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Every employed employee must have a PF account. Along with the employee's salary to the PF account, the company owner also deposits money into the PF account every month at the rate of 12 per cent. This amount also comes to hand after the employee's retirement. However, the Center has also provided the facility of taking this money in any emergency. Moreover, having a PF account has many benefits. Now let's know about the benefits of an EPF account.
Income tax exemptions can be claimed on money deposited in the PF account. Section 80C of the Income Tax Act, 1961 provides that Rs. There is a chance to get tax exemption up to 150 lakhs. But only those who are following the old tax system will get these tax benefits.
Interest is paid on the money deposited in the PF account every month. There is no need to pay any tax on this interest income. Income tax provides tax payments on interest.
The Center provides compound interest at the rate of 8.25 per cent per annum on the money in the EPF account. Those who stay in EPF for a longer period will get more money in retirement.
Another benefit offered by EPF is the insurance facility. This is a deposit-linked insurance scheme. If an employee with a PF account dies while in service, his family will get Rs. The insurance benefit is up to 7 lakhs.
The money in the EPF account can be withdrawn first. Home construction, medical expenses, higher education, marriage, etc. can be withdrawn.
EPF subscribers get pensions after retirement. In case of the death of the subscriber, a pension is given to this family.