- Employees’ Provident Fund Organisation’s (EPFO) decided to credit Interest for inoperative accounts from April 1st.
- Labour Minister Bandaru Dattatreya, after Central Board of Trustees (CBT) meeting, told reporters that interest on inoperative accounts will be credited from 1st April.
- He indicated that this is a pro-worker decision and will benefit 9 crore account holders having around Rs 32,000 crore deposits
- In 2011, EPFO stopped the payment of interests on such account in order to discourage the pooling of funds with EPFO under the inactive accounts
- EPFO incremental investments in government securities is also raised to 65%, but unable to invest in G-Secs which are yielding higher returns as the limit had been reached
Source:- Times of India