Trade Unions including RSS-backed Bhartiya Mazdoor Sangh (BMS) have demanded that retirement fund body EPFO shall either allow unemployed subscribers to withdraw their entire PF or give interest on retained amount.
“We will demand from labour Minister that either EPFO pays entire amount in PF account or pay interest on the retained amount to unemployed subscribers opting for withdrawal as per new norms,” Indian National Trade Union Congress Vice-President and an EPFO trustee Ashok Singh told the news agency.
Earlier this month, Employees Provident Fund Organisation (EPFO) tightened the norms for withdrawals of PF accumulations for its over five crore subscribers.
Now the subscribers can withdraw only 90 per cent of their own contributions to PF account and interest earned on that after pleading over two months of unemployment.
Earlier they were allowed to withdraw entire PF accumulations after showing two months of unemployment.
Under the new norms two months unemployment condition shall not apply in cases of women subscribers resigning for getting married or on account of pregnancy or child birth.