PF Latest News: The Labor Ministry had given the green signal to the proposal in this regard and by the end of July the interest will be deposited in the account of the beneficiaries.
There is good news for job seekers. Interest on Provident Fund deposit will be deposited in the account of 6 crore subscribers of Employees’ Provident Fund Organization (EPFO). The Labor Ministry had given the green signal to the proposal in this regard and by the end of July the interest would be deposited in the account of the beneficiaries.
Explain that the government had decided to pay 8.5 percent interest for the financial year 2020-21, which was the lowest in seven years. At the same time, in the financial year 2018-19, this rate was 8.65 percent. In the financial year 2019-20, many EPF subscribers had to wait for 8 to 10 months to get their interest dues.
Interest will be deposited by the end of July
According to the report of Zee Business, the interest of Provident Fund deposit can be deposited in the account of 60 million subscribers by the end of July. This has been approved by the Ministry of Labor.
The decision to keep the interest rate unchanged at 8.5 per cent was taken at a board meeting chaired by Labor and Employment Minister Santosh Kumar Gangwar in Srinagar in March.
EPFO again gave this facility
In order to help the EPF subscribers in the difficult times of the corona virus epidemic, the EPFO had approved the withdrawal of non-refundable Kovid 19 advance amount. Now the government has approved it even in the second wave of Corona.
Under this provision was made for special withdrawal to meet the financial requirements of EPF subscribers. In this regard, this provision was added by the Ministry of Labor and Employment by amending the Employees’ Provident Fund Scheme, 1952 by issuing a notification in the Government Gazette.
Withdraw money up to 75%
EFP subscribers can withdraw up to the limit of Basic Pay and Dearness Allowance for 3 months or up to 75 per cent of the member’s deposit in the EPF account (whichever is less). This is the maximum withdrawal limit. Account holders can also apply for a lower amount if they wish. This will be a non-refundable withdrawal, i.e. the amount of this advance will not be refunded