Restrictions to be imposed on withdrawal of Provident Funds!!
Posted on: 07/Jul/2015 2:52:29 PM
Central government has planned ti impose restrictions on withdrawal of Provident Fund in full before reaching the age of 58.
It has also planned to restrict the withdrawal of Provident Fund to a maximum of 75% in the individual PF account.
Secretary of the central government department of Labour Welfare, Mr. Sankar Agarwal, informed that an official announcement on this regard will be made in 2 weeks.
While Provident Fund is intended to be a saving for the old age period, many individuals withdraw Provident Fund in large amounts for various other purposes.
The central government is proposing to impose a new restriction. There is a provision to permit withdrawal of full PF if evidence is produced confirming the the individual concerned has been without a job in the last 2 months.
