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EPF Updates – GD SN Co.

Central Board of Trustee of Employees Provident Fund Organiation taken following decision in its 227th meeting held on 9th Sep,2020

*1. Interest rate to EPF Subscribers for the year 2019-2020.

As per CBT Interest rate will be remain 8.5%. Interest will give in two installments. The EPFO will provide 8.15 per cent interest on EPF soon and the remaining 0.35 per cent rate would be credited into the subscribers’ account by December 31, after proposed liquidation of ETFs as organization could not with draw the required matching investments, due to sudden down trend in the markets because of Covid 19 Pandemic.

*2. EDLI Minimum Benefit Assurance.

The CBT also decided to continuation of minimum assurance benefit of Rs.2.5 lakhs beyond 14-2-2020, as previous Notification expired on 14-2-2020.

*3. Enhancement of Upper Ceiling under EDLI.

The CBT also inform to enhancement of upper Ceiling of Assurance Benefit under EDLI Scheme. The Board considered enhancing the upper ceiling of Assurance benefit from Existing 6 Lakhs to 7 Lakhs to for supporting deceased families of EPF Subscribers. (At present the benefit is from 2.5 Lakhs to 6lakhs depending the available Average balance in the member’s Account)

*4. Extending the EDLI Assurance benefit to the members who worked in multiple Establishments in preceding 12 months to death.

The family of deceased members who has worked in multiple establishments for Preceding 12 months of death was not eligible for the Minimum Assurance Benefit or at present. The Board decided that extend to all the members even if they work in multiple establishments in preceding 12 months to Death.

Further, the CBT also clarified that the news regarding loss in investments through ETFS To EPFO is not correct. It is only on the presumption value according to present Down market trend due to carona pandemic. As such EPFO investments are long-term, the assumption loss is not on realistic approach. Therefore the news published with a Speculative approach. EPF Subscribers needs not worry about their investments

Press Release 09.09.2020

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