Yesterday's newspaper had an article on Employee Providend Fund(EPF). As per the statistics, less than 5% complete 10 years needed for pension. The pension scheme really irritates me based on my experience. I may be wrong about it but I cannot even find relevant information.
It is silly that the government is encouraging people to join the New Pension Scheme(NPS) but there does not appear to be an option to opt out of EPF and join NPS instead. I suppose if the government allows that what will it do with the EPF organisation!
The reason mentioned for the small fraction of people eligible is that people change jobs and withdraw their savings. For the life of me, I cannot understand why after so many years, the EPF organisation cannot have a single account for an individual regardless of the organisation for which he works.
It had taken me over a year to transfer funds from one company to another in the same EPF office! When I was withdrawing funds, I was advised(by the EPF officers) that I should not try to consolidate the small sum in my last job in Delhi area with the larger sum in Goa. I would be struggling to find out what the status of the transfer is. They cannot predict the time it may take.
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