EPFO Update – Numerous schemes are being implemented for PF employees, which offer significant benefits. Companies deduct PF contributions to collect funds from private employees. The government provides an annual interest on PF deposits. The government also provides annual interest payments on EPF accounts. Are you aware that interest payments continue even after leaving a job?
This raises questions about how many years’ interest benefits are available after leaving a job or retiring. After how many years can one withdraw PF funds without any problems? PF employees can learn important information related to PF.
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Learn how long PF employees will receive interest.
According to EPFO rules, if an employee leaves a job after reaching the age of 55 or before reaching the age of 58, they will continue to receive interest on their PF deposits for three years, regardless of whether they make any contributions.
Additionally, if an employee fails to withdraw their PF funds within three years (36 months), the EPF account will be considered inactive. Consequently, no interest will be earned on the EPF account, and employees will not benefit from it at all. The government also runs a pension scheme for PF employees. Certain conditions are set for receiving the pension.
Learn about pension eligibility after 10 years of service.
If an employee contributes to the EPFO, they will be eligible for a pension after 10 years of service. Employees will receive a pension after reaching the age of 58. Pension benefits can be availed even after 50 years. Pension benefits will be available with deductions.
According to the new provisions of the EPFO, if a person remains unemployed for a long period, they can withdraw their pension funds after 36 months instead of after two months. According to the government, this step is aimed at ensuring long-term social security for the people, i.e., future pension security.
