123567
8th Feb 2011, 06:47
Just as i'm about to leave.... i knew this would happen and i'm gutted.
New PF norms leave expats in lurch - The Times of India (http://timesofindia.indiatimes.com/business/india-business/New-PF-norms-leave-expats-in-lurch/articleshow/7439380.cms)
PF funds will not be given to expats until they turn 58 years old...
123567
10th Feb 2011, 16:19
I guess everyone is over 58 or doesn't care that money promised to them is not not available.
12% of your salary is now NOT going to be available when you complete your contract until you reach age 58 - and i'm certain that it will not be easy to remit these monies when you are no longer working in India.
This is criminal - I just lost over 40K just like that overnight.
BE warned guys.
Rotorhead1026
10th Feb 2011, 19:26
I'm no longer over there, but I've asked around and not every airline is collecting this. I never paid into it but I last drew a paycheck in 2009.
Keep a friend over there with a bank account. It appears that when you come "of age" you can have the funds transferred. I'm sure it will be a major hassle, but it's all you've got right now.
Expat Indians are upset that they have to pay into various countries government retirement systems with no chance of reimbursement. Most of these plans are technically bankrupt, and aren't making payments to anyone unless they're eligible. Getting your money out early isn't an option. India may be responding in kind. Unfortunately, this type of retaliation, deserved or not, rarely does anything except cause trouble.
With luck, the situation may be resolved diplomatically and you can get your money. Otherwise, you are $crewed. My sympathies ...