Employee Provident Fund (EPF) is the primary financial safety net for salaried individuals, yet many lose money due to widespread myths. One common misconception is that the retirement age for PF is 60; however, according to EPFO, the official cut-off age is 58. Even if you continue working past 58, new contributions to your PF account typically stop, and this age is also the benchmark for starting your pension.

Contrary to popular belief, interest does not stop the moment you retire. If you retire at 58, your balance continues to earn interest for up to three more years (until age 61). For those who leave their jobs early, say at 45, the account remains active and earns interest until they turn 58. Additionally, an account only becomes ‘inoperative’ if no contribution is made for three consecutive years, but it remains accessible for transfers or withdrawals. Regarding the Employees’ Pension Scheme (EPS), while there is a recommendation to hike the minimum monthly pension from ₹1,000 to ₹7,500, the government has yet to issue a formal notification. Staying updated with these official rules is vital for effective retirement planning.