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 an 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.
Final withdrawal
This story is from the December 23, 2024 edition of Financial Express Mumbai.
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This story is from the December 23, 2024 edition of Financial Express Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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