For some of the members of The Employees’ Provident Fund Organisation (EPFO), there seems to be a delay in the credit of interest in their Employee’s Provident Fund (EPF) accounts. Employees who were waiting for the EPFO to credit their EPF account with interest for the financial year 2017-18 have till date not been able to view it in their PF statement. As per The Employees’ Provident Fund Scheme, 1952 rules, “Interest shall be credited to the member’s account on monthly running balances basis with effect from the last day in each year”. Going by this, the interest for the FY should get credited by March 31 of each year. This time, there appears to be a longer than usual delay in this process and has become a topic of discussion on social media platforms.
ET Online has written emails to the EPFO head office seeking reasons for the delay and a probable timeline by which the interest would get credited. However, we are yet to get a reply. Read Original Post >>