EPFO News: Employees Provident Fund Organization i.e. EPFO has announced relief for its subscribers. EPFO has decided to change the rules of interest payment on EPF claim settlement for the members of Employees Provident Fund.
On November 30, 2024, the Central Board of Trustees (CBT) in its decision has changed the rules in 60(2)(b) of EPFO. After its implementation, members will get more interest and settlement will be faster. This information has been given in a report of Economic Times. Let us tell you that this new rule has not been implemented yet. The new rule will come into effect after the government issues a notification. Till then the old rule will remain in force.
What needs to change?
According to the announcement made by EPFO, ‘CBT has approved an important amendment in paragraph 60(2)(b) of EPF Scheme 1952. According to the current rules, interest on settlements done by the 24th of the month is paid till the end of the previous month. Now members will get interest till the date of settlement.’ EPFO believes that this will give more interest to investors. Along with this, cases will also be settled faster.
Currently, settlement is not done from 25th to the end of the month. The reason behind this was to protect the members from loss of interest. But now settlement can be done throughout the month. EPFO has said that this decision shows how efficient, transparent and member-centric the organization is.
How will it be beneficial
Suppose the total balance of an EPF member is Rs 5 lakh. Currently, the interest rate is 8.25 percent. In such a situation, if a person settles on the 23rd of the month, then after the implementation of this rule, he will get interest for 23 days as well. Till now, interest was available only up to one month before the settlement. Due to which EPF members had to suffer losses.
Related Articles:-
UIDAI has once again extended the deadline for free Aadhaar update by 6 months. Check here
