January 08, 2025 09:15 pm (IST)
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Following protests, govt withdraws new provident fund rules
Bengaluru, Apr 19 (IBNS): Following massive protests, the government has cancelled the controversial new provident fund rules over when one can withdraw money from the provident fund, which serves as a savings plan for salaried workers when they retire, media reports said.
"Workers are now allowed to withdraw the entire amount from the provident fund as per existing provisions of the EPF Scheme 1952 including the employers' share of 3.67%," a statement on behalf of Labour Minister Bandara Dattatreya said, which is available with media.
This comes after protests continued for the second day on Tuesday with agitators blocking roads throwing stone and torching buses, leading to general disruption across many areas in Bengaluru.
The agitators, mostly garment sector workers, have been protesting against new rules for provident fund withdrawals.
According to local reports, they burnt five buses and also blocked traffic on the highway, disrupting traffic. Protests erupted in areas such as Hosur Road, Tumkur Road and Jalahalli.
On Monday, protesters blocked the Mysuru-Bengaluru highway, leaving thousands of vehicles stuck for more than 10 hours, according to reports.
The protesters told news channel NDTV that they fear they will get less money under the new rules in which people can withdraw only a part of their provident fund before retirement and can access the employer's contribution after they are 58.
According to latest reports, 20 people have been detained.
Earlier on Tuesday, the union labour ministry had announced that the EPFO has decided to allow early withdrawal of PF for certain purposes, such as housing, professional education, medical treatment and marriage of children, according to media reports.
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