Do you know that Provident Fund is the only investment scheme that provides investment, pension and insurance. The best part is that your employer also has to contribute atleast 12% of your Basic salary+HRA.
EPF or PF as normally referred is a retirement scheme for Private sector employees. 12% is compulsorily deducted from your salary and 12% is contributed by the employer. • You may contribute higher % from your salary but there is no such obligation on the employer. • The amount accumulated is disbursed at retirement or VRS. It can be transferred while changing jobs. • You or your family get pension after the age of 58. Visit www.faydabook.com
any individual (general public). This is a voluntary can be opened from Post Office or Nationalised Banks. • The minimum annual investment is Rs 500 & maximum investment is Rs 70,000. • The amount accumulated can be withdrawn after 15 years. You may also extend the maturity by 5 years & also make fresh deposits during this period. • There is no pension in this scheme. PF & PPF are different Visit www.faydabook.com
under the Employees Deposit Linked Insurance Scheme • The Employer pays for the insurance charges. The employee does not have to pay for the insurance. • The insurance amount is payable to the nominee or family members in case of death of the employee while in service. • The insurance amount is subject to a ceiling of Rs 60,000. Accident death benefit ceiling is Rs 1 Lakh. Visit www.faydabook.com
lifelong pension after the age of 58. You need not pay for this scheme. The employer's contribution is used to pay the pension. • You need to complete 10 years of service. In case of job change, the PF account has to be transferred & not withdrawn. • The legal heir/nominee is eligible for lifelong pension in case of death of the member. • The maximum pension is Rs. 3250 per month. Visit www.faydabook.com
settlement at retirement • Form 20- To claim settlement by legal heir/nominee in case of death of employee • Form 10 C- To claim withdrawal advance • Form 31- To claim temporary withdrawal/advance • Form 31- To transfer account at time of changing job Visit www.faydabook.com
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