If you are also an EPFO subscriber then you should know about these schemes. One such scheme is the loyalty-cum-life benefit scheme, which offers benefits up to Rs 50,000 on the EPFO account.
The Employees’ Provident Fund Organization (EPF) offers many benefits to its subscribers. But many people are not aware of these benefits. Some people are not even aware of the simple benefits. In such a situation, if you are also an EPFO subscriber, then you should know about these schemes. One such scheme is the loyalty-cum-life benefit scheme, which provides free benefits of up to Rs 50,000 on the EPFO account.
The EPF account should be issued till 20.
Under the loyalty-cum-life benefit scheme, employees who have an EPF account are advised to keep investing in the same EPF account after changing jobs. Due to which they can get the benefit of this scheme till retirement. Under this scheme, if the employee invests in the same EPF account continuously for 20 years, then he is given Rs 50,000 for free. However, many employees are not aware of these schemes, due to which they are not able to take advantage of it.
Which people get how much money
under this scheme, benefits are given to the members on retirement at the age of 58 or 60 years. On the other hand, EPF members whose average basic salary is Rs 5,000, and they invest in EPF account for 20 years, then they are given Rs 30,000 under this scheme. Similarly, members with a salary of Rs 5,001-10,000 will be eligible for benefits of Rs 40,000. All the members earning monthly salary more than Rs 10,000 will get Rs 50,000 under the proposed scheme.
When and how will you get the benefit of this scheme
You must have an EPF account to take advantage of this. You should be investing in this account every last 20 years or invest for 20 years. Apart from this, you should never withdraw your EPF in the middle of this account, so that your loyalty remains in this account and you get the benefit of this scheme.
