What are the benefits under EPF?
Monthly benefits for superannuation/ retirement, disability, survivor, widow (er), children. Amount of pension based on average salary during the preceding 12 months from the date of exit and total years of employment. Minimum pension on disablement.
Does EPF provide pension?
The Employees’ Provident Fund (EPF) is a retirement benefit as per the EPFO Act 1995, wherein, the member invests part of his salary every month and the employer makes an equal pension contribution in PF towards his/her EPS pension account.
What is the full form of PF in salary?
Employee Provident Fund (EPF) is a scheme in which you can create wealth throughout your working years as an employee at a government or private organisation. This amount earns interest, and you can use it to finance a part of post-retirement life or other goals.
How EPF is calculated?
The employee contributes 12 percent of his or her basic salary along with the Dearness Allowance every month to the EPF account. For example: If the basic salary is Rs. 15,000 per month, the employee contribution shall be 12 \% of 15000, which comes to Rs 1800/-. This amount is the employee contribution.
What are the benefits of EPF?
Benefits of Employee Provident Fund EPF i.e. Employee provident fund is a small part of your salary. 12\% of your basic salary which gets deposited in your provident fund account every month. This thing is known by most of us. But there are many other benefits of EPF which not only you should know but also take benefit of as mentioned below:
What is Employee Provident Fund (EPF)?
The employee provident fund is a popular investment scheme for people working in a private sector. This scheme has many other added benefits apart from tax saving. Tax free – The funds in your EPF account is tax free. If you wish to withdraw your EPF money at the time of maturity, the amount is free of tax.
What is the eligibility to become an EPF India member?
What is the eligibility to become an EPF India Member? The Employee Provident Fund is open for employees of both the Public and Private Sectors, which means all employees can apply to become a member of EPF India. Additionally, any organisation that employs at least 20 individuals is deemed liable to extend benefits of EPF to its employees.
How does the EPF online portal work?
The EPF online portal is a user-friendly platform that ensures to keep the flow of services transparent, efficient and hassle-free. What is the eligibility to become an EPF India Member? The Employee Provident Fund is open for employees of both the Public and Private Sectors, which means all employees can apply to become a member of EPF India.