Central Provident Fund Organization employees will now get more returns on their deposits. Last Friday, a meeting was held under the chairmanship of Union Minister Mansukh Mandaviya. Many important decisions related to EPFO and EPF were made during the meeting. In the same meeting, the Central Board of Trustees approved investing in exchange-traded funds to give better employee returns and increase their income.
According to reports, to give more benefits to the employees, the CBT has approved depositing 50 percent of the amount deposited in their ETF in Central Public Sector Enterprises and Bharat 22 Fund for at least 5 years. The remaining amount will be invested in government securities and corporate bonds, which are expected to give the employees high returns on PF.
EPFO Amnesty Scheme 2024 Recommended
The CBT recommended Amnesty Scheme 2024 in the meeting. Apart from this, to help the employees financially and reduce their complaints, the board has also decided to improve the EPF Scheme 1952. Under this, until now, the claims were settled by the 24th of every month. They only gave interest until the end of the previous month, but the board has changed this rule. No interest will be given until the date the claim is settled.
Decision Also Came On Auto Claim and EDLI
The government has made another decision in favour of PF employees, under which the limit of auto claims has now been increased from 50 thousand to 1 lakh rupees. Now, money can be taken in advance for marriage and house building. Apart from this, a decision was also made during the EDLI meeting. Its benefits have been approved to be implemented before 28 April 2024. Under this, the minimum insurance benefit will be Rs 2.5 lakh and a maximum of Rs 7 lakh.
