May 16 – India’s Ministry of Labor and Employment in the lower house of Parliament has given the information that, as per the amended section of paragraph 69 under paragraph 83 of Employees’ Provident Fund Scheme (1952), overseas workers are permitted to withdraw the entire amount standing to their credit in the fund in the following situations:
- After retirement from service in the organization at any time after attaining the age of 58 years;
- After retirement on account of permanent and total inability to work due to physical or mental sickness duly certified by medical officers;
- In respect of a member covered under a social security agreement entered into between the government of India and any other country, on such grounds as may be specified in that agreement.
The requirements of out of order accounts are, however, not pertinent with respect to international workers.
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Note – this is better than China’s new system where it is now mandatory to contribute and a low chance of foreigners actually getting anything back in return for contributions.
With the new law about not being able to withdraw coming into effect 2010, what happens if you signed a contract before that time, can you withdraw from the time of the contract to the date that the new legislation came into force, and should this not apply only to those who took up post on or after the new legislation.