[vnabhi]

Originally Posted by hondafanboy

I haven't received it yet either. I for one do not understand EPFO department at all, considering the nature of the work I find them the most inefficient bunch.

I used to get it in August every year, but last year i got to see it online only in December for the FY 2019-20. This year i did not get to see it online till Nov 15th, on which date I applied for permanent withdrawal online.

I'm glad to say that I got the approval SMS on 19th, and the money on 22nd. The amount included the interest for FY 2020-21 and from 2021 April till my date of withdrawal.

Awesome speed, I must confess. On the contrary, the Finance department of the small IT company I retired from took 23 days to deposit my contribution for Oct 2021.

Originally Posted by Mr. Nobody

Guys, few question regarding PF:

My current company does not give PF. Will I keep getting interest on the total amount I have from my previous company deductions ? If yes then for how long and how to withdraw both employee/employer and pension components completely if the interest stops getting added ?

You will get interest at the prevailing rate for 3 years from the date of your last contribution. Currently it is 8.5%, but may vary in the coming years. You can withdraw the amount by logging into the UAN portal anytime after 2 months from your last employer's contribution.

[Mr. Nobody]

Originally Posted by vnabhi

You will get interest at the prevailing rate for 3 years from the date of your last contribution. Currently it is 8.5%, but may vary in the coming years. You can withdraw the amount by logging into the UAN portal anytime after 2 months from your last employer's contribution.

Will i be able to withdraw the pension amount too ?

[Fx14]

Originally Posted by Mr. Nobody

Will i be able to withdraw the pension amount too ?

If your total period of service during which contributions were made was less than 10 years, you may be able to withdraw it.

If it's more than 10 years, then you have to apply for a "Certificate" that confirms the amount of credit you have, which renders you eligible for a proportionate pension post retirement.

[whitewing]

Looks like EPFO is having a rethink on the "with draw within 3 years of retirement". I see this as a welcome move, giving the subscriber the option to withdraw based on convenience rather than against a fixed timeline.
Hope they implement this quickly.
https://economictimes.indiatimes.com...w/87941010.cms

work has started within the EPFO to work out a model that will enable individuals, who were earlier members of the organisation, to join back with a minimum monthly contribution of ₹500 or 12% of their monthly income.

The move will help individuals build a retirement corpus, offering fixed returns at a relatively higher rate than any other deposit schemes, and boost EPFO corpus and subscriber base. Individuals who enrol into the EPF scheme will be able to draw benefits of pension, PF and insurance. Besides, they would be eligible for a fixed rate of return basis on returns yielded on investments of EPFO during the year. EPFO has given 8.5% interest for FY21.

[anandtheleo]

Got the interest credited for last financial year like for others here. I had initiated a PF transfer couple of weeks back as I had changed jobs in August and was pleasantly surprised to see prorated interest for next year too calculated and transferred.

[fordday]

Have been trying to update the nomination of my PF account. The site works only 2 out of then times. This has been going on for last few days.

Todays progress during the whole day - Filled all the spouse data, click on save, the page fails. After few hours of trying, it went through. Finally need to E-sign to verify.
Got stuck there now. Service unavailable.

Will take position tomorrow (as in stock trader's parlance :-) )

[m8002?]

Originally Posted by fordday

Have been trying to update the nomination of my PF account. The site works only 2 out of then times. This has been going on for last few days.

Todays progress during the whole day - Filled all the spouse data, click on save, the page fails. After few hours of trying, it went through. Finally need to E-sign to verify.
Got stuck there now. Service unavailable.

Will take position tomorrow (as in stock trader's parlance :-) )

Try using Mozilla or Firefox. It will get done in the first attempt.

[hothatchaway]

Interesting read on what happens to EPF accounts after the member retires/does not work for a company which is a member of EPFO

https://www.basunivesh.com/old-inactive-epf-account/

The common understanding is that an account becomes "inoperative" after 3 years of retiring at the age of 55. With so many professionals choosing to start their own venture, there is some confusion if the account becomes inoperative at the age of 58 or 3 years after there is no contribution made to the account, even if it is well before the age of 55.

