You’ll now not lose cash in case your Workers Provident Fund (EPF) account passbook isn’t up to date. In step with the Executive, EPF member passbook replace is simply an access procedure and the date on which curiosity is entered within the passbook has no monetary implications for the account holder.
In a written respond to a question within the Lok Sabha on Monday (March 13, 2023), Union Minister of State for Labour and Employment Rameshwar Teli stated that the EPF contributors don’t endure any monetary loss even supposing the passbook isn’t up to date.
In step with the minister, EPF’s per thirty days operating steadiness is at all times added to the ultimate steadiness of that yr. Subsequently, the date of access within the passbook does now not have an effect on EPF curiosity credits.
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“Updating of member passbook with curiosity is an access procedure simplest, the date on which the curiosity is entered within the passbook of the member has no exact monetary bearing because the curiosity earned for the
yr. His per thirty days operating balances is at all times added to the ultimate steadiness of that yr. Therefore, the member does now not endure any monetary loss,” the minister stated.
Lengthen in EPF curiosity fee
At the query of lengthen in EPF curiosity credits to accountholders, the minister stated that until sixth March 2023, accounts of contributors of 98% of contributory institutions had been credited with curiosity.
The minister additional stated that EPF curiosity credits is an ongoing procedure which is taken up in a scheduled approach with out hampering the common declare agreement.
As in step with the provisions of Paragraph 60(1) of the Workers’ Provident Fund (EPF) Scheme, 1952, Workers’ Provident Fund Organisation (EPFO) shall credits to the account of each and every member curiosity at such charge as is also made up our minds by way of the Central Executive in session with the Central Board of Trustees (CBT), Workers’ Provident Fund (EPF),” the minister stated.
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“Account updation with curiosity credits is a complete workout requiring scrutiny of each and every person transaction made in recognize of each person member’s accounts, thus making all the procedure very exhaustive. Until 06.03.2023 accounts of contributors of 98 in step with cent. of the contributory institutions had been credited with curiosity. That is an ongoing procedure which is taken up in a scheduled approach with out hampering the common declare settlements,” he added.
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