How delay in EPFO interest payment impacts lakhs of subscribers
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New Delhi, Sept. 18 -- Seven months have passed since the Employees Provident Fund Organization (EPFO) announced interest rate for 2018-19. However, the interest amount is yet to be credited to the account of subscribers, thereby hurting earnings of millions of beneficiaries.
As per The EPF Act of 1952, interest is credited to the member's account on monthly running balances with effect from the last day of each year. It means, the interest for the financial year should, in practice, get credited to EPFO subscribers account on 31 March.
While the EPFO board decided to pay 8.65% interest rate to its subscribers for 2018-19 in February 2019, it has not credited this to their account till date. While the retirement savings body has been sa...
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