EPF is an abbreviation for Employee Provident Fund and is widely recognized as a retirement benefits scheme, available to all salaried individuals. Most think instead of EPF being retained continuously, it could just be paid to the individuals as the time comes every month. However, EPF India certainly has numerous advantages.
The tax-free interest and maturity ensure that the growth of your money is in good hands. Apart from that, it includes retirement pensions that you become immediately eligible for. This happens as there are two major components of EPFO namely Employee Provident Fund which is the subscriber's share of basic pay at 12% and Employer’s share as well as EPS or Employees Pension Scheme wherein the Employer’s contribution is taken into account.
The tax-free interest and maturity ensure that the growth of your money is in good hands. Apart from that, it includes retirement pensions that you become immediately eligible for. This happens as there are two major components of EPFO namely Employee Provident Fund which is the subscriber's share of basic pay at 12% and Employer’s share as well as EPS or Employees Pension Scheme wherein the Employer’s contribution is taken into account.
Apart from tax benefits to the subscriber, EPF also aids in Life Insurance covers, as well as Pension allotment. The employee starts receiving the pension after a minimum of ten years of service and reaching the age of 50 to 58 years. The amount due is paid each month to the employee and in case of death of the subscriber, it is paid to the nominee. Nominations for EPF include parents, spouses and/or children, however, siblings are not considered, as of now.
One can always top up on an EPF, called the VPF or Voluntary Provident Fund, where they can invest more than 12% of their due. The additional amount is then invested in EPF and also eligible for tax benefits.
Also Read- FEW BENEFITS OF EPF INTEREST RATES HIKED
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