EPFO Membership Update: All the employed people in India have PF accounts. A part of the salary of people working in the private sector is deducted in PF, which is deposited in their PF account every month. On the other hand, if the money stops getting deposited in the account, then till when do you get interest, know the rules
EPFO Membership Update: If you do a job, then obviously you will also have a PF account. Every month the amount of contribution made by you and your company is deposited in the PF account. Even with the change of job, the PF account remains active and the part of the salary received from the other institution starts getting added to it.
Many times such situations arise when the job is lost. Money remains deposited in the PF account. In such a situation, the question arises that if the account is active, then does one get interest on the deposited money.
Actually, EPFO has set some rules for this and there are some conditions in it. Which you should understand beforehand. This will not cause you any trouble in the future. Interest is received on the deposited money only under these rules and conditions. The PF account is operated by the EPFO institute under the Ministry of Labor and Employment of the Government of India.
What are the rules for becoming a member of EPFO
Information about EPF membership has been given on the official website of the Employees’ Provident Fund Organization. According to the information given on the official website of EPFO, there is no restriction of any kind regarding EPF membership. A person can continue his membership after leaving the company. However, if your shares stop coming into the PF account, then after a certain time, interest on the account definitely stops.
When does one start getting interest?
According to the information given by the Employees’ Provident Fund Organization, if a member is not making any kind of contribution to the PF account, then exactly 3 years after this happens, interest on this account stops..
How much money can be withdrawn if you are unemployed
Let us tell you that PF account is a good saving scheme for the future. Every month 12 percent of the employee’s salary is contributed. The same contribution is made by the company. A good amount of interest is also given by the government in PF accounts. With its help, you can deposit a good fund for the future.
If a person loses his job or becomes unemployed, then in such a situation he can withdraw his money. For this, if he is unemployed for one month, then he can withdraw up to 75 percent of his deposit amount. On the other hand, if he is unemployed for 2 months or more, then he can withdraw the entire amount.
