Recently Government of India has released a notification regarding the changes to withdrawal of EPF, which says that Nobody will be able to withdraw the EPF amount till the age of 58 in any circumstances. I feel it is a pathetic step taken by GOI which will ruin the trust of citizens towards the Government.
It should be WE who must have the right to decide when we want to use our retirement corpus and have the flexibility to use our saving when in need and not as directed by the government.
A Petition has been started by Venkata Ramanaiah Nalamothu Bengaluru, on Change.org for the GOI to reverse its notification & wants our support to help ourselves against this wrong doing of GOI.
Dear Employee Provident Fund members,
The Employee Provident Fund Organization, which manages the EPF money, recently issued a notification amending the EPF Act to restrict the withdrawals from employee provident fund to the extent of only employee contributions and the interest on it until retirement. What this also means is that, the employee will not be able to withdraw the portion of employer contributions and the interest on it until the retirement age of 58 years.
Following is the link to EPFO notification.
The EPFO or the Government thinks that an employee needs the EPF money only after the retirement and happily ignored the other life stages or situations of an employee.
In this age of insecure private jobs, what will happen to the people who lose their jobs and do not find a new job?
What about the people who will not be able to work anymore due to family or medical reasons or physical incapability?
What about the people who does not want to work anymore or leave the country?
What about the people who wants to quit the job to do something on their own at some point in their career? Don’t we want more entrepreneurs and realize the dream of Make In India?
Does the EPFO or the Government wants the people, with only provident fund savings, to starve until retirement age and then withdraw the EPF money?
So, dear fellow EPF members, please sign and share my petition and request the EPFO to take back this new rule restricting the EPF withdrawals to only employee contributions and urge not to deprive the employees from access to their own savings when they need it the most.
Please share this petition with your groups and social media. Use the hashtag #NoEPFWithdrawalLimits on twitter.
Don’t forget its not his fight, its our fight.