Good news for EPFO employees: BIG decision to benefit 30000 employees – Know details here

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The amount of accidental demise has increased to Rs 8 lakh. Under this fund, earlier only Rs 4.20 lakh was given to the dependent of the employee.

EPFO Accidental Death Double Amount: The Employees Provident Fund Organisation (EPFO) has taken a major decision for its employees and their dependents. In fact, EPFO employees will be paid double the amount after their sudden death. The Central Board provides ex-gratia death relief fund to the employee’s family after his/her sudden demise. This new decision by the EPFO will now benefit about 30,000 employees across the country. The institute has also issued circulars in its offices informing the decision.

According to reports, EPFO, in the circular has clarified, that the money received by the nominee will not be given to his family, who died due to COVID-19. Now the amount of accidental demise has increased to Rs 8 lakh. Under this fund, earlier only Rs 4.20 lakh was given to the dependent of the employee. 

10 per cent amount may increase every third year

It has also been decided that every third year, efforts will be made to increase the amount by about 10 per cent. State that the members of the EPFO had demanded that an amount of at least Rs 10 lakh and a maximum of Rs 20 lakh be given. According to the circular of the EPFO, if the employee dies of non-covid, his family or nominee will get an amount of Rs 8 lakh. This amount will be for employees across the country of EPFO. This amount will be given from the Welfare Fund. On the other hand, if the employee died of the Coronavirus, then the order dated April 28, 2020, will apply.

EPFO gives 8.5% interest on PF amount 

Recently, the Central Government transferred an interest of PF to the accounts of 6.5 crore people. For the past few months, people have been waiting for interest on account-holding PF. EPFO has paid 8.5 per cent interest on PF amount this time. You can check for how much interest you have received while sitting at home. You can only find out PF interest with the help of a mobile number registered link with PF account.