I have retired from an autonomous college under Delhi University on 31st March 2021. I withdrew my contributory PF on 30th April 2021, which is maintained by the college trust. Will the college pay me interest for the month of April? After nearly 35 years of continuous service, I retired at the age of 65.
,anonymous
Clause 2(b) of Article 60 of the Employees’ Provident Fund Scheme, 1952 states that in case of a claim of refund under section 69 or 70, interest shall be payable up to the end of the month preceding the date on which the last payment is authorized, irrespective of the date of receipt of the claim from the claimant concerned.
Since the given condition is covered under section 69 which includes retirement from service after attaining the age of 55 years, the provisions of clause 2(b) shall apply for the purpose of determination of interest and accordingly, interest shall be calculated on that The month preceding the month in which the last payment is authorized. For example, if the last payment is due in the month of April, then only the interest up to the month of March will be charged. In this case, it is the date of authorization of the last payment and not the date of withdrawal which has to be taken into account for the purpose of determination of interest.
,Dr. Suresh Surana, Founder, RSM India
(Send your questions to mintmoney@livemint.com)
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