EPFO Membership Update: If money is not deposited in PF on time, then what does the rule say about membership..
While doing the job, some part of the salary comes in hand and some starts getting added to PF. Even after changing the job, the PF account remains active and a part of the salary received from the other institution starts getting added to it.
PF i.e. Provident Fund is a savings and retirement fund. This is a government initiative. The objective of this initiative is to provide financial security to employees during their retirement.
Both the employee and the employer make regular contributions to this fund. This money is used for expenses like medical emergencies, home, or studies on retirement.
What are the rules regarding EPF membership?
However, one question that must come to the mind of every employed person is that if the shares stop getting added to the PF, then what will happen to the PF account? What are the rules regarding EPF membership? Does this membership continue even if the share is not added?
Information regarding EPF membership has been given on the official website of the Employees Provident Fund Organization. According to the information given on the official website of EPFO, there is no restriction of any kind regarding EPF membership.
A person can continue his membership even after leaving the establishment. However, if your share stops coming into the PF account, then after a time the interest on the account stops.
When does interest stop coming into PF account
According to the information given by the Employees Provident Fund Organization, if a member is not making any kind of contribution to the PF account, then after 3 years of this happening, interest on this account stops.
What is EPFO interest rate?
The Employees Provident Fund Organization has announced the interest rate for the financial year 2023-24. This interest rate has now been increased from 8.15% last year to 8.25% (EPF Interest Rate).
Follow our Whatsapp Channel for latest update
