Curbs on full PF withdrawal likely; move to create 'social security cover'

You may be able to partially withdraw your Provident Fund (PF) savings even after losing your job, with the Employees’ Provident Fund Organisation (EPFO) proposing a move to create a ‘social security cover’ for formal sector workers. Concerned with the high level of PF withdrawals, the EPFO has proposed that its subscribers — working in the private sector and counted as formal workers — be allowed to withdraw 60 per cent of their total savings, according to the proposal. However, legal experts believe the proposal may be embroiled in litigation.  .....

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