Good news for crores of employees: this big decision, wave of happiness among people The EPFO had a meeting chaired by Labor Minister Santosh Gangwar in September in which it was decided to pay this interest in two installments. 8.15 percent interest was to be paid in the first installment and 0.35 percent in the second installment.
There is good news for millions of employees. The Employees Provident Fund Organization (EPFO) has taken a big decision. EPFO will deposit a lump-sum 8.5 percent interest in the Employees Provident Fund (EPF) accounts of about 6 crore shareholders for the financial year 2019-20 by the end of December. This decision of EPFO gives happiness to the employees across the country. Earlier in September, EPFO had a meeting in September chaired by Labor Minister Santosh Gangwar in which it was decided to pay this interest in two installments. 8.15 percent interest was to be paid in the first installment and 0.35 percent in the second installment. A media report states that a proposal has been sent to the Finance Ministry on behalf of the Labor Ministry to pay 8.50 per cent (full interest at one time) interest rate on EPF for 2019-20 at the beginning of this month. The Finance Ministry may approve the proposal in a few days.It is being told that the entire interest can be paid this month. Some clarifications were sought from the Finance Ministry on the interest rate of last year. It has all the answers. At the CBT virtual meeting in September, the EPFO has given permission to promise 8.50 per cent interest in the last fiscal year.
According to media reports, the Labor Ministry has sent a proposal to the Finance Ministry to deposit 8.50 per cent interest in EPF at one time for 2019-20. This proposal has been sent by the Labor Ministry this month. The proposal is likely to be approved by the Finance Ministry in a few days. After this, now interest will be deposited in the accounts of the shareholders this month. Also read… CM Kejriwal appeals to all people of the country to fast for one day tomorrow Significantly, the Central Board of Trustees (CBT), the apex body for decision making of EPFO led by Labor Minister Santosh Gangwar, met in March. In this, 8.5 percent interest rate on EPF was approved for 2019-20. Read also… BJP leaders taking out rally in Dal Lake overturned, many journalists were also with In the CBT meeting, it was decided to fulfill the promise of giving 8.50 per cent interest. In addition, CBT had decided that 8.50 per cent interest would be deposited in the accounts of the shareholders in two installments of 8.15 per cent and 0.35 per cent.
The state government has decided to provide advance payment facility in UP on the lines of the Center itself. The cabinet has stamped on it. In the resolution passed in the cabinet meeting chaired by Chief Minister Yogi Adityanath, it has been said that like the special festival package for central government employees and the plan to make advance payment for it, it should be implemented for the state government employees also. The proposal is approved.This facility will be admissible to all employees of the state government and will remain in force till 31 March 2021. Under this scheme, an advance special festival package of Rs. 10,000 will be sanctioned by the Head of the Office to any government employee before any important festival, which will be interest free.It is known that a special festival package for central government employees and the facility to allow advance payment for it has been implemented to enable them to make expenses related to festivals and also to encourage expenditure. In view of that plan of the Center, it has been decided to implement it for the state government employees as well.
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