Inoperative EPFO account will earn 8.8 percent interest
Posted on: 31/Oct/2016 2:35:47 PM
Inoperative EPFO account will earn 8.8 percent interest. In case of EPF, if there is no contribution paid during the last 36 months, then that account is classified as Inoperative Account.
Union Labour Minister Bandaru Dattatreya while speaking to the media said: We have decided to pay 8.8 percent interest to the inoperative EPFO account. We have about Rs 42,000 crore lying in inoperative accounts. We want to make them live by adding interest to those accounts. The earlier UPA Government had stopped paying interest to these accounts. We will have to issue a notification. As part of the social security, domestic workers would be brought under the ESIC. So, for the first time in the country, we will be taking up two pilot projects - in Delhi and Hyderabad.
