The Whole of Bengaluru faced protests and buses and Police station were burnt due to the controversial new rules on Provident fund. Now this rule has been put on hold. We bring you 10 point cheat sheet to this story
1. By February, Government said to claim or withdraw the amount deposited, you must wait till you turn 58. (the age limit was 54 earlier).
2. Labour Minister Bandaru Dattatreya said, ""The notification (tightening PF withdrawal norms) will be kept in abeyance for three months till July 31, 2016. We will discuss this issue with the stakeholders."
3. Once you hired a portion of salary it automatically gets deposited that earns interest.
4. To withdraw what you have contributed, you need to be 58 years old, which is the official retirement age in India.
5. But most of the labour unions said that they are unsure of getting employed after turning 50 and making them wait till 58 doesn't make any sense.
6. In Bengaluru, garment factory workers protested and they set buses on fire.
7. In his Union Budget presented in February, Finance Minister Arun Jaitley announced that 60 per cent of the amount in your provident fund would be taxed when the account was emptied out or when you cashed in what you had saved.
8. Due to the over dose of outrage, the plan was cancelled.
9. Government is now considering whether you can withdraw the entire savings in Provident fund for set of criteria like medical problem, home purchase, education or marriage of employee's children.
10. Workers who have been unemployed for two months have till the end of July to claim the entire amount accrued in their provident fund.
