EPFO Interest Rules : The Employees Provident Fund Organization (EPFO) will put a lump sum of 8.5 percent interest in the EPF (Employees Provident Fund) accounts of about six crore shareholders for the financial year 2019-20 by the end of December.
Before this, we are going to tell you about some such situations, when the interest on your EPF account will stop getting. Once the EPF account becomes inoperative, no interest is paid beyond that date.
According to EFPO rules, interest on PF stops in these situations-
– When an employee retires from service after 55 years
-If Subscriber Shifts Permanently Abroad
-If the Subscriber dies
– If no settlement is claimed for 36 months when the amount is due on termination of employment (ie the client does not apply for withdrawal of his PF amount within 36 months of leaving the job)
It is noteworthy that in the month of September in the meeting of trustees led by Union Labor Minister Santosh Gangwar, the EPFO decided to put the interest in two installments of 8.15 percent and 0.35 percent. The Labor Ministry had sent a proposal to the Finance Ministry to add 8.5 percent interest at a time to the EPF for 2019-20.