EPF Money: Safe After 10 Years With No Contribution?

Ans: 1. You can withdraw up to 75% of the net balance in your EPF account, or three months of your basic salary plus dearness allowance, whichever is lower.
2. You can withdraw 100% of your EPF amount if you are unemployed for more than two months as per old rule.
3. You can withdraw up to 50% of your EPF amount for the marriage of your child or for their education after class 10.
4. You can withdraw up to 90% of your EPF amount if you are 54 years of age or above.

There is no maximum limit for the amount that can be withdrawn from your EPF account. However, you will need to pay income tax on the amount withdrawn if you have not contributed to your EPF account for at least five years.

The amount can be left in your EPF account after the contribution stops for an indefinite period of time. However, if you do not withdraw the amount after a certain period of time, it will be transferred to the Employees' Pension Scheme (EPS).

Ans: Please withdraw your PPF balance. Your wife's account must have been frozen. please do it asap.

Ans: Certainly! Let’s address your queries regarding the Employees’ Pension Scheme (EPS) and the process for pension withdrawal:

EPS Withdrawal After 10 Years of Service:
If you have completed less than 10 years of service or have attained the age of 58 years (whichever is earlier), you are eligible for lump-sum withdrawal from your EPS account.
However, if you have completed 10 or more years of service, you cannot withdraw the EPS amount. Instead, you can opt for a Scheme Certificate by filling Form 10C along with the Composite Claim Form (Aadhaar or Non-Aadhaar).
The Scheme Certificate allows you to transfer your pension benefits if you join another employment later.
Pension will be paid to you after attaining the age of 58 years123.
Filing Form 10D for Immediate Pension:
To receive pension immediately after retirement, you need to fill Form 10D.
Unfortunately, Form 10D cannot be filed online. You’ll need to submit it physically to the EPFO Office.
Submission of Form 10D:
After your retirement, submit Form 10D to the EPFO Office to initiate the process of receiving pension.
Ensure that you complete all necessary documentation accurately.
Interest on EPF Account:
Until you decide to withdraw your EPF amount, it continues to earn interest.
As of now, the interest rate is determined by the EPFO and is subject to change periodically.
Since you are retiring on 30th April 2024, you can continue earning interest until you decide to claim your EPF.
Claiming EPF Account After Maximum Extended Period:
After the maximum extended period (usually 3 years of inactivity), you can still apply for EPF withdrawal.
While the process may not be available online, you can submit the necessary forms physically to the EPFO Office.
Remember to consult with your employer or the EPFO directly for any specific details related to your individual case. Best wishes for your retirement!