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Amendments in wake of COVID-19 crisis.
EPFO members were allowed to apply for withdrawal online.
New Delhi: Retirement fund body EPFO is likely to credit 8.5 percent rate of interest for 2019-20 in the employees provident fund (EPF) accounts of around six crore subscribers in one go by the end of December, news agency PTI has reported.
Earlier in September this year, the Employees Provident Fund Organisation had decided to split 8.5 percent interest into two installments of 8.15 percent and 0.35 percent in its trustees meet headed by Labour Minister Santosh Gangwar.
However, PTI quoting highly placed source said that the Labour Ministry has sent a proposal to the Finance Ministry to give concurrence to credit 8.5 percent rate of interest on EPF for 2019-20 earlier this month.
New code of wages: Your provident fund and gratuity components are set to rise
But if your salary is over Rs 15,000 the new Code of Wages may not materially impact your salary December 21, 2020 / 08:08 PM IST
Your provident fund (PF) component and gratuity pay-out are set to increase once the new code of wages gets implemented from April 1, 2021. This is because the definition of ‘wages,’ based on which employers deduct provident fund contributions, will now be standardised as per the new Code of Wages, 2019.
The Code of Wages is a part of four labour codes that resulted from the merging 29 out of the 44 central government labour laws. The erstwhile acts that governed the employees’ provident fund (EPF) and gratuity will now be part of the Code of Social Security. But the calculation of your provident fund (your retirement kitty) will depend on the new definition of wages as per the new Code of Wages, 2019.