Even after leaving or leaving the job, you continue to get interest on the deposit till the age of 58 years
If a member leaves a job, he can withdraw 75 percent money from the PF account after 1 month.
new Delhi. If your job has been lost due to Corona Crisis and you are wondering what will happen to your PF account now. If you do not make any contribution in this, will your account be closed or will it get interest or not? If you are thinking the same then we are telling you about this.
Will the PF account not be deactivated?
As per the current rules, the PF account is inactive if the employee does not apply for withdrawal of deposits in PF within 36 months of retirement at the age of 55 years. This means that even after leaving the institution, interest continues to be paid on the PF account and it is not inactive until the age of 55 years. However, interest earned during the period when the contribution is not made is taxed.
After one month, you can
withdraw 75% of the PF money after leaving the job . Under the rules of PF University, if a member leaves his job, he can withdraw 75% of the money from the PF account after 1 month. This allows him to meet his needs during unemployment. The remaining 25 per cent of the deposits in EPF can be withdrawn after two months of the job. If you do not withdraw this money, then on getting a new job, the contribution will resume in his PF account.
Government has given relief to withdraw PF due to Corona.
Employees Provident Fund Organization has given the facility of advance withdrawal of their deposits till June 30, giving relief to EPF account holders in view of Corona crisis. For this, the EPFO changed the EPF Scheme-1952, saying that employees can withdraw 75% of the amount deposited in their account or equal to three months salary. Employees can use this money for their needs and there will be no need to resubmit it.