5 hidden EPF Rules which will blow your mind

Most people know just one or two things about EPF that it is a retirement fund and 12% of your basic salary is deducted and invested in it along with the employer contribution of 12% of employee’s basic salary. But there are various other things too that you should know about EPF. Here listed are 5 hidden rules of EPF:

1. Nominate someone for your EPF account: You can nominate someone for your EPF account who will receive the money in case any misfortune happens with you. In case of no nominee, there can be all sorts of issues regarding the claim of money in your EPF account.

2. Voluntarily Provident Fund: You can choose to invest more than 12% in your EPF account. However, the employer is not bound to match your contribution.

3. Opt-Out: if your basic salary is more than Rs. 15,000 then you have the option of opting out from EPF as well. Although if you have been part of EPF before than you do not have the option of opting-out.

4. Withdraw from EPF on a special occasion: Partial withdrawal from EPF account is allowed under certain circumstances like the marriage of siblings/self/children, medical treatment of self/family, repay housing loan, etc.

5. File RTI for EPF issues: You can even file RTI for obtaining any information regarding your EPF or in case of facing any issues like no action on your EPF withdrawal application, lack of clarity on your EPF balance, etc.          

Also Read- Few Rules To Calculate Employee & Employer’s Contribution For ESI and PF Deduction