Nowadays, along with banking frauds, EPFO frauds are also happening a lot. Scammers are breaking into your account by taking your personal information. But now your EPFO money will be safe. The government is now preparing to create an 'Interest Stabilization Reserve Fund' for EPFO. The purpose of this move of the government will be to give stable interest to more than 6.5 crore members of EPFO on their provident fund contribution.
What is the purpose?
According to a report in the Economic Times, the Ministry of Labor and Employment has started an internal study in this regard. Based on this study, EPFO members are to be given a stable interest apart from the return on their investment. It is believed that this step is being taken to protect the members from the impact of market fluctuations so that they get stable interest and there is no loss on their earnings. Investment in the market is risky, in such a situation, the reserve fund of EPFO will be able to give assured returns to the members.
How will it work?
According to the report, EPFO will create a reserve fund every year by keeping aside the interest income. This fund will be used when the return on EPFO's investment decreases. With this, the members will get the fixed interest, no matter how much fluctuation occurs in the market, it will not affect their interest.
When will the rule be implemented?
This scheme of EPFO Reserve Fund is currently in the initial stage and it will be finalized by the end of this year. If the scheme gets approval from the Central Board of Trustees of EPFO, then it can be implemented from 2026-27.
How much interest is being received?
The interest rates available on EPFO change from year to year. For the year 2023-24, EPFO had fixed the interest rate for members at 8.25 percent. Earlier, members used to get an 8.10 interest rate.
You will be able to withdraw money from an ATM
Apart from this, the facility of withdrawing PF money from ATMs has also been announced in January this year. That means in the coming days, people will be able to withdraw their EPFO money from ATMs. For this, they will also be given an ATM card just like a bank debit card.
Disclaimer: This content has been sourced and edited from tv 9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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