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EPF Benefits

Provident Fund Benefits

  • There is also the contribution of the employer in the PF of the member @ 12% normally and 10% in case the company is in sick condition, any of the company that have undergone the loss which is equal to that of the total capital that has been paid up, Any Industry that is the Beedi industry, Jute industry, coir industry, brick industry and the factories that are Gaur Gum.
  • The contribution done by the employer is being guaranteed by the EPFO and provides interest at the rate as prescribed by the Central government of India.
  • In case of any financial requirement and emergency the member has the right to withdraw this amount of PF and there is no requirement of refunding it unless and until it has been misused.
  • After the resignation the settlement of the PF amount can be done by the member and he will get the interest of PF, contribution of the employer and the PF.  

Pension Benefits

1. Pension is being given to Member
2. After the death of member pension is being given to Family.
3. Scheme Certificate

  • The scheme certificate is the detailed information of the family members and the service of the member.
  • The provision of this certificate is for those who has not complete the age of 58 years while doing the job and wants to leave the organization.
  • In case of joining any other establishment the member has to surrender this certificate to that organization and the previous service details gets added with the new service that he is going to do in the new establishment.
  • In case the member attains the age of 50 years or above he becomes eligible for applying for the pension after surrendering the scheme certificate provided that the total time span of the service must be 10 years or more.
  • Opting for this option would be better rather than the benefits of Withdrawal because in case the member got died and not doing service while holding his scheme certificate than there would be the provision of pension for the members of his family.

3. Withdrawal Benefit

  • In case the member has no eligibility for the pension plan than he has the right to opt for the withdrawal of his total amount of his pension that has been accumulated.
  • The method of calculating this amount is based on the average of the salary last withdrawn and the service irrespective of the total amount that is present in the fund account of Pension.

5. There is no provision of giving pension to the member by taking any amount from him. The percentage by which the employer has to contribute to the pension is 8.33% and the contribution of the government is @1.16%.

6.  Guarantee of the payment of the pension has been given by the EPFO to its members even if there would be no contribution has been done by the employer for the pension fund.

Death Benefits

1. In case of death the PF amount will be given to the Nominee or the family.
2. The PF would be given to the parent/family/nominee.
3. There is the provision of the Capital Return on Pension
4. The amount of Insurance that is EDLI amount would be provided to the nominee or to the family.

  • There is not charge for providing this facility to the member, The contribution for this facility is being done by the employer.

5. There is the provision of filling the FORM -2 that is to be filled by the member and he has to give the details of the nominee after his death.

  • There is the provision of the exemption from the execution of the schemes that has been framed under this act for an establishment, certain employee’s class, individual employee and on some conditions. 
  • There is the provision of penal punishment for the trustees/employers of exempted PF in case of any kind of contravention of the scheme and the provisions of this Act.
  • There is also the provision of the appointing of an inspector who has the responsibility to take care of compliance of all the provisions under this act as well the schemes as well.
  • There is also the provision for the recovery from the employers.

EPF India

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