I worked as an employee for more than a decade and my PF account has accumulated some fund. I left the organization and started my start up firm (Pvt ltd) around 3 years back.
1. AS AN EMPLOYEE of previous firm -- a. My PF amount is still there and it earned interest till few months back but now it is not earning any interest. There is a PF rule in that regard.
2. AS AN EMPLOYER of current start up firm -- a. My firm has PF number (it was mandatory to take during registration) but we are only 2 people (my and my partner) and we do not pay ourselves any salary. Naturally, there is no PF contribution.
Now, if I start paying myself salary and start contributing minimum PF to myself, will that RESTART the interest payment to my accumulated fund as well?
19 January 2024
Yes, EPF interest will be credited to an account even when there is no contribution for 3 years. Thus, if your EPF account has no contribution due to unemployment or Non-Resident Indian (NRI) status, you will get the interest for 3 consecutive years from the stopping of contribution.
CAclubindia
