New Delhi: The Central Government runs various schemes for PF employees, which offer significant benefits. Employees depositing money into their Provident Fund accounts need to know the essential details. Employees can find out how much money will be saved in their PF account. The EPFO recently shared important information regarding this.
This will be very important for those retiring at the age of 58. Employees continue to receive interest even after retirement, but there is a limit. This means you won’t receive this money for many years. Once the interest payments stop, you can easily withdraw the money.
How long will you receive interest?
According to the EPFO, if an employee retires at the age of 58, their EPF account will continue to receive interest for the next three years, until the age of 61. This means this amount will continue to be credited to their account. This will slightly increase your savings. This means that interest will be available for three years after retirement.
After this, employees can withdraw funds from the age of 61. After the age of 61, employees will not receive any interest on their PF deposits. Keeping these factors in mind, the EPFO advises that deposits can be withdrawn after the age of 61.
How to Withdraw Claims Online
First, it is crucial to have an active UAN.
Then, the mobile number must be working.
Following this, Aadhaar details must be in the EPFO database.
It is also crucial to link the bank account and IFSC with the EPFO.
Employees with less than 5 years of service must link their PAN card for the PF final settlement.
What is the Auto Settlement Limit?
For your information, the government has won the hearts of PF employees by significantly increasing the auto settlement limit. Now, the auto settlement limit has been increased from ₹1 lakh to ₹5 lakh. The government has increased this amount by ₹4 lakh, and employees can withdraw it at any time if needed.