The Finance Ministry has said that the delay in crediting interest for the last fiscal is due to software upgrade being conducted and there is no loss of interest rate for EPFO subscribers.
It further said that for all outgoing subscribers seeking settlement and also those withdrawing their deposits, the payments are being done inclusive of the interest.
“There is no loss of interest for any subscriber. The interest is being credited in the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO (Employees’ Provident Fund Organisation) to account for change in the tax incidence,” the ministry tweeted late on Wednesday night.
“For all outgoing subscribers seeking settlement and for subscribers seeking withdrawal, the payments are being done inclusive of the interest,” the ministry noted.