EPF: 10 Important Benefits of PF Information about pf
What is PF?
Friends, PF, also known as EPF (EMPLOYEES PROVIDENT FUND), is a government scheme that provides social security for employees working in the private sector. Any private institution / company / establishment under which 20 or more employees are employed, is covered under the EPF Act 1952 and 12% of the salary of all employees whose salary is less than 15000, their PF account. Deposits in which 12% is also deposited by the company. In this way, the money of PF gets double, because the amount of the employee’s deposits in PF ACCOUNT is also deposited by the employer.
That is, if you work in a company where there are more than 20 employees, then your PF will also be deposited, if your gross salary is 10,000 then 12% of this means Rs 1200 will be deposited in your EPF account and 12% ie Rs 1200 employer. / Will also be deposited by the contractor. In this way a total of ₹ 2400 will be deposited in your PF account. Let’s know “10 Important Benefits of PF”
Advantages of PF:
- PF members also get the benefit of EPF as well as EPS and EDLI schemes.
- PF money gets double, (Employee 12% + Employer 12% = 24%)
- Under the EPS-95, after getting a job for 10 years, you get a monthly pension after retirement.
- Under EDLI maximum life insurance of ₹ 6 lakh is available for free.
- Employees can withdraw advance money from their PF account even while working.
- Through the Unified Member Portal, PF members can handle online PF work from home.
- Employees in more than 6 months and less than 10 years can withdraw their money.
- The highest interest rate is available in PF account, 8.55% interest has been paid in the current financial year.
- PF MEMBER can apply online for PF withdrawal at any time.
- You can check your PF passbook, claim status etc. online.
How to know PF number?
Each PF member is given a PF number, employees can get this PF number from their employer, in addition to this, the PF number is also mentioned in the salary slip. If the employee has got a UAN number, then by activating the UAN number, login to the Unified Member Portal and going to the service history, you can also find your PF number.
How to know UAN number?
To avail online services of PF, PF member has to activate their UAN number on Unified Member Portal. Unified member can do online PF work at home portal, if employee has got PF number, then Unified member can generate their UAN number online from PF number on portal, either ask for it from their employer or Then you can also check your UAN number in your salary slip.
How much contribution does PF have?
PF ACCOUNT has 12% of the basic salary + dearness allowance of the employee and 12% is also deposited by the employer, but out of the 12% contribution to be deposited by the employer, 8.33% in the contribution EPS account and 3.67% EPF. Is credited to the account According to the rules of the EPF Act 1952, in some specific companies, the PF contribution is only 10 percent, everywhere else the contribution is 12%. In EDLI Life Insurance, no contribution is made by the employee, only the contribution is deposited by the employer.
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