Great News for The Employees Having PF Account
Latest EPFO Update: Important news has been came out for crores of employees. Recently, the Employees Provident Fund Organization (EPFO) is going to make a big change in the rules of EPF. Under the new rules, EPF employees will able to get more financial benefits. Along with this, the process of EPF claim settlement will also be expedited, so that employees will be able to get their amount in quick way and more easily. This change of EPFO is considered as a big step for the employees benefit. Let’s know more about the news below.
Get Increased PF Amount
My Naukri – There is a good news for lakhs of employees who came under the Employees Provident Fund Organization (EPFO). Recently EPFO has changed some rules to make the settlement process simpler and faster. Under the new rules, now the EPF candidate will get interest in their account till their claim is finally go for settlement, which will give them more financial freedom and benefits.
EPFO Claim Settlement
Apart from this, the process of claim settlement will also be expedited, so that employees who has availed this service can able to get their money in quick way. This change was made in the meeting of the Central Board of Trustees of EPFO which was held on 30th November 2024. With this great decision, EPF members will now be able to get the benefit of interest on their amount and they will also not face any problem during claim settlement.
High returns will be available till claim settlement to the members
According to the Employees Provident Fund Organization, “CBT has given approval a major change in paragraph 60 (2)(b) of the EPF Scheme, 1952. According to the old rules, if the claim was settled by the 26th of the month, the interest was paid only till the end of the previous month.
Now, members will get the benefit of interest on their amount till the date of claim settlement, which will give them more financial freedom and the settlement procedure will also become more faster.
Check when will the new rules be get implemented?
For your kind information, let us tell you that no official details have been provided yet to implement the new rules (EPFO New Rule). And until any order is released by the central government, the old rules will be still applicable. Under which the claim of the members will be settled.
Members will get these benefits after the new rules implementation
ET Bureau was provided with brief detail by EY India Tax Partner Puneet Gupta regarding the benefits given to the members from the proposed rules of EPF claim.
Increase in financial benefit: EPF employee will get interest for the entire period till claim is being settled, due to which they will get a good return on their money.
Complaints will be reduced: By eliminating the difference in interest calculation, employees are less likely to face problem related to loss of interest.
Speed in settlement: After the implementation of the new rules of EPF, claims will be settled within a month, which will provide relief to the employees. They will not have to wait for a long time to get their own money.
Optimized resource utilization: EPFO (EPFO Latest Update) can process claims more efficiently and effectively, which leads to better service delivery.