Employees of the Employees Provident Fund (EPF) secure funds for the future under the Provident Fund. The EPF amount is credited in two kinds of schemes.
Employees of the Employees Provident Fund (EPF) secure funds for the future under the Provident Fund. The EPF amount is credited in two kinds of schemes. The first part goes to the Provident Fund (EPF). The second is credited to the Pension Fund (EPS). 12 per cent of the employee’s basic salary is credited to the Provident Fund. The same contribution is made on behalf of the company. While 12% of the person’s salary is credited to the epf, 3.67% of the company’s contribution is credited to the EPF and the remaining 8.33% is credited to the Employees’ Pension Scheme (EPS). However, EPFO has different rules on pension.
Rules are different for pensions
If you want to withdraw the EPF amount, you can withdraw the deposit in your account at any time. Whether your job is 6 months or 10 years old. But, you may have a little difficulty in withdrawing the pension amount. Because, there are many rules that you should understand.
Seasonal workers to get benefits
If a person works only a few months of the year in any season factory and institutions, he or she will be eligible for pension after 10 years of membership. EPFO has tweeted a tweet about it. This is fully reported in the Tweet. The Employees’ Provident Fund Organisation (EPFO) has said that eps seasonal workers are entitled to pension.
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What is EPFO’s tweet?
According to epfo’s tweet, if any of these seasonal factories and institutions have worked for some time in a year, you will be eligible for pension after 10 years of membership. Epfo in its tweet also clarified which industries and sectors will benefit seasonal workers.
Which industries will benefit?
According to EPFO, tea, sugar, turpentine, indigo, oil milling, rubber, licensed salt, jute gas making and clamping, rosin, fruit, ice cream industry, rice milling, crackers, ice, dal milling, cashew industry, tobacco, tiles, hosiery, fruit preservation, vegetable preservation, cardamom plantation, pepper field, kahafi plantation, tea plantation will benefit the people.
Who are seasonal employees?
According to EPFO, the seasonal employee has the ability to complete the year if you have worked less than one year in any place. This means that if an employee worked only for four months in 2016 and in the meantime his contribution was deposited in EPFO, that period would be treated as one year. However, a member of at least 10 years of any person is required to get pension. If a person is working less and completes a 10-year subscription, he/she will be eligible for pension.
