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Interest for inoperative PF account from April 1st

  • 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

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