The Employees’ Provident Fund Organization (EPFO) has recently amended its rules to ensure that EPF members receive interest on their PF balance until the date of claim settlement, rather than just up to the end of the preceding month. This change is expected to benefit members financially, especially those who have delayed their claim settlements.
This change in the rules has been made in the meeting of the Central Board of Trustees held on 30 November 2024. Let us tell you that no official has been issued yet to implement the new rules and till any notification comes from the government, settlement will be done on the old rules only.
Here are some key points to understand:
•Interest Calculation: Interest will now
be calculated on the daily balance of your EPF account, up to the date of claim settlement.
Increased Benefits: This change will
result in higher interest earnings for EPF members, particularly if their claims are settled after the 24th of a month.
Faster Claim Processing: The EPFO is
also working on streamlining its claim settlement process to ensure quicker disbursement of funds to members.
After the new rules come into effect, claims can be settled within a month, providing relief to members.
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