What are the benefits of Employees Provident Fund
News | October 04, 2023 16:17 ISTWhat are the benefits of Employees Provident Fund
What are the benefits of Employees Provident Fund
The EPF scheme offers valuable benefits for retirement planning, and checking your balance regularly can help you stay informed about your savings progress.
EPF Interest Rate: Contributions towards EPF accounts are done by the employee and the employer as well. The employer deposits the amount into the EPF account of employees directly on a monthly basis.
The Employees' Provident Fund Organisation's (EPFO's) apex decision making body Central Board of Trustees has decided to provide 8.1 per cent rate of interest on Employees Provident Fund (EPF) for 2021-22 in its meeting held on Saturday, sources said.
People with Employees' Provident Fund and Voluntary Provident Fund (VPF) contribution of over Rs 2.5 lakh per financial year will now have two separate PF accounts.
From changes in banking rules due to merger of banks, income tax filing rule changes in terms of EPF investment, to, new salary structure from April 2021, TDS/TCS deduction, changes in ITR rules for senior citizens, LTC cash voucher scheme, banks merger etc. are some of the glaring changes that are going to take place from 1st April 2021.
Retirement fund body EPFO is likely to announce the rate of interest on provident fund deposits for the financial year 2020-21, on March 4, when its Central Board of Trustees will meet at Srinagar.
In what comes as pleasant news with the beginning of 2021, retirement fund body EPFO on Thursday began crediting 8.5 percent rate of interest on employees' provident fund (EPF) for 2019-20 for its over six crore members.
The Union Cabinet on Wednesday approved the proposal to extend the scheme for payment of the employer and employee's PF contribution for three months until August, as part of the package announced by the Government under Pradhan Mantri Garib Kalyan Yojana (PMGKY)/ Aatmanirbhar Bharat in the light of COVID-19 Pandemic.
The labour ministry on Tuesday said employees can contribute more than the newly set limit of 10 per cent of basic wages to their provident fund (PF) for the next three months, but employers don't need to match the higher contribution.
In case Lallu does not offer an apology, a case will be registered against him under the IPC, the minister warned.
The officials accused in the scam invested over 4122 crore rupees of PF money into Deewan Housing Finance Limited (DHFL). However, Rs 2267 crore of the EPF money is still with the company after the Bombay High Court stayed the payments of DHFL.
Referring to the FIR and minutes of the meeting of the UP State Power Sector Employees Trust, leaders of UP Power Employees' Joint Committee said the decision to invest the hard-earned money of the employees in a shady company was taken on March 24, 2017, five days after Yogi Adityanath took oath as the Chief Minister of Uttar Pradesh.
Two senior officials -- the trust secretary P. K. Gupta and director finance Sudhanshu Dwiwedi-were also arrested late Saturday night.
The employee has to contribute 12% of the sum of basic salary, dearness allowance and retaining allowance under the EPF scheme.
EPFO Notification: There is good news ahead of the festive season, for all the employees who are linked with the Employees’ Provident Fund Organisation (EPFO). The EPFO employees are entitled to receive the interest amount ahead of Dussehra and Diwali festivals.
Provident Fund alert! There's good news for salaried who have EPF account as the Employees’ Provident Fund Organization (EPFO) has now started online e-nomination facility for subscribers on its website. To be noted, filing e-nomination will help users to easily file an online pension claim at the required time.
The government on Thursday approved 8.65 per cent interest rate on employees provident fund for 2018-19, news agency PTI quoted sources as saying. Over 6 crore EPFO subscribers are set to benefit with this move. Amounts will be credited to the accounts of these EPFO members.
EPF Withdrawal: Employees Provident Fund for the salaried is very valuable. For employed it works like a savings bank account as individuals a portion of salary accumulates in the account as well as provides interest. However, the interest it provides is much, much higher than what any bank savings account gives.
Good news for pensioners! In a major decision, the government on Thursday approved a proposal to recommend restoration of commuted value of pension after 15 years. This pertains to a related amendment in the Employees ' Pension Scheme (EPS) 1995. This was a long pending demand of the pensioners.
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