North India Statesman
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Most of us change jobs many times in our career. Between new jobs, new salary and new expectations, we often forget to do a very important job – to calculate our old Provident Fund (PF) account. We feel that the money is deposited in the account, safe and interest is also being received on it.
If you think the same, then this news is going to make you sleepy. This small negligence of yours is now going to be very heavy on the biggest support of your old age, that is, your PF money.
The Employees Provident Fund Organization (EPFO) has now issued a big and strict rules regarding such ‘forgotten’ or inactive accounts.
What is this new rule?
According to EPFO’s new circular, if one of your PF accounts 36 months (3 years) If no new money is deposited, then that account will be considered as ‘inactive’.
And the biggest shock is now in such passive accounts Interest will stop getting!
Yes, you read it right. Till now it used to be that interest used to be added every year on your old, passive account money. But now, if your account remains inactive for more than 3 years, the EPFO will stop paying interest on it. In clear terms, your money will stop where the money will stop and inflation will continue to eat it slowly.
Do you also have many old PF?
Think, you changed 3 jobs in 10 years. This means that your 3 different PF can eat. If you did not merge them together, then your last two accounts are now in danger of being ‘inactive’. Interest will stop getting interest on them and you will lose the profits on your hard earned money.
So what to do now? EPFO’s direct advice
EPFO itself has stated its solution. The department has appealed to all the account holders to immediately merge all their old PF accounts in their existing PF account after changing the job.
- How to merge? This process is now very easy. You can go to the online portal of EPFO through your UAN (Universal Account Number) and you can request to transfer your old accounts to the new account. It takes only a few minutes.
This is not just a advice, a warning for you. Do not let your hard -earned money be finished by staying like this. Check all your PF accounts today and if an account is old and passive, then immediately add it to your new account. There is a question of your old age!
