I left my job two years ago. I may not join another job that gives me Employee's Provident Fund (EPF) benefit. I heard that company's contribution cannot be withdrawn till the age of 58 years and in another one-year my EPF account will become inoperative. If that is the case what happens to my 50 per cent of the EPF corpus, will the government pay interest on the 50 per cent of my EPF corpus till I am 58 years old?
- Venkat
As per the new rules, if you leave your job and not working for two months in any place which doesn't offer Employee's Provident Fund (EPF) benefit, you can withdraw only your contribution to EPF and the interest earned on your contribution. You can withdraw the employer's contribution only when you retire at 58 years. The new notification is silent on the issue of account becoming inoperative if no contribution is made for three years, but we believe it shouldn't be applicable anymore since the government wants you to keep the money in the account till your retirement.
This article was originally published on March 11, 2016.
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