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Is Contribution To EPF A/c Allowed After You Are Not In Job?

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It may be a case that you may not be in service anymore, but given the high interest rate on EPF as well as your surplus cash intend to contribute from your end, here is what you can do:

Is Contribution To EPF A/c Allowed After You Are Not In Job?
 

For your kind information, such a provision is not allowed, as the EPF which is a fund created for meeting post retirement expenses is only relevant for those employed. As per the rules of EPFO, In the absence of wages and employer, no recovery can be affected. Any contribution by the member must be matched with employer's share of contribution."

So, there is a matching done, for any contribution made by the employee.

What is the case for PF contribution in case of suspension of the employee?

Also, in a case when the subsistence allowance is paid to an employee during the period of suspension, PF contribution is also not payable in such a case.

In a case, when the employee is paid wages on a daily basis, the PF contribution is calculated by taking into account the total wages that are paid in a calendar month.

As per the PF rules, an EPF member can be piece-rate or daily rated can also be a EPF member.

So, what you can and should do after leaving your job such that your EPF account is not left in a lurch?

EPFO, the retirement fund management body suggests that after leaving one's job "When an employee leaves an establishment and joins another, he/she is required to get the funds and service details transferred to the new account. The facility would provide portability from one account to another by linking the different Member IDs, if, the KYC details have been verified by both the employers."

GoodReturns.in

Read more about: epf epfo retirement
Story first published: Wednesday, September 4, 2019, 13:11 [IST]
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