fund Rules • Nomination – Every Railway employee should make a nomination at his discretion for distributing amount at his credit. Nomination may be canceled or modified at any time. • Competent authority sanctioning part/final withdrawal of PF may sanction upto 90% of the amount at credit in case applied within 12 months of (before) retirement/superannuation without assigning any reason. • Marriage advance shall be permitted within 3 months earlier to the date of marriage. The railway staff shall furnish a certificate that the money has been utilized for the purpose for which it has been drawn within one month of marriage. • The amount in PF account can be withdrawn by the Employee on various occasions. It can be Temporary(to be recovered later in installments) or final (no recovery). • Interest on PF is completely tax free.
Railway staff Provident Fund Rules • Competent authority to sanction withdrawal • GM in case of officers in Zonal Railway/Production Units. CPO may exercise the power in respect of Gazetted officers. • Sr. Scale/Assistant/Group B officers in respect of Group C employees. • Assistant officer/Group B officers/APO in respect of Group D Railway staff. • Final Withdrawal from Provident Fund is permitted only for Railway employees with 15 years service including broken periods.
Railway staff Provident Fund Rules • Railway Staff Provident Fund - Temporary withdrawal • Railway staff who is not eligible for final withdrawal can opt for temporary withdrawal from PF. • No advance shall not be granted until at least 50% of last advance has been repaid. • Amount of advance shall be such that after making all recoveries net amount payable is not less than 50% of Basic pay of the Railway staff concerned. • For Running staff Basic Pay + 30% will be taken for calculating the advance. • Permitted on following occasions:
Railway staff Provident Fund Rules Railway Staff Provident Fund - Temporary withdrawal Permitted on following occasions: On medical Grounds Eligible for the employee himself or his/her family members, dependent person, minor brother, unmarried sister or widowed sister. • Amount – 3 months pay or 50% of amount at credit of the Railway employee whichever is less. • Recovery – Minimum 12 and Max 24 equal monthly installments. • •
Railway staff Provident Fund Rules Railway Staff Provident Fund - Temporary withdrawal Permitted on following occasions: Marriage/Betrothal This advance is payable for Marriage/Betrothal of Railway employee or his children, dependent person, minor brother, unmarried sister or widowed sister. • Amount – 3 months pay in case of marriage/betrothal of male and 6 months in case of female. In special case it can be 6 and 10 months of pay respectively. • Recovery – 60 equal monthly installments. • If amount at credit is less than Rs. 10000/-, 90% of amount is permissible. • •
Railway staff Provident Fund Rules • • • Railway Staff Provident Fund - Temporary withdrawal Permitted on following occasions: Education This advance is permitted for the education of dependent of a Railway staff beyond high school stage. Amount – Rs. 1000/500 in case of Gazetted/non Gazetted Railway employee. Recovery – 24 equal monthly installments. The limit can be extended to 3 months emoluments for education abroad and 1 1/2 months emoluments for education in India. Medical Treatment abroad For an employee proceeding on leave out of India on medical condition or returning after such absence. Amount – Actual cost of passage. Recovery – 24 equal monthly installments.
Railway staff Provident Fund Rules • • • Railway Staff Provident Fund - Temporary withdrawal Permitted on following occasions: House Building This advance is given to a Railway employee to meet the cost of flat or construction of house for residence or to make any payment towards allotment of plot/flat by Housing Board/Housing Society. Amount – 3 months emoluments or in special cases upto 6 months emoluments or half the amount at credit of the subscriber whichever is less. Recovery – 60 equal monthly installments. Opening of book stall by unemployed Graduate son/daughter of a Railway employee. An advance of Rs. 3000/- to be recovered in 24 equal monthly installments. Opening of book stall by unemployed Graduate son/daughter of a Railway employee An advance of Rs. 3000/- to be recovered in 24 equal monthly installments.
