Controversial provident fund (PF) withdrawal norms set aside
Posted on: 20/Apr/2016 11:43:56 AM
The government has set aside the controversial provident fund (PF) withdrawal norms that had restricted complete withdrawal from PF account before the retirement age of 58 years. This was set aside by the government due to heavy pressure of trade unions.
This cancellation of the new norms means that an employee can now withdraw the entire corpus accumulated under the EPF tax free including the employers` share of 3.67 percent.
The notification issued on February, 10, 2016 is cancelled. Now the old system will continue said the Union Labour Minister Bandaru Dattatreya said at a press conference.
