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Monday, April 25, 2016

Govt puts on hold new Provident Fund withdrawal norms till July 31

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Govt puts on hold new Provident Fund withdrawal norms till July 31

The Govt puts on hold new Provident Fund withdrawal norms till July 31. New PF withdrawal norms proposes to bar withdrawal of employer’s contribution to the provident fund corpus until the employee attains the age of 58 years.

On the issue of new Provident Fund withdrawal norms, the government today decided to keep the implementation of new norms in abeyance for three more months till July 31st.

The announcement comes in the midst of protest by labour unions in several parts of the country against the new norms.

People have also launched online campaign against the decision, which was to be implemented from February 10 but was later put on hold till April 30.

In February, the ministry had issued a notification restricting 100 per cent withdrawal of provident fund by members after unemployment of more than two months.

Source: DDI News
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