Government rolls back new PF norms following violent protests in Bengaluru

| Tuesday, April 19, 2016 - 22:31
First Published |
Bandaru Dattatreya

Government rolls back new PF norms

Bengaluru: Following the garment workers’ protests in Bengaluru, Karnataka who were agitating against the new Provident Fund rule, Union Labour Minister Bandaru Dattatreya buckled under pressure and announced the roll back of the Provident Fund (PF) new rule.
The protests turned violent on Tuesday morning at Hosur Road in Bengaluru due to which the minister gave in and said,” We're cancelling notification restricting complete withdrawal of PF of 10th Feb 2016; old system will continue.”

He further added, “Old system will continue now. This decision will be ratified in Central board of trustees' meeting.”

Police lathicharged and used teargas shells to control the protestsers, affecting the daily life in the city.
According to the new rules on the withdrawal of Employees' Provident Fund, beginning May 1, employees won't be allowed to withdraw the entire Provident Fund (PF) amount if they are below the prescribed retirement age (58 years). The rule states that should the employee withdraw the amount after quitting and remaining jobless for two months, he/she will be eligible to withdraw only the contribution made towards the PF by the employee and the interest earned thereof. The person, however, won't be able to withdraw the entire amount. He/she will get the employer's contribution only at the age of 58. 
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