Amid the ongoing corona crisis, the Employee Provident Fund Organization (EPFO) said that it would put the first installment of interest for the financial year 2019-20 into the account of PF Subscribers before Diwali. This information has been given by Live India. The EPFO had said in September that it would pay an interest rate of 8.5 per cent for the financial year ended March 31, says official reports.
8.15 percent interest will be distributed
If reports are right, PF holders will be getting this Gift from the Government before this Diwali.
According to reports, the 8.5 percent interest rate is divided into two parts. This is 8.15% and 0.35%. The government will distribute 8.15 per cent interest under the management fund until Diwali. The remaining 0.35 per cent interest could be released by December.
The EPFO earnings were severely affected by the Coronavirus epidemic. In such a situation, the EPF maintained the interest rate at 8.5% for the financial year 2019-20. Recently, the Ministry of Labor gave this information.
You get interest in two parts
The 8.5% interest on your PF fund divides into two. Of this, 8.15 percent interest is earned by investing in debt funds. The remaining 0.35 per cent EPFO invests in ETF (exchange traded funds). The ETF is redeemed on December 31. So that part will be received in or after the month of December.
Claim settlement time reduced
In times of Corona crisis, the EPFO has significantly reduced the claim settlement period. Claim settlement occurs in the first 20 days. Now this work is being completed in three days. Since March 25, 38 lakh 71 thousand claims worth Rs. 44050 crore have been settled. The Central Government has increased the sum assured from 6 lakh to 7 lakh under the Employee Deposit Linked Insurance Scheme.
