What's Employees' Provident Fund?
EPF stands for employee provident fund this helps save money for employees for future retirement by contribution of employers. You can check monthly pf balance at http://epfologin.com
(firmenpresse) - The Employees' Provident Fund is run by an organization by exactly the same name by the Government of India. It is actually a social security organization and offers pension advantages to the large variety of organized workforce in the country. Let us see the positive aspects of it.
In this scheme, 12 percent from the employee's salary is deducted by the organization and an equal quantity is contributed by the employer also. It really is performed in establishments that have got an employee strength of 20 or above. In this case, all of these organizations should fall below the jurisdiction of the scheme.
The existing price of interest is 9.five % around the deposits made by the employee. The employee could get a pension on his retirement or there's provision for the payment of a fixed amount to his family members on his untimely death.
Simple distribution of pension is among the positive aspects of this scheme. Under this scheme, an employee has to create an account with any in the registered banks for payment of pension. Immediately after the retirement with the employee, pension is disbursed by the organization to the employee concerned. All banks with tie ups usually provide a zero balance account towards the pension holders. The pensioners usually get their pension just before the tenth day of every single month.
The problem behind the scheme is its reach. It is hard to locate all organizations with an employee strength of 20 or above. The providers have to pay a subscription for the organization and this subscription rate also prevents the organizations to join the scheme. Having said that the government is attempting to make the scheme a extra eye-catching and straightforward. generally the scheme is a great tool for social safety.
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Datum: 19.08.2016 - 16:58 Uhr
Sprache: Deutsch
News-ID 490143
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Automotive
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type of sending: Veröffentlichung
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"What's Employees' Provident Fund?"
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