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EPF New Interest Payment Rules: There is news of relief for 7 crore active subscribers of Employee Provident Fund Organization (EPFO). Now EPF members will get more interest on the money deposited in their provident fund during claim settlement. EPFO (Employees Provident Fund Organization) has made a major change in the rules for payment of interest in EPF claim settlement. Besides, settlement of provident fund claims of EPFO subscribers can also be processed faster.
Change in EPF claim settlement rules
The Central Board of Trustees of the Employee Provident Fund Organization has approved changes in the rules for payment of interest during EPF claim settlement. In this direction, CBT has approved an important amendment in Paragraph 60(2)(b) of the EPF Scheme 1952. As per the existing provisions of the EPF scheme, for claim settlement claims up to 24th of the month, there was a provision to pay interest only till the end of the previous month. But under the new rules, interest paid to EPF members on their provident fund will be paid till the date of settlement of the claim.
Now interest income on provident fund will be higher
With this decision of EPFO, EPF members will get more interest on their provident fund corpus and due to this decision the complaints of subscribers can be reduced. Due to this decision of CBT, EPF members will get interest till the date of settlement of the claim. Earlier, if funds were withdrawn before 24th, interest was paid only for the month preceding that month. Due to this, EPF members suffered loss of interest.
Interest will be available for the entire month
Under the old rule of the EPF scheme, to protect EPF members from interest loss, interest payment claims were not processed from the 25th to the last date of the month. But after the new decision of the Employee Provident Fund Organization, such claims will be processed for the entire month, which will reduce the number of pending cases, timely settlement will be possible and resources can be utilized in a better way.
Claim settlement of Rs 1.57 lakh crore in 2024-25
Till the financial year 2023-24, EPFO has settled a total of 4.45 crore provident fund claims worth Rs 1.82 lakh crore. A total of 3.83 crore EPF claims worth Rs 1.57 lakh crore have been settled in the current financial year 2024-25.
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