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 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.
This story is from the December 23, 2024 edition of Financial Express Pune.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 23, 2024 edition of Financial Express Pune.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
MRF: Crude prices, Re slide driving surge in tyre prices
RISING CRUDE OIL prices and a depreciating rupee are driving up tyre costs, according to Arun Mammen, vice chairman and managing director of MRF.
Top realtors steer clear of affordable housing
LIMITED INCENTIVES FOR private players create barriers to scaling affordable projects, Signature's Aggarwal said.
Trump Holds Victory Rally Ahead of Inauguration
Mukesh, wife Nita to attend the event
Skilling shouldn't be on a budget
● Focus on women, migrant workers, infrastructure
India Leads in Disaster Management, Says Shah
BACKED BY RESILIENT infrastructure in the area of disaster management, India has emerged as a global leader in the sector by adopting a 'zero casualty' goal during calamities, Union home minister Amit Shah said on Sunday.
Hindenburg founder faces scrutiny
NATE ANDERSON, 'ACTIVIST', short-seller who has announced shutting down of his almost eight years old research firm Hindenburg, is under cloud for alleged links with hedge funds in preparing reports targeting companies, a Canadian portal said citing documents filed before a court in Ontario.
MBA Isn't At Risk; It's In Transition
Rekha Sethi, the director general of the All India Management Association (AIMA) – the apex body for management profession in India – is of the opinion that despite poor placements at business schools last year, the MBA degree isn't at risk. \"It's in transition,\" she says.
A Bigger Playing Field
The male consumer has evolved, so it's time for Smart and Handsome to flex
A big display for entertainment
A budget phone that provides a hasslefree experience
Trade Partner Or Adversary?
India must think beyond China-Plus-One strategy as the world trade order is rapidly changing
