PF account interest money will be transferred to the accounts by the end of December.
Provident fund interest: The good news for job seekers is that their provident fund account balance will increase in the new year. Because, the interest money of the PF account will be transferred to the accounts by the end of December. The special thing is that the entire money of interest (PF Interest Amount) will be put together.
Earlier, the interest amount was being given in two installments. But, now it will be transferred to accounts in a single installment.
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Account holders will benefit (EPFO benefits to account holders)
The Employees Provident Fund Organization (EPFO) will deposit a lump-sum of 8.5 percent interest in the Employees Provident Fund (EPF Account) accounts of about six crore shareholders for the financial year 2019-20 by the end of December.
Earlier in September, in a meeting of trustees led by Labor Minister Santosh Gangwar, the EPFO decided to put the interest in two installments of 8.15 percent and 0.35 percent.
The Ministry of Labor (Labor Ministry) has sent a proposal to the Finance Ministry to add 8.5 percent interest at a time to the EPF for 2019-20. This proposal has been sent this month.
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The approval of the Finance Ministry on this proposal is expected in a few days. In this case, interest will be added to the accounts of the shareholders this month.
Decision in CBT meeting (Central Board of Trustees)
The 8.5 percent interest rate on EPF for 2019-20 was approved in the meeting of the Central Board of Trustees (CBT), the apex decision making body of EPFO led by Labor Minister Gangwar.
In the meeting of CBT in March, it was decided to fulfill the matter of paying 8.5 percent interest. But with this the CBT had decided that 8.5 percent interest would be deposited in the accounts of the shareholders in two installments 8.15 percent and 0.35 percent.
