The Employees’ Provident fund Organisation (EPFO) members are eligible for Provident Fund (PF) advantages underneath Employees’ Provident Fund (EPF). In this EPFO profit, an EPF account holder has to contribute 12 per cent of its primary wage in a single’s EPF account whereas its recruiter may even deposit 12 per cent of the worker’s primary wage of their respective EPF accounts. This EPF contribution is necessary for each worker and the employer. As per the EPFO guidelines, there are numerous EPFO advantages that an EPF account holder is eligible for however pension is one such profit that many of the EPFO subscribers are unaware of.
Speaking on the EPFO pension advantages SEBI registered tax and funding professional Jitendra Solanki mentioned, “To become eligible for the EPFO pension benefit, the employees needs to contribute for at least 15 years in one EPF account without any disruption. Actually, when an employee’s EPF account gets opened, he also gets and EPS account where 8.33 per cent contribution of the employer is deposited while the rest 3.67 per cent is deposited in the EPF account. So, when an employee will check one’s EPF balance, one’s EPF balance won’t be double of the employer’s contribution.”
Reminding about an essential change in EPFO pension profit rule Amit Gupta, MD at CAG Infotech — a SEBI registered tax and funding resolution firm mentioned, “Earlier EPFO pension benefit was given to all employee but now it has been limited to only those employees whose monthly salary is ₹15,000 or below.” So, these staff, whose month-to-month take dwelling wage is ₹15,000 or under at the moment are eligible for EPFO pension advantages.
On when and the way a lot pension will likely be given to the EPFO beneficiary Jitendra Solanki mentioned, “EPF pension under EPS benefit is given to the EPF account holder when the beneficiary turns 58 years of age. Minimum pension that an EPS beneficiary can expect is ₹1,000.”
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