If the employee leaves the job before retirement and the money is not deposited in the account for 36 months. The account is then put in the inactive category.
Due to which the interest on the amount deposited in the PF account stops. To know the reasons related to this and the complete rules of EPFO, read the news completely.
A part of the salary of all government and private sector employees is deducted and deposited in the PF account. This amount is given in lump sum after retirement. If you need money in an emergency, you can make a partial withdrawal of this money. Interest is also available on the money deposited in the PF account. However, many times the interest on the amount deposited in the PF account stops.
Reasons for stopping interest-
If you leave the job before retirement. At the same time, money is not deposited in your account for 36 months. The account is then put in the inactive category. In such a situation, interest on the deposited money stops. If you live abroad. Even then the interest in the deposit account stops. Whereas if an account holder dies. In such case the account is closed. If an employee retires. If the money is not withdrawn for the next three years, then his account is considered inactive.
App launched for pensioners-
EPFO has launched mobile app for government pensioners. Through this, pensioners can submit their Digital Life Certificate at any time. Employees’ Provident Fund has given this information through a tweet. EPFO has started Face Authentication Service to simplify this process. Pensioners can download Aadhar FaceRD App from Google Play Store.