Railway staff Provident Fund Rules • Provident Fund - Final Withdrawal • Final Withdrawal from Provident Fund is permitted only for Railway employees with 15 years service including broken periods. • On medical Grounds • Eligible for the employee himself or his/her family members, dependant person, minor brother, unmarried sister or widowed sister. • Amount – 3 months pay or 50% of amount at credit of the Railway employee whichever is less. The limit can be relaxed in special cases, but not to exceed 3/4 th of credit.
Railway staff Provident Fund Rules • Provident Fund - Final Withdrawal • Marriage/Betrothal • For Marriage/Betrothal of Railway employee or his children, dependant person, minor brother, unmarried sister or widowed sister. • Amount – 3 months pay in case of marriage/betrothal of male and 6 months in case of female. In special case it can be 6 and 10 months of pay respectively. • If amount at credit is less than Rs. 10000/-, 90% of amount is permissible. • In special case the 10 months limit may be relaxed keeping in view the status of the subscriber and amount at credit but in no cases more than 15 months. • Marriage and betrothal will be separate occasions for sanction of withdrawal.
Railway staff Provident Fund Rules • Provident Fund - Final Withdrawal • Education • This advance is permitted for the education of dependant of a Railway staff beyond high school stage. • Withdrawal is permissible once in every 6 months or twice in a Financial year. • 3 months emoluments for education abroad and 1 1/2 months emoluments for education in India (upto maximum 50% of amount at credit of the employee). This limit may be relaxed but not to exceed ¾ of the amount at credit.
Railway staff Provident Fund Rules • Provident Fund - Final Withdrawal • House Building • Railway employees are permitted final withdrawal from Provident Fund for building/acquiring a house/flat for residential purposes including cost of site or for repayment of loan taken for this purpose. • Withdrawal amount shall not exceed the amount at the credit of the staff or actual cost of house including the cost of land/repayment of loan whichever is less. • In no case the sum withdrawn together with amount of advance taken from Ministry of Urban. • Development or assistance taken from government sources shall not exceed the maximum limit prescribed. • In case of construction of house withdrawal may be permitted in equal installments not less than two. • In case of co-operative societies withdrawal is permissible as and when demanded by the society.
Railway staff Provident Fund Rules • Provident Fund - Final Withdrawal • Site of house • For purchasing a plot/site for construction of house one half the amount at credit or actual cost of house whichever is less. • Reconstruction/renovation/Alteration and upkeep of ancestral house or flat built/acquired at a place other than place of duty • Amount - The actual cost or Rs. 10000/- whichever is less. • Second withdrawal is allowed provided total of both shall not exceed amount at credit at the time of first withdrawal.
Railway staff Provident Fund Rules • • Provident Fund - Final Withdrawal Repair to car For overhauling of car once in the service of a Railway Employee. The employee should have completed 28 years of service or has less than 3 years to attain superannuation. Rs. 10000 or 1/3 rd of amount at credit or the actual cost of repair of the car whichever is less. Acquisition of Farm Land/business premises. Within 1 year of retirement. Actual cost of land/premises.
Railway staff Provident Fund Rules • Provident Fund - Final Withdrawal • Booking of Motor Car • Amount: Upto Rs. 10000/- or 50% of amount at credit or actual cost of registration whichever is less. The amount of advance shall be taken into account for determining the overall ceiling for withdrawal. • Booking of Car/Motor Cycle/Scooter/Moped • Amount : Upto Rs. 500/- or 50% of amount at credit or actual cost of registration whichever is less. The amount of advance shall be taken into account for determining the overall ceiling for withdrawal. • Purchase of Car • Amount: Upto Rs. 110000/-. The amount of withdrawal plus withdrawal for booking should not exceed 50% of amount at creditor actual price of car whichever is less.
Railway staff Provident Fund Rules • Provident Fund - Final Withdrawal • Purchase of Consumer durables • For purchasing consumer durables like TV/VCR/VCP/Washing machine/Cooking Range/Geyser/Computer/Refrigerator. • Amount not exceeding 6 months pay of the railway staff or half the amount at credit. • Funeral Expense : • Amount : Rs. 500/-
THANKS
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