WITH India periodically signing Social Security Agreements with
many countries, the Govt has, in a major policy move, notified amendment in the PF and Pension schemes to give
relief to expatriate workers. As per the amended provisions, on cessation of
employment in India, such international workers if covered under SSA with their
resident countries, can claim refund of their accumulated providend
funds.
Earlier such withdrawal of PF was allowed only on retirement or attaining
58 years of age, and that too only through a bank account. Now, one can withdraw
one's PF as soon as one ceases to be an employee with the company covered under
the PF Act. But this change may not help those expats who have shut down their
bank accounts.
As
regards the Pension, the Govt has amended the rules to determine the quantum of
pension only in relation to the service provided in a company.
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