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Putting aside a Finance Ministry suggestion, the Labour and Employment Ministry on Monday said it favours partial withdrawal from the Employees Provident Fund (EPF) account by subscribers. The Finance Ministry had suggested that liberal advances and withdrawal from EPF account should be shunned to achieve old-age income security for employees because by not adhering to 'one instrument, one policy objective' most employees retire with as less as Rs 35,000 in their account.
"(The) Ministry of Labour and Employment has replied to the Ministry of Finance mentioning the need for continuation of the provision for partial withdrawal from provident fund account of the subscribers," the Labour and Employment Minister, Mr Mallikarjun Kharge, said in the Lok Sabha. In a written reply, he also said there was no move to put a lock-in period for EPF withdrawal. However, he said, according to a notification issued January 15 this year, interest will not be paid on inoperative account from April 1.
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