EPF Account Benefits: The employer/company not only contributes to the PF fund, but also makes the necessary contribution for the employee’s pension which can be used by the employee after retirement.
EPF Account Benefits: If you do a job, then obviously you also contribute to EPF. EPF (Employees Provident Fund) is a retirement benefit scheme provided by the Employees’ Provident Fund Organization (EPFO). In this, the employee and the employer contribute to the scheme on a monthly basis in equal proportion of 12% of the basic salary and dearness allowance. That is, the fixed amount you are putting in EPF every month is very beneficial. If you understand this, then you will not want to withdraw money from EPF. Let us know how the amount deposited in EPF proves to be very helpful for you financially.
So many benefits are available
Long term financial security
The amount deposited in the EPF account cannot be easily withdrawn for your daily work and your money is being saved.
Use of deposit at the time of retirement
The deposit amount under the EPF scheme can be used at the time of retirement of the employee. This provides relief to the employee regarding money savings and security.
Useful in case of emergency
In case of any kind of emergency, the employee can use this fund even before time. In this scheme, such premature withdrawal has been arranged in some special cases.
Unemployment/Income Loss
If the employee loses his current job due to any reason, then this fund can be used to meet the expenses. After one month of leaving the job, the employee is free to withdraw 75% of his EPF fund and the remaining 25% after 2 months of unemployment. In case of sudden removal from the job, the employee can use this fund till he gets a suitable new job.
Helpful in case of death
If the employee dies due to any reason, then in such a situation the amount collected along with interest is given to the nominee of the employee, which helps the family to face difficult situations.
Disability or physical disability of the employee
If the employee is disabled due to any reason, i.e., he is not in a condition to work, then he can use this fund in this situation.
Pension Scheme
The employer/company not only contributes to the PF fund but also makes the necessary contribution for the employee’s pension which can be used by the employee after retirement.
Easy to use everywhere
With the help of their Universal Account Number (UAN), employees can easily access their PF account by visiting the EPF membership portal. If they change jobs, they can also transfer their account.
