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22 March 2016

India's restrictions on Provident Fund withdrawal and other notifications discussed

With effect from February 10, there are a number of changes to the Employees Provident Funds Scheme. These amendments place new restrictions on Provident Fund withdrawal by increasing the age of retirement and limiting the withdrawal available on termination of the employment. They also introduce the scope of the fund to all banks employing more than 20 people who are not covered under other schemes and introduce a scheme that refunds administrative charges incurred by employers in certain circumstances.

A Tax Alert prepared by Ernst & Young's Human Capital Group, and attached below, provides additional details.

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Document ID: 2016-0542

 

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