New Delhi: Employees in private organisations move from one company to another. Many times, employees have to lose their jobs. Some employees leave their jobs, or they lose their jobs for some reason. In such a situation, a question arises in the minds of employees about whether interest will be received on the PF amount after leaving the job.
If you have a question in your mind, then you can easily know the answer. EPFO has shared information about this with employees. You can end the confusion below whether interest will continue to be received on the PF account after leaving the job or not. EPFO has clearly answered. ,
Will interest continue to be received on the PF account?
According to the rules of the Employees Provident Fund Organisation, if any employee leaves the job or loses their job, then their PF account is not closed. As long as there is money in the PF account, it remains active. Meaning, interest will continue to be received annually on the amount deposited in the PF account till the age of 58. The money in the PF account will not stop at one place; it will keep moving forward with time. The central government provides an interest amount to PF employees every year.
When does interest money stop being received?
According to EPFO rules, as soon as an employee turns 58 years old, they stop getting interest on their PF account. The government considers 58 years of age as the age of a retired employee. Therefore, it does not send interest money to the PF account. After the age of 58, he should withdraw his money.
What to do if you lose your job?
If a PF employee loses his job, do not worry. The employee will continue to receive an annual interest amount on the PF money. If, for some reason, the employee is not doing a new job for a long time, then they can also withdraw the deposited money. Apart from this, he can transfer it to a new job.