But, I have a small point. The government considering EPF as a social security does not seem to be practical as there are several establishments in the country which do not fall under the PF act. The employees of those entities do not have any social security as such.
However, also considering the fact that many people lose their jobs due to poor company performance and depend manly on small savings and EPF withdrawal benefits, I would still reiterate that the employer's portion with accrued interest should be allowed to be withdrawn if the account remains dormant for more than six months.
Alternatively, the interest earned on the employer's portion can be offered as a monthly income to unemployed citizens.
Need to have a relook into these aspects and reconsider the decision of partial EPF withdrawal. more