Hi... I left India in 2014 March as I was deputed to the US. I still stayed with the same employer (went through payroll transfer) and left employment in September 2019. My provident fund contributions stopped in 2014 March.
Now recently I withdrew my PF (all these years I was getting interest) but they adjusted and removed all interest payments done to my account from 2017 (including credit I received on March 2017).
How is this correct? I thought permanent migration abroad comes into play only if I took up a new job. Also even if that was applied I should get the interest given in March 2017 (given that it was for 2016-17 period)?
From United States, undefined
Now recently I withdrew my PF (all these years I was getting interest) but they adjusted and removed all interest payments done to my account from 2017 (including credit I received on March 2017).
How is this correct? I thought permanent migration abroad comes into play only if I took up a new job. Also even if that was applied I should get the interest given in March 2017 (given that it was for 2016-17 period)?
From United States, undefined
Hi
If no contribution is received into a PF account for 3 consecutive years the account shall not earn any interest after 3 years from the stopping of contribution. It has no relation to your permanent migration. Same rule applies to a Member who left job @ India wherein no contributions received for 3 consecutive years.
From India, Madras
951If no contribution is received into a PF account for 3 consecutive years the account shall not earn any interest after 3 years from the stopping of contribution. It has no relation to your permanent migration. Same rule applies to a Member who left job @ India wherein no contributions received for 3 consecutive years.
From India, Madras
Thanks for your response. Two questions still
1. There was an amendment in 2016 that made interest available for all except migration abroad or death . Is that changed again ?
https://www.thehindu.com/business/Ec...81640.ece/amp/
2. Even if no interest for 3 years - they should give interest for 2017 (which is for 2016-17) right ?
From United States, undefined
1. There was an amendment in 2016 that made interest available for all except migration abroad or death . Is that changed again ?
https://www.thehindu.com/business/Ec...81640.ece/amp/
2. Even if no interest for 3 years - they should give interest for 2017 (which is for 2016-17) right ?
From United States, undefined
Hi,
What was the status of PF when you left India by Mar,2014 ? I hope your Employer should have marked Exit date by Mar,2014 as you went through payroll transfer or your PF continued as NCP?
"Under the new rules, EPF accounts will also continue to get interest credits for three years after members reach the age of 58 years. This provision will ensure that EPF members, who choose not to withdraw their deposits immediately at retirement, would continue to earn interest till the age of 61. A similar provision exists under the General Provident Fund (GPF) for government employees allowing them to earn interest for 12 months after they retire at the age of 60."
"Accounts will become inoperative only in cases where employees settle abroad permanently and fail to withdraw their account balance within 36 months. Similarly, in the case of an EPF member’s death, the interest on their savings will be credited for a period of three years after his or her death"
So in your case PF interest applicable for 3 years which is upto Feb,2017.
The Provident Fund’s Accounting year stands to be from the month of March to February of next year. That is from the 1st of March and 28th of February of next year. And the interest that you collect over the 12 months is credited in a lump sum amount on the 31st of every March.
If interest not paid upto Feb,2017 you may raise a grievance @ https://epfigms.gov.in/.
From India, Madras
What was the status of PF when you left India by Mar,2014 ? I hope your Employer should have marked Exit date by Mar,2014 as you went through payroll transfer or your PF continued as NCP?
"Under the new rules, EPF accounts will also continue to get interest credits for three years after members reach the age of 58 years. This provision will ensure that EPF members, who choose not to withdraw their deposits immediately at retirement, would continue to earn interest till the age of 61. A similar provision exists under the General Provident Fund (GPF) for government employees allowing them to earn interest for 12 months after they retire at the age of 60."
"Accounts will become inoperative only in cases where employees settle abroad permanently and fail to withdraw their account balance within 36 months. Similarly, in the case of an EPF member’s death, the interest on their savings will be credited for a period of three years after his or her death"
So in your case PF interest applicable for 3 years which is upto Feb,2017.
The Provident Fund’s Accounting year stands to be from the month of March to February of next year. That is from the 1st of March and 28th of February of next year. And the interest that you collect over the 12 months is credited in a lump sum amount on the 31st of every March.
If interest not paid upto Feb,2017 you may raise a grievance @ https://epfigms.gov.in/.
From India, Madras
Sir - I really appreciate your inputs in this tricky topic ..
Based on how my employer works it is likely that they made my PF NCP. What would this mean to my interest ? Will I be entitled to entire time until withdrawal?
From United States, undefined
Based on how my employer works it is likely that they made my PF NCP. What would this mean to my interest ? Will I be entitled to entire time until withdrawal?
From United States, undefined
Hi
That you can check through your UAN portal. Please check for the Exit date with last employment whether it is by Mar14 or later period with no contribution... ( no contribution period). Exit date is important to determine how long the PF account is inactive without contributions.
From India, Madras
That you can check through your UAN portal. Please check for the Exit date with last employment whether it is by Mar14 or later period with no contribution... ( no contribution period). Exit date is important to determine how long the PF account is inactive without contributions.
From India, Madras
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls