As per latest EPFO amendment regarding interest on Inoperative account i have following interpretation. please provide your valuable inputs.
1) In case of Death of members and the nominees have not claimed the fund then after 36 month account will not earn interest.
2) In case any members who have settles/migrates abroad permanently this member will not earn interest after the 36 mohtn from Members Date of Leaving.
3) Apart from Above Mentioned points if employee Leaves or resigns with any reason members will earn interest upto before 55 years, it will earn the interest retirement age as per company norms.
E.G. If employee leaves at age 50 and normal retirement age is 60 and employee will earn interest upto 63 years.
4) With regards of case 3 if members leaves or resigns with any reason after 55 years member will earn interest upto Date of leaving plus 36 month.
IF employee will leaves at age of 57 then he will earn interest upto 60 year
Regards,
Sahdev
From India, Rajkot
61) In case of Death of members and the nominees have not claimed the fund then after 36 month account will not earn interest.
2) In case any members who have settles/migrates abroad permanently this member will not earn interest after the 36 mohtn from Members Date of Leaving.
3) Apart from Above Mentioned points if employee Leaves or resigns with any reason members will earn interest upto before 55 years, it will earn the interest retirement age as per company norms.
E.G. If employee leaves at age 50 and normal retirement age is 60 and employee will earn interest upto 63 years.
4) With regards of case 3 if members leaves or resigns with any reason after 55 years member will earn interest upto Date of leaving plus 36 month.
IF employee will leaves at age of 57 then he will earn interest upto 60 year
Regards,
Sahdev
From India, Rajkot
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EPF New Amendment.pdf