New Delhi, Nov. 28: India has tightened norms for withdrawal of provident fund by overseas workers employed in the country, prohibiting them from taking back this money until they are 58 years old or are incapacitated.
However, analysts said that these norms have been tightened for those countries that don’t have social security agreements with India and the move may prompt them to go in for such pacts. India has such agreements with 11 countries.
Overseas workers were earlier not covered under the Employees’ Provident Fund Scheme. In October 2008, India made changes in the scheme by bringing them under the purview of social security regime.