EPFO: Government private employees are getting many benefits through EPF. The most important of these is the large amount of corpus fund. After retirement, every employee gets the option to withdraw the money saved in EPF. But let's know what to do if you want to withdraw maximum 43 lakhs.
Employees Provident Fund: Employees Provident Fund (EPF) provides pension benefits to government and private sector employees in India. EPFO is the Employees' Provident Fund Organization, which administers the Provident Fund (PF) scheme. In this, employees and companies donate some amount every month. EPF is a scheme that provides pension benefits to salaried employees. If an organization has 20 or more employees, it should be brought under the purview of EPFO.
It means opening EPF account for employees and making them EPF members. Under this scheme a lump sum pension is provided in the form of monthly pension. The salary of the employee along with basic salary and allowances is deposited in the EPF account every month. The company also deposits the same amount. The employee's contribution goes entirely to the EPF account. 8.33 per cent of the company's contribution goes to the employee's EPF account and 3.67 per cent to the Employees' Pension Scheme (EPS).
- If you invest Rs.6,000 every month in EPF for 15 years, you will get Rs.21,57,867.30 on maturity at an interest rate of 8.25%.
- Similarly, if you invest Rs.8,000 per month in an EPF account continuously for 15 years, you will get Rs.28,77,156.4 on maturity at an interest rate of 8.25 percent.
- If you invest Rs.12,000 per month continuously for 15 years in an EPF account, you will get Rs.43,15,734.6 on maturity at an interest rate of 8.25%.
How to check interest amount and PF balance in EPF account?
- First EPF subscribers go to EPFO portal www.epfindia.gov.in
– Select the E-PassBook option.
- After this another screen will appear in front of you.
- Here you need to enter your UAN, password, captcha code.
- After successful login, select Member ID option for Passbook.
- Passbook is available in PDF format.
- You can download it.
- Passbook can be accessed directly at https://passbook.epfindia.gov.in/
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