EPF New Interest Payment Rules: There is information of aid for 7 crore lively subscribers of Employee Provident Fund Organization (EPFO). Now EPF members will get more interest on the money deposited of their provident fund throughout declare settlement. EPFO (Employees Provident Fund Organization) has made a significant change in the rules for fee of interest in EPF declare settlement. Besides, settlement of provident fund claims of EPFO subscribers may also be processed quicker.
Change in EPF declare settlement rules
The Central Board of Trustees of the Employee Provident Fund Organization has authorized adjustments in the rules for fee of interest throughout EPF declare settlement. In this course, CBT has authorized an vital modification in Paragraph 60(2)(b) of the EPF Scheme 1952. As per the current provisions of the EPF scheme, for declare settlement claims as much as twenty fourth of the month, there was a provision to pay interest solely until the finish of the earlier month. But beneath the new rules, interest paid to EPF members on their provident fund will be paid until the date of settlement of the declare.
Now interest revenue on provident fund will be increased
With this choice of EPFO, EPF members will get more interest on their provident fund corpus and resulting from this choice the complaints of subscribers may be decreased. Due to this choice of CBT, EPF members will get interest until the date of settlement of the declare. Earlier, if funds had been withdrawn earlier than twenty fourth, interest was paid just for the month previous that month. Due to this, EPF members suffered lack of interest.
Interest will be accessible for the total month
Under the previous rule of the EPF scheme, to guard EPF members from interest loss, interest fee claims weren’t processed from the twenty fifth to the final date of the month. But after the new choice of the Employee Provident Fund Organization, such claims will be processed for the total month, which will scale back the variety of pending circumstances, well timed settlement will be doable and assets may be utilized in a greater approach.
Claim settlement of Rs 1.57 lakh crore in 2024-25
Till the monetary yr 2023-24, EPFO has settled a complete of 4.45 crore provident fund claims price Rs 1.82 lakh crore. A complete of three.83 crore EPF claims price Rs 1.57 lakh crore have been settled in the present monetary yr 2024-25.
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