Now, idle EPF accounts to earn 8.8% interest; over 97 million people to benefit%

[Informalisation and Labour Rights - Related News]

Amidst chaos over demonetisation of old higher currency notes, the Labour Ministry has brought some cheer for people by relaxing norms for 'idle' employee provident fund (EPF) accounts. Now, even if an EPF account is inoperative for three years or more, it will earn an interest of 8.8 per cent, payable annually. According to a report in TOI, the Labour ministry spelt out these provisions in a notification issued on November 11. This move will benefit about 9.70 crore employees or workers.