The Employee Provident Fund Organization (EPFO) is considering providing an option for employees to continue contributing to their EPF account, even after leaving their job. This move is expected to benefit those who plan to leave their job and start their own business.
The government is evaluating two key proposals:
1. Continue EPF Contributions Post-Job
If an individual quits their job to pursue a business or other ventures, they will be allowed to keep their EPF account active. They can continue making contributions on their own, and will receive interest on their contributions as per standard EPF rules.
2. Pension from Employer and Employee Contributions
Retirees who wish to receive a pension from the contributions made during their job (both their own and their employer’s contributions) will be given an option to use their EPF account for this purpose.
This initiative aims to offer more flexibility and financial security to those transitioning from employment to entrepreneurship, and those seeking pension benefits post-retirement.
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