Foreign Workers Permitted to Withdraw from Provident Fund

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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.
 
Dezan Shira & Associates is a specialist foreign direct investment practice, providing business advisory, tax, accounting, payroll and due diligence services to multinationals investing in China, Hong Kong, India, Singapore, and Vietnam. Established in 1992, the firm is a leading regional practice in Asia with twenty offices in five jurisdictions, employing over 180 business advisory and tax professionals. For professional advices on doing business in India, please contact Dezan Shira & Associates at info@dezshira.com or visit www.dezshira.com.