Settle a/cs before March 31 to get interest: EPFO
Delhi : Provident fund subscribers who have inoperative accounts
from their earlier jobs will not lose interest if they file an application for withdrawal of accumulated funds or transfer to an operative account before March 1, 2011 even if the settlement happens later.
The Employees' Provident Fund Organisation has decided against penalising account holders for the delays as it prepares to receive lakhs
of applications for settling inoperative accounts. "We plan to give interest on PF deposits in inoperative accounts if the delay in transfers or closures is beyond one month of submission of applications from account holders," a senior EPFO official told ET.
This means that if account holders apply for transfers or closures before March 1, 2011, they will keep getting interest till the account is actually closed or transferred irrespective of when it happens.
The Central Board of Trustees of the EPFO, the key decision-making body for the fund comprising representatives from the government, employers and trade unions, has decided the government would stop giving interest on accounts that have been inoperative for more than three years from the next fiscal.
From India, Rajkot
2Delhi : Provident fund subscribers who have inoperative accounts
from their earlier jobs will not lose interest if they file an application for withdrawal of accumulated funds or transfer to an operative account before March 1, 2011 even if the settlement happens later.
The Employees' Provident Fund Organisation has decided against penalising account holders for the delays as it prepares to receive lakhs
of applications for settling inoperative accounts. "We plan to give interest on PF deposits in inoperative accounts if the delay in transfers or closures is beyond one month of submission of applications from account holders," a senior EPFO official told ET.
This means that if account holders apply for transfers or closures before March 1, 2011, they will keep getting interest till the account is actually closed or transferred irrespective of when it happens.
The Central Board of Trustees of the EPFO, the key decision-making body for the fund comprising representatives from the government, employers and trade unions, has decided the government would stop giving interest on accounts that have been inoperative for more than three years from the next fiscal.
From India, Rajkot
Helpful information. requires clarification on the following, How to apply for the settlement of account ? Will that requires any autherisation from the prev employer?
From India, Mumbai
From India, Mumbai
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
Circular_ESIC_M aternity Benefit_23 March 2018.pdf