- Currently, the EPFO has been settling EPF withdrawal claims at 8.55 per cent interest rate, approved for 2017-18. Now, the EPFO will settle accounts on higher rate of 8.65 per cent for 2018-19.
- "Ministry of Labour and Employment has notified 8.65 per cent rate of interest on EPF deposits for its subscribers (over 6 crore). Now, the interest would be credited into accounts of subscribers and claims would be settled at this rate," a source was quoted as saying by PTI.
- The Central Board of Trustees -- the apex decision-making body of the EPFO -- had approved 8.65 per cent interest rate for the last fiscal on February 21 this year.
- The proposal was sent for the concurrence of the finance ministry, and the labour ministry was waiting for its approval.
- Earlier this week, Labour Minister Santosh Gangawar had assured, "..ahead of the festival season, over 6 crore EPFO subscribers would get 8.65 per cent interest for 2018-19.
- Last month, retirement fund body EPFO approved a proposal to restore a provision for commutation, or advance part-withdrawal, withdrawn by the EPFO in 2009 under the Employees' Pension Scheme.
- Under the EPF Scheme, a final PF claim is settled within 20 days.
- However, in the case of resignation, the member has to wait for a period of two months for withdrawal of the PF amount.
- Provident fund body EPFO also allows the subscriber to make a partial withdrawal from the corpus under certain conditions.
- A partial withdrawal claim is forwarded to the employer for approval. Once approved, the amount is credited to the subscriber's account within 10 days, according to the EPFO website.
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