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Loyalty-Cum-Life Benefit is a scheme offered by the Employees' Provident Fund Organisation (EPFO), under which employees who contribute continuously to the EPF account for 20 years get additional benefit of up to ₹50,000.
 

Loyalty-Cum-Life: Nowadays, the number of employees of EPF subscribers is increasing continuously. In view of this, the Employees Provident Fund Organization (EPFO) has issued a Provident Fund Scheme for employees. Through this scheme, employees are provided the benefit of pension and lump sum amount after retirement. A part of the basic salary of the employee is deducted, which is called PF, in which the company also contributes. The rules of EPFO ​​also include Loyalty-Cum-Life benefit, under which the employee is given a direct benefit of Rs 50,000. But for this, they have to follow some conditions, let us know this information in detail.

What are the terms and conditions of Loyalty-Cum-Life benefit?

Loyalty-Cum-Life Benefit is a scheme provided by the Employees' Provident Fund Organization. Under this scheme, if employees contribute continuously to EPF for 20 years, they are given an additional benefit of up to Rs 50 thousand after retirement.

All PF account holders must contribute to their EPF account. If you invest for 20 years, you are provided with the benefit of loyalty cum life benefit.

Talking about the benefits, CBDT said that only those PF account holders who contribute continuously for 20 years will be given an additional benefit of Rs 50,000.

How and how much benefit is received?

If your basic salary is around 5 thousand rupees, then you are given a benefit of 30 thousand rupees. On the other hand, the employee whose basic salary is between Rs 5,001 to Rs 10,000 can get a benefit of 40 thousand rupees. Similarly, if your salary is more than 10 thousand rupees, then you will be given a benefit of 50 thousand rupees.

But do you know what is the best way to get maximum benefit from this scheme? Whenever you change your job, do not close your EPF account during that time, because many people make a big mistake by opening a new EPF account while changing jobs. But you should not do this, continue with your old EPF account. Because in today's time PF account gets transferred automatically. But you have to give the information of your old PF account to the old employer and the current employer.

Experts also advise that you should not withdraw PF during the job. If you do this, you may lose income tax as well as retirement fund. Apart from this, the employee may also lose loyalty and pension benefits.