MEMBERS OF EMPLOYEES' Provident Fund (EPF) will now get more money as the interest on the accumulated balance will be paid to them up to the date of final settlement. At present, for final claims settled till the 24th of the month, interest is paid only up to the end of the preceding month causing members to lose quite a substantial amount.
The Central Board of Trustee has approved amendment to paragraph 60(2)(b) of the EPF Scheme, 1952. The new rules will come into effect after the government issues the Gazette notification.
So, a member retiring with an accumulated balance of ₹1 crore and applying for final withdrawal on the 20th of a month will get an additional interest for the 20 days amounting to ₹44,355 (at an interest rate of 8.25% fixed for FY25). Similarly, a member retiring with an accumulated balance of ₹2 crore and applying on the 20th of a month will get an additional interest of ₹88,710.
Esta historia es de la edición December 23, 2024 de Financial Express Chennai.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición December 23, 2024 de Financial Express Chennai.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
A fresh take on gifting
FERNS & PETALS MUST OFFER A BIGGER BOUQUET
Bumrah set to miss league stage of Champions Trophy
IN A SETBACK for India, strike bowler Jasprit Bumrah is likely to miss the group stage of next month's Champions Trophy due to health reasons.
Devajit, Prabhtej elected BCCI secretary, treasurer
DEVAJIT SAIKIA, an advocate and a former wicket-keeper batsman from Assam, would succeed Jay Shah as the new secretary of the Indian cricket board (BCCI). He was elected unopposed—a poll was not contested as there were no contestants, electoral officer A K Joti stated in his declaration of results—to the seat left vacant after Shah assumed the office of the International Cricket Council chairman in December last year.
SpaDeX: Isro brings satellites within 3-metre in trial attempt
MOVING TO ATTEMPT docking in space, the Indian Space Research Organisation (Isro) brought two SpaDeX satellites as close as 3 metres to each other Sunday morning.
Anthem row intensifies in Tamil Nadu as Governor slams CM
A row between Tamil Nadu Governor R N Ravi and Chief Minister M K Stalin escalated on Sunday after Ravi accused the latter of \"arrogance,\" asserting that respect for the National Anthem and constitutional duties was non-negotiable.
IIT-K Steps In For Cyber Security At Maha Kumbh
WITH THE DIGITAL landscape changing considerably in the 12 years since Maha Kumbh was last held, the Uttar Pradesh government is anticipating a bigger threat this time from misinformation on social media and online frauds, and has roped in experts from IIT Kanpur to address these concerns.
We see early signs of revival, but challenges remain, says TCS CFO
How are AI projects shaping returns?
Jaishankar will be representing India at Trump's inaugural
EXTERNAL AFFAIRS MINISTER S Jaishankar will represent India at the January 20 inauguration of US President-elect Donald Trump.
Unreal is the new real
For the first time, a car ad film has been shot without a car
We've gone all in on AI, putting it into our devices
AT THE CONSUMER Electronics Show (CES) in Las Vegas, Dell announced a new lineup of AI-powered PCs, accompanied by a rebranding effort aimed at simplifying the brand and making it easier to distinguish between different offerings.
