EPFO rules changed: Union Minister Mansukh Mandaviya presided over the 236th meeting of the EPFO’s Central Board of Trustees (CBT). The government adopted a number of adjustments during the meeting to streamline the procedure and boost the advantages for EPFO members.
The Employees’ Provident Fund Organization’s (EPFO)
The Central Board of Trustees (CBT) has authorized the Exchange Traded Funds (ETFs) redemption policy to increase member income. Reports state that the CBT has authorized reinvesting 50% of the money collected from ETFs in the Bharat 22 Index and Central Public Sector Enterprises (CPSEs). The new EPFO rules require the fund to be held for a minimum of five years. According to additional reports, the remaining sum will be used to purchase corporate bonds and government securities, among other financial instruments. The guidelines for investing in units issued by Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) sponsored by public sector undertakings regulated by the Securities and Exchange Board of India (SEBI) have been approved by the CBT, according to information provided by the Union Ministry of Labor and Employment.
You will benefit from increased interest rates.
Additionally, a significant revision to the EPF Scheme 1952 was accepted by the board. According to the current regulations, interest is only paid on claims that are resolved by the 24th of each month until the end of the previous month. No interest will be paid to the member till the date of settlement. According to the ministry, this will provide financial benefits to the members and reduce complaints.
An increase in the maximum amount for auto claims
In addition, the government has raised the maximum for auto claims. For housing, marriage, and education, this cap has now been raised from Rs 50,000 to Rs 1 lakh. According to the government, 1.15 crore auto claims were resolved during this fiscal year. According to data through November 2024, the rejection rate has decreased to 14%. Seven crore EPFO members nationwide will profit from these government measures. By resolving 3.83 crore claims totaling more than Rs 1.57 lakh crore in the current fiscal year, EPFO has sped up its job, according to CBT. In fiscal year 2023–2024, EPFO resolved 4.45 crore claims, totaling Rs 1.82 lakh crore.
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