The EPF is employees provident fund scheme along with the most common way of saving and investment among salaried people? A small area of salary is deducted monthly and dedicated to the EPF account. The same amount is contributed inside the every PF account from the employer on monthly basis. If you’re a part of EPFO, you have to know certain most rudimentary facts of EPF. The funds under EPF scheme are solely maintained with the EPFO. EPFO has produced regional offices in the states. It works underneath the control with the Ministry of Labour & Employment.
Knowing EPF, its rates of interest, benefits and rules can be quite significant. EPF account now offers many benefits like loan for specific reason, regular funding for investments like LIC, and tax exemptions.
Know the Benefits of your EPF Account
Here include the most important points every EPF member should be aware:
1. Nomination – You can nominate somebody for the volume of PF that you are contributing monthly. The nominee mentioned within the PF claim status enquiry is given over the amount as soon as the deceased person. The Form 2 is necessary to be filled up and listed in the EPFO to nominate anyone.
2. If EPF amount is committed to equities, it may give good rate of returns. EPFO initiated a policy of investment inside the equities too. The government has now given approval to 15% with the EPF cost you be dedicated to the stock market.
3. The employee pension scheme or EPS emerged 8.33% in the employer’s contribution. Or maximum Rs. 1250 on the employer’s contribution goes toward the pension scheme. You should transfer your EPF once you change job to get eligible for that pension.
4. If your basic pay is much more than Rs. 15,000 you may voluntarily opt from becoming EPF member. But if you happen to be already an EPFO member, you simply can’t opt out.
5. RTI – you’ve right to file an RTI if that you are unable to know any detail about your EPF account.
Now, the EPFO claim status is providing online facility of checking PF balance amount and EPF claim status. Follow us for more info and updates on employee’s provident fund.