I was working with a Private Company and it maintains its own Recognised PF Trust. The normal retirement age of an employee is 60 years in this Company.
I have resigned from my job in Aug2014 at the age of 56 years. (4 years before my normal retirement age of 60 years).
I have not withdrawn my PF amount and kept my PF amount with my company only.
I have not taken up any employment after resigning from my company.
As per earlier PF Rules/practice the unclaimed PF account will get interest till 3 years of resignation (i.e. upto Aug2017 in my case).
After going through the November,2016 press releases and related developments on PF Interest earning on in-operative PF accounts till attaining the normal retirement age, I enquired with my company HR through Company email address in Jan2017, whether shall I have to withdraw in August2017 as usual or can I keep my PF account upto Aug2018 which should have been my normal retirement period with the company
Immediately, I got reply from my employer (Head HR) through company email confirming that I can keep my PF Account with the Company till I complete my 60 years of normal retirement age which is Aug2018.
With that confirmation, I have not withdrawn my PF in Aug2017 and kept my PF with the company planning to withdraw in Aug2018.
This month(Aug2018), I have received my PF Statement for FY2017-18 where in PF interest was credited up to Aug2017 only. Interest was not credited for the remaining period from Sep2017 till Mar2018 in the FY2017-18.
I have completed my 60 years in Aug2018 and approached my employer for my PF withdrawal. Now my employer says that I can get the interest only upto Aug2017 i.e. upto 3 years after resignation and not upto Aug2018.
When I approached them well in advance i.e. in January,2017, they confirmed me that I can keep it till Aug,2018 and now they are not honoring their own reply. And the present HR Head says that the earlier HR Head has resigned.
I am completely flabbergasted. Will Head HR in such a Senior position which deals with employee welfare in the Company disown the earlier written clarification and confirmation replies of his predecessors? Will it the Company commitments changes with persons ? Will it not amount to depriving and causing financial loss to their ex-employee without his fault ?
I understand In-operative PF accounts also earn interest till their normal retirement age, still I am in the opinion that I should get the interest for this in-operative period i.e. from Aug2017 to Aug2018 (1 year) also at the time of my final withdrawal. (In my PF Statement of FY2017-18 interest credited upto Aug2017 only)
Please clarify whether will I get interest for my PF for the in-operative period from Aug2017 till Aug2018 or not? Will you please clarify citing the Government Circulars, PFO Notifications / Gazette Notifications.