If you’ve left your job or temporarily stopped contributing to your Employees’ Provident Fund (EPF), it’s natural to worry about your hard-earned savings. Here’s a detailed breakdown of what happens and how to check your account status.
1. Your PF Funds Are Safe
Leaving your job doesn’t mean your EPF balance disappears. The money you’ve already contributed is secure under the EPF scheme. The government ensures that your funds are protected, so there’s no risk of losing them.
2. Interest Keeps Growing… For a While
Even if you stop depositing money, your EPF account continues to earn interest for the first three years after leaving your job. For instance, if you leave your job in 2022, interest will continue accruing until 2025. After three years of inactivity, your account becomes “inoperative,” and interest stops, but your balance remains intact.
3. Check Your EPF Balance Easily
Don’t guess your account status—verify it! You can:
· Log in to the EPFO portal using your Universal Account Number (UAN) to view your passbook.
· Use the UMANG app on your phone for a convenient, on-the-go check.
· Give a missed call or send an SMS to the official EPF numbers to instantly receive your balance.
4. Don’t Forget Tax Implications
Interest earned in your EPF is tax-free, provided you withdraw it after completing five continuous years of service. However, premature withdrawal may lead to taxable interest. Staying informed ensures you don’t face unexpected tax liabilities.
5. Keep Your Account Active Smartly
Even if you’re not currently employed, you can take steps to maintain your EPF account:
· Transfer your balance to your new employer’s EPF account to continue earning interest seamlessly.
· Update your KYC details, including Aadhaar and bank information, to avoid account issues.
· Avoid early withdrawals, so you don’t miss out on tax-free benefits and compound interest.
6. Remember: Time Is Your Friend
Your EPF account is designed to benefit you in the long term. Even after leaving a job, your savings have three years to grow with interest. Planning ahead and checking your account regularly ensures your funds remain on track for your future.
Bottom line: Stopping contributions doesn’t mean losing interest—your EPF balance stays safe and grows for a limited period. Stay proactive, monitor your account, and make informed decisions to maximize your retirement savings.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
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