Interest on in operative PF account
Dear Members,
I would like to bring to your notice that the PF accounts, that are not receiving any fund contributions. Until 3 years PF will get interest on accumulated amount, later the interest will ceases. So one has to withdraw the amount.
Since due to private companies jobs are volatile the employees would loose jobs and may not able continue with PF contributions at the early stages of his service period (< 58/60 years). So employee will suffer from social security aspects.
So my request is to make PF accumulation get interest paid until the employee withdraws the accumulated amount OR till the age of 58/60 years.
Please let me know how do I take it forward.
Please provide your valuable comments.
Regards
Arun more
I would like to bring to your notice that the PF accounts, that are not receiving any fund contributions. Until 3 years PF will get interest on accumulated amount, later the interest will ceases. So one has to withdraw the amount.
Since due to private companies jobs are volatile the employees would loose jobs and may not able continue with PF contributions at the early stages of his service period (< 58/60 years). So employee will suffer from social security aspects.
So my request is to make PF accumulation get interest paid until the employee withdraws the accumulated amount OR till the age of 58/60 years.
Please let me know how do I take it forward.
Please provide your valuable comments.
Regards
Arun more
Viewed by 66
Yes Arun. I totally agree with you. They had make a formula and by this we get less amount in pension. If calculate less amount then our interest. more
Mar 15
Govt wants hold on each and every salaried person. At todays time it's really a difficult task to withdraw epf when we are alive and govt wants his hold on employees epf till the last breadth..what a fiss it is going on more
Mar 14
Dear Members, I want to highlight some more painful points about EPF, which are bugging employees society. I Also request beloved members to add more, if you have come across any general concerns. * As per the recent budget, Employer contribution is not permitted to withdraw until the age of 58. And it is not mentioned the accrued employers contribution amount is paid interest or not. Withdrawal of accumulated PF when employee is not in job should be allowed to withdraw both employee and employers contributions. * The current rules are so stringent to withdraw the accumulated EPF amount After 36 months (3 years) of in operative account. Need review and revise and make it employee friendly. * Regarding EPS (Employee Pension Scheme) contribution (Employers contribution is EPF + EPS) is very less from Employers. Any employee after decent term (20-30 years) of service. At the age of 50/55/58 gets pension amount which is peanut, with this pension amount a family of 2 person can't even buy one time meal. * Even there is No information in EPF portal or EPF department provides how much an employee gets pension at what age based on his specific contribution. Beside from the above issues, I would like appreciate and heartfelt gratitude to government's effort in making EPF department very efficient by introducing UAN, computerization, etc. compared to earlier times. But still lot more improvement and refinement is required. Best Regards Arun kumar more
Mar 13
