EPFO News: Employees’ Provident Fund Organization (EPFO) has resolved a major concern of thousands of employees. The EPFO said that it has started releasing interest for the financial year 2021-22 and there will be no loss to the employees.
In June this year, for more than 50 million subscribers, the government fixed the interest rate at 8.1 percent for the financial year 2021-22. Usually, the EPFO starts adding interest to the provident fund accounts after the interest rate is fixed by the government. Last financial year interest was not showing in deposit statements, after which more than 5 crore customers were worried. He was afraid that he would not get his interest share.
Now EPFO has given this information by tweeting. The process of releasing Provident Fund Interest was in progress, and it will soon be reflected in your account, it stated. Anytime interest is credited, it will be completely paid. There won’t be any interest dwindling. In response to a tweet about a credit delay, EPFO issued the following comment.
In October, the finance ministry confirmed that interest was being credited but it was not reflected in the account statement. The Finance Ministry had called it a software glitch. The ministry had said that the payment has been made, which includes interest. This was for all customers who were seeking withdrawal or settlement. One of the safest investment options, the Employees’ Provident Fund offers higher returns than other safe investment choices like bank fixed deposits. Due to the fact that a specific percentage of the monthly deposit is set aside for pension benefits, it is a well-liked program, especially among small savers. Customers can also benefit from tax advantages on their deposits. But the interest rate of 8.1 percent is the lowest for the last financial year. The interest rate has come down significantly in the last few years.
Read More: PPF vs. Recurring Deposit: By investing in these plans, you may also build up a sizable fund; find out which of these two is superior in this comparison.
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