Interest on non-operative accounts.
The government/EPFO have denied interest for non operative a/cts which is a retrograde step. Hence I may suggest that local circle should take up the matter with EPFO or other Government authorities to pay interest for non-operative accounts like banks . more
If members are not deliberately withdrawing funds even after 3 years why not EPFO deliberately closing those accounts and remitting funds to members. Non payment of interest to every legitimate members doesn't sound good and shows a rotten rat in kitchen. This act of EPFO shows truth behind an old saying i.e. "Jiski lathi uski Bhains" :) more
If they can't gave interest than why they locking withdraw it till 58. If a person loss his job they should start a pension. What type of policy they want to make. They make policies for their interest only not for employee prospective. more
This might me the biggest fraud done by a government body, where they keep money and doesn't pay interest as well after a period of 3 years when account become dormant. Just imagine considering the corpus that EPFO is handling, how much they have saved in so many years by not paying legitimate interest to EPFO account holders. May be a RTI will revealed how much funds are lying in dormant accounts as on date. more
We cannogt find fault with EPFO. It is true as long as the EPF contributions are lying with EPF trust, they are earning interest on it. However, some members are deliberately not applying for withdrawal, as EPFO is paying more interest than banks. this has compelled the EPF Trust not to allow interest on non-operative accounts. more
Here I am having doubt, non operative account means when we are leaving one organization to another organization. Some times it may take one year or two years to initiate the transfer of old account with previous employer to new employer. All these days EPF organization will not pay interest on old accounts? Please clarify. more