As per the latest EPFO amendment regarding interest on inoperative accounts, I have the following interpretation. Please provide your valuable inputs.
1) In the case of the death of members and if the nominees have not claimed the fund, then after 36 months, the account will not earn interest.
2) In the case of any members who settle/migrate abroad permanently, these members will not earn interest after 36 months from the member's Date of Leaving.
3) Apart from the above-mentioned points, if an employee leaves or resigns for any reason, members will earn interest up to before 55 years. It will earn interest until the retirement age as per company norms. E.g., if an employee leaves at the age of 50 and the normal retirement age is 60, the employee will earn interest up to 63 years.
4) With regards to case 3, if members leave or resign for any reason after 55 years, the member will earn interest up to the Date of Leaving plus 36 months. If an employee leaves at the age of 57, then they will earn interest up to 60 years.
Regards,
Sahdev
From India, Rajkot
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61) In the case of the death of members and if the nominees have not claimed the fund, then after 36 months, the account will not earn interest.
2) In the case of any members who settle/migrate abroad permanently, these members will not earn interest after 36 months from the member's Date of Leaving.
3) Apart from the above-mentioned points, if an employee leaves or resigns for any reason, members will earn interest up to before 55 years. It will earn interest until the retirement age as per company norms. E.g., if an employee leaves at the age of 50 and the normal retirement age is 60, the employee will earn interest up to 63 years.
4) With regards to case 3, if members leave or resign for any reason after 55 years, the member will earn interest up to the Date of Leaving plus 36 months. If an employee leaves at the age of 57, then they will earn interest up to 60 years.
Regards,
Sahdev
From India, Rajkot
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