For a professional in his 40s who chooses to quit a job in the organized sector to go solo, it is tempting to keep his corpus with EPFO as it returns the best rate of all small savings schemes. I wonder if it will keep earning interest until he turns 58.

[Mr. Nobody]

Originally Posted by hothatchaway

Interesting read on what happens to EPF accounts after the member retires/does not work for a company which is a member of EPFO

https://www.basunivesh.com/old-inactive-epf-account/

The common understanding is that an account becomes "inoperative" after 3 years of retiring at the age of 55. With so many professionals choosing to start their own venture, there is some confusion if the account becomes inoperative at the age of 58 or 3 years after there is no contribution made to the account, even if it is well before the age of 55.

For a professional in his 40s who chooses to quit a job in the organized sector to go solo, it is tempting to keep his corpus with EPFO as it returns the best rate of all small savings schemes. I wonder if it will keep earning interest until he turns 58.

The website clearly mentions interest is paid for 3 years since last contribution. So its better to withdraw it after 3 years as it wont keep earning interest after working somewhere where no PF is deducted.

[hothatchaway]

Originally Posted by Mr. Nobody

The website clearly mentions interest is paid for 3 years since last contribution. So its better to withdraw it after 3 years as it wont keep earning interest after working somewhere where no PF is deducted.

What happens in the event someone who is well short of the retirement age of 55, is unemployed/runs his own business for 3+ years before rejoining another PF affiliated company?

Will he not lose out on a lot of interest if he withdrew in the interim?

I think interest is given until the age of 58 even if contributions are not being made. The 3 year rule was framed keeping in mind the 55 milestone

[Mr. Nobody]

Originally Posted by hothatchaway

What happens in the event someone who is well short of the retirement age of 55, is unemployed/runs his own business for 3+ years before rejoining another PF affiliated company?

Will he not lose out on a lot of interest if he withdrew in the interim?

I think interest is given until the age of 58 even if contributions are not being made. The 3 year rule was framed keeping in mind the 55 milestone

If he runs own business and rejoins after 3 years a PF affiliated company then he wont lose out on interest (unless contributions are withdrawn) as interest is paid till 3 years of last contribution, post which it is termed as inoperative and then does not get any further interest.

Its mentioned on the government portal here: https://www.epfindia.gov.in/site_doc...sSince1952.pdf

[dragonfire]

Am getting this error while trying to view/update nomination. Had been like this since last Friday.



I am not even sure I had nominated before. My company asks for nomination in its portal, but I am not sure that propagates to the govt PF systems.

Is there an alternate way to update the nomination?

Also what bad can happen if I fail to update nomination before Dec 31st? From what I read, what I understood is, in the event of death nobody will be able to withdraw the employee contribution part. Does that mean that the money goes to the govt treasury?

Can I simply quit my job and withdraw the money and then join a company again?

Is it that I can't update the nomination ever after the Dec 31 due date? Sounds pretty stupid to me. Or am really missing something

[ghodlur]

My organization sent me the e-nomination process last Friday and its been 3 days since Monday I have been trying to access the EPFO portal. Have been getting errors continuously, even haven't been able to log into the system. My org mail says that the nomination in the existing trust is still applicable but going forward the nomination of EPFO will be considered for any payment/reimbursement/claims. What will be my liabilities if I am unable to complete the e-nomination before the due date? BTW when is the due date for the doing this?

[AltoLXI]

Originally Posted by ghodlur

BTW when is the due date for the doing this?

My organization has sent mail mentioning the dates for sessions on how to complete the nominations and the last session is on 12th Jan. So I suppose the last date is after that.

[sushantr5]

Originally Posted by Mr. Nobody

The website clearly mentions interest is paid for 3 years since last contribution. So its better to withdraw it after 3 years as it wont keep earning interest after working somewhere where no PF is deducted.

It is not correct. It has been six years I have not contributed to PF as I moved to Germany, interest is still crediting. 3 Years dormant account rule, I guess is scrapped long time back.