To take advantage of the loyalty-cum-life scheme, employees are advised to continue contributing to their EPF even if they change jobs. With certain conditions, if the basic salary of an employee is more than Rs 10,000, then they are given a benefit of Rs 50,000.
new Delhi. The central government provides many benefits to crores of employed employees of the country who contribute to the Employees’ Provident Fund Organization (EPFO) . If you also contribute to EPFO, then you can get a benefit of 50 thousand from a scheme of the government. Actually, employees get many facilities under EPFO. Under the EDLI scheme, benefits like insurance, pension, income tax deduction up to Rs 7 lakh are provided.
Apart from this, there is loyalty- cum-life benefit as well. Actually, the employee who keeps regular contribution to his EPF account for 20 consecutive years. He is getting a benefit of up to 50 thousand rupees on retirement. Let’s know how?
What is loyalty-cum-life scheme?
To take advantage of the loyalty-cum-life scheme, employees are advised to continue contributing to their EPF even if they change jobs. In fact, during the lockdown due to the outbreak of Corona epidemic in 2020, the CBDT had recommended extending the benefit of loyalty-less life to those account holders who have contributed to their EPF account for 20 years. Therefore, if someone is eligible for this, then they get a benefit of 50 thousand rupees.
Which employees get how much benefit
Under Loyalty-cum-life, employees who deposit EPF, people with basic salary up to Rs 5 thousand are given a benefit of up to Rs 30 thousand. At the same time, those getting basic salary between 5001 to 10 thousand rupees will get the benefit of 40 thousand rupees. If the basic salary is more than Rs 10,000, then they are given a benefit of Rs 50,000.
At the same time, giving another information, let us tell you that the Employees’ Provident Fund Organization has warned the account holders about the danger of online fraud. EPFO said that the fraudsters are asking for their personal details from the employees. EPFO tweeted that if a person claiming to be a member of the Pension Fund organization asks you for your account or other confidential information, do not give it at all.
