EPF Interest Payment New Rules: Under the current rules, for the claim of claim settlement till the 24th of the month, interest was paid only till the end of the previous month. But now interest will be available till the settlement date.
EPF Interest Payment New 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 has made a big change in the rules for payment of interest in EPF claim settlement. Along with this, the 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 the change in the rules for payment of interest during EPF Claim Settlement. In this direction, the CBT has approved an important amendment in paragraph 60(2)(b) of the EPF Scheme 1952. According to the existing provisions of the EPF Scheme, for claims settled by the 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 to be paid to EPF members on their Provident Fund will be paid till the date of settlement of the claim.
Now there will be more interest income on Provident Fund
With this decision of EPFO, EPF members will get more interest on their Provident Fund corpus and due to this decision, the complaints of the subscribers can be reduced. Due to this decision of the CBT, EPF members will get interest till the date of settlement of the claim. Earlier, on withdrawing funds before the 24th, interest was paid only till the month preceding that month. Due to this, EPF members suffered loss of interest.
Interest will be available for the whole month
Under the old rule of the EPF scheme, claims with interest payment from the 25th of the month to the last date of the month were not processed to protect EPF members from loss of interest. But after the new decision of the Employee Provident Fund Organization, such claims will be processed for the whole month, which will reduce the number of pending cases, make timely settlement possible and utilize resources better.
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. In the current financial year 2024-25, a total of 3.83 crore EPF claims worth Rs 1.57 lakh crore have been settled.
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