India restricts provident fund withdrawal for international workers

Indian government amended the Provident Funds Scheme in October 2008 to extend its applicability to International workers. The provisions related to withdrawals from the Provident Fund (PF) accounts were, until recently, the same as that applicable to domestic employees. International workers had therefore no restriction to withdraw the balance available at their credit in the PF account immediately when they completed assignment in India. The government has now amended the scheme. According to the amended law, PF withdrawals are allowed only upon attainment of 58 years of age. The pension rules have also been amended. PF is the Indian version of social security.


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