Over six crore accounts within the Employees’ Provident Fund Organization (EPFO) shall be credited with curiosity on the charge of 8.65 per cent for monetary yr 2018-19 forward of the competition season, Labour Minister Santosh Gangwar mentioned. In an EPF or Employees’ Provident Fund account, the worker contributes 12 per cent of the wage – together with primary wages, dearness allowance and retaining allowance – whereas an equal quantity is contributed by the employer, in line with the EPF web site – epfindia.gov.in.
Here are 10 issues to find out about current bulletins associated to EPF:
- “Once approved by the finance ministry, the EPFO will credit the interest amount at 8.65 per cent rate in subscriber accounts and settle claims on this rate,” mentioned Mr Gangwar.
- The Central Board of Trustees — the highest decision-making physique of retirement fund physique EPFO — had authorised an rate of interest of 8.65 per cent for the monetary yr 2018-19 yr on February 21 this yr.
- The proposal was despatched for the concurrence of the finance ministry.
- At current, the EPFO is settling Provident Fund or PF withdrawal claims on the rate of interest of 8.55 per cent, which was authorised for monetary yr 2017-18.
- Under the EPF Scheme, a remaining PF declare is settled inside 20 days.
- However, within the case of resignation, the member has to attend for a interval of two months for withdrawal of the PF quantity.
- Provident fund physique EPFO additionally permits the subscriber to make a partial withdrawal from the corpus underneath certain conditions.
- A partial withdrawal declare is forwarded to the employer for approval. Once authorised, the quantity is credited to the subscriber’s account inside 10 days, in line with the EPFO web site.
- Partial withdrawal from EPF accounts is allowed for buy/development of home, compensation of mortgage, non-receipt of wage for 2 months, marriage of self/daughter/son/brother, for medical remedy of members of the family and so forth.
- Last month, retirement fund physique EPFO authorised a proposal to revive a provision for commutation, or advance part-withdrawal, withdrawn by the EPFO in 2009 underneath the Employees’ Pension Scheme.
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