EPF interest not received yet? This could be the reason

Around 4 million people are yet to receive interest payments on their provident fund (PF) reportedly due to a KYC mismatch of employee details at the employers’ end.

Field offices of the Employees’ Provident Fund Organisation (EPFO) are contacting the establishments regarding the delay in payment to subscribers, Mint reported, citing authorities.

“Yes, some 8-10 percent of EPF subscribers’ interest payout for 2019-20 FY has not happened as yet. There was some mismatch in employee KYC details. EPFO credits interest (in batches) establishment-wise instead of on an individual subscriber basis,” a government official told the paper.

“If there is a mismatch between employee details provided by the employer and the one with EPFO even for a few employees, the payout is held up for the establishment,” another official told the paper…Read more>>

Source:-moneycontrol

 

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