Is EPFO a scam?
I just realised that we don't get any interest on pension part of the amount deposited in EPFO. Say if your monthly contribution to pf is 3600. Then 1250 goes to pension part. And you never get any interest on it till you retire. And after retirement you have 2 options. Take the whole amount or get the pension. In both cases it's our loss. Government gets to use this money for lifetime without any interest. Imagine the loss if ur monthly contribution is like 20k or more. My dad had huge amount and did not get any interest on it. Pension was only 2k so he decided to take the whole amount out and put it in detail to get more return thr FD.
Talking product sense with Ridhi
9 min AI interview5 questions
I daily abuse the government and our systems after waking up
High ten my man 🙌
Don't know if that was the sarcasm but we should question things that are not right.
Well… for some people getting PF amount is also difficult. Some employee would make some typo error at some point because of which you will spend endless years and rounds to get your PF amount. This has happened with folks and the EPF is sitting in crores worth of unaccounted money like this.
I seriously favour startups for this one factor where they deduct just 3600(1800 yours and company) for PF. At-least you have more in-hand to invest. Apart from it those companies which have their own PF trust.
why you will not get the interest on pension part?
Plz check your passbook in epfo portal. There will be 3 colums. Employee, Employer(PF,Pension). When the interest is deposited by government you will see the interest only for employee and employer column but not the pension colum.