The Employees’ Provident Fund Organisation (EPFO) has gets back its decision to tighten provident fund (PF) withdrawal norms after under fire from trade unions. Also it is the second rollback in EPFO withdrawal norms.
the labour ministry stated “Considering the representations received from various quarters and after consultations with the various stakeholders, the government has decided to withdraw the February 10 notification with immediate effect,”
Tuesday, Labour Minister Bandaru Dattatreya announced the roll back in Hyderabad, hours after saying the implementation of the new norms was put on hold till July 31. In February, EPFO had issued a notification saying the employer’s contribution to the PF corpus could be withdrawn only after the employee turns 58 years of age. According to EPFO rules, 12 per cent of an employee’s salary goes as contribution to PF along with a matching contribution from the employer.
Earlier, subscribers could claim 90 per cent of their PF corpus at 54 years.