Provident Fund (PF) Subscribers To Get 8.65% Interest For 2018-19: 10 Things To Know
- At present, the EPFO is settling Provident Fund or PF withdrawal claims at the interest rate of 8.55 per cent, which was approved for financial year 2017-18.
- 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.
- Partial withdrawal from EPF accounts is allowed for purchase/construction of house, repayment of loan, non-receipt of wage for two months, marriage of self/daughter/son/brother, for medical treatment of family members etc.
- "Once approved by the finance ministry, the EPFO will credit the interest amount at 8.65 per cent rate in subscriber accounts and settle claims on this rate," said Mr Gangwar.
- The Central Board of Trustees -- the top decision-making body of retirement fund body EPFO -- had approved an interest rate of 8.65 per cent for the financial year 2018-19 year on February 21 this year.
- The proposal was sent for the concurrence of the finance ministry.Â
- 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retirement fund body EPFO approved a proposal to restore a provision for commutation, or advance part-withdrawal, withdrawn by the EPFO in 2009 under the Employees' Pension Scheme.Â
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