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Employees' Provident Fund Organisation
- The Employees' Provident Fund Organisation (EPFO) is one of the two main social security organization under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance.
en.wikipedia.org/wiki/Employees'_Provident_Fund_Organisation
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What does EPFO mean?
How does EPFO work?
What is Employees' Provident Fund Organisation (EPFO)?
How does EPF work?
The Employees' Provident Fund Organisation (EPFO) is one of the two main social security organization under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance.
- EPF: The Basic Construct
- EPF and Your Salary: The Working
- EPF, EPF Pension Scheme
- EPF: Eligibility Rules
- Returns on EPF Deposits
- Dormant EPF Accounts: What Happens When You Don’T Contribute
- EPF Withdrawal Rules
- Bottom Line
The EPF is not one scheme. It actually comprises three different schemes with three different objectives. 1. The first part of EPF is where your retirement benefits are accumulated. This is basically the wealth generation part of the scheme. 2. The second part of EPF is the employee pension scheme (EPS). The purpose of EPS is to generate pension fo...
If you are an employee, you pay a certain part of your salary towards the EPF scheme. This amount is often matched with an equal contribution from your employer. The combined amount is then deposited with the Employee Provident Fund Organisation (EPFO). And you continue to accumulate a certain rate of interest every year on this amount deposited wi...
Employees Deposit Linked Insurance Scheme or EDLI is an insurance cover provided by the EPFO. The registered nominee receives a lump-sum payment in the event of the death of the person insured, during the period of the service. So, you don’t need to pay a premium or contribute to EDLI separately. You automatically avail this insurance once you regi...
Now, let’s understand the eligibility criteria under the scheme. The present rules require that any organization with 20 or more employees will have to compulsorily register with the EPFO and provide employees with EPF benefits. Nevertheless, organizations with less than 20 employees can also join the EPF program on a voluntary basis. Additionally,...
The EPF interest rateis proposed on a yearly basis by the EPFO, which is then sent for final approval to the Ministry of Finance. The interest rate was quite low in the 1950s and 1960s and never touched 6%. That was quite a stark comparison to the 1990s when the PF interest rates were a generous 12% before these started to gradually reduce over the...
What will happen if you don’t contribute to the EPF account? In the financial year 2011-12, the EPFO decided to stop paying interest on accounts that had been inoperative for more than 3 years i.e. 36 months. This was done to discourage provident fund subscribers from neglecting their EPF accounts. But this decision faced a lot of resistance from a...
There are three scenarios upon which 100% of the EPF can be withdrawn: 1. Upon attaining the age of 58 years 2. If you are unemployed for two months or more 3. Upon the premature death of the member upon which the entire corpus is given to the appointed nominee If you want to withdraw from your EPF account before retirement, then there are quite a ...
The EPF is not the only retirement nest creation option. It competes with PPF, NPS, fixed deposits, mutual funds, and a few more instruments for the consumer’s attention and money. So why EPF? In addition to being one of the best retirement planning tools, EPF offers excellent interest rates. It is exempt-exempt-exempt in terms of taxation. Also, i...
The Board is assisted by the Employees’ PF Organization (EPFO), consisting of offices at 122 locations across the country. The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India (click here).
Jul 30, 2024 · EPFO assists the Central Board of Trustees (EPF) in the administration of a provident fund scheme, pension scheme and an insurance scheme for the registered establishments in India and includes employees of such establishments and international workers who are covered.
Jun 22, 2017 · What is EPF scheme? EPF is a retirement benefit plan where both employer and employee contribute a certain percentage of the salary. Who is eligible to join EPF scheme? According to the EPF scheme rules, it is mandatory for an employee to join the EPF scheme if his pay is less than or equal to Rs 15,000 a month.
- According to the EPF scheme rules, it is mandatory for an employee to join the EPF scheme if his pay is less than or equal to Rs 15,000 a month. Ho...
- Yes. According to the current EPF rules, an employer also has to contribute to his/her employee's account. An employer has to contribute 12 percent...
- Yes, you can contribute higher to your EPF account. This can be done via Voluntary Provident Fund (VPF). The rules regarding VPF and EPF are the sa...
- According to EPFO, an employee cannot contribute to EPF account they stop working. Any contribution by the member must be matched with the employer...
Member portal: EPFO provides UAN based online account of member data on EPF website secured with login password. Passbook: for updated balance; Online claim filing: A member can file online EPF claims for various benefits through member portal if the EPF account is seeded with Aadhar, PAN & Bank account.
Nov 12, 2021 · What is Employees Provident Fund? The Employees’ Provident Fund (EPF) is a scheme governed by the Employees’ Provident Fund Organization. EPF basically aims to provide social security and offers retirement benefits.
