EPF India – Employees Provident Fund India
EPF India is a Government undertaking which provides fund to the labouors and employees of the private sector as well as the public sectors. This provides financial help throughout the service period as well as after service also. It is a fund contributed by the employer’s along with a fixed sum is contributed by the employees from their basic pay in a fix ratio as per the norms decided by the government.
Description Of EPFO – EPF India is a statutory organization which works under the guidelines of Government of India. Employee’s provident fund India is the biggest organization in the field of social securities. This organization is the largest in providing claim coverage and providing benefits among the world.
Need Of EPF – Employees provident fund is very important financial plan. It provides all kind of financial supports to the employees’ .It can also beneficial tool for their families. It can secure the future of the employee along with their spouse.
Importance Of EPF – Employees provident fund is an important term of saving for any people working in public sector or private sector undertakings. It is a very saving tool provided by the government for the people working very hard to secure the future of their and their families.
Benefits Of Employees Provident Fund – The concept of this fund is designed to provide financial help to the employees when they are in difficult situations and the salary is not enough for the same.
The Benefits Provided by EPF India are as follows:
Future Securities – It can provide financial security after retirement. People can collect their provident fund at the time of retirement and can save that for their future expenses. It can be considered as an Insurance plan or a pension plan as well.
Provides Loan Facilities – An employed person can take loan in account of their EPF from their employers. It will make terms easy and fast for them.
Investment Plan- It is also act as a secure investment plan. People can invest their EPF as an investment To Their companies and can get benefits or a huge amount as a return from there.
Securities For The spouse – Provident fund can be considered as a financial security for the spouse of the employees gone through any unfortunate situation during service period. It has a surety of return.
It Provides Tax Benefits – It also provides tax benefits for the people. It can provide tax exemption from their salary.
Earns a Maximum Interest rate – EPFO provides a huge rate of interest. It is assure to earn maximum interest.
Withdrawal Facility – Employees Provident Fund India provides any time withdrawal facility. People can withdraw money from EPFO at any time when it needed.
Shifting Of Jobs – When people switch to another job can shift easily without facing any problem from their employer’s. This fund is transferable from one company to another one.
Contribution to The Employees provident Fund India or EPF India is mandatory for the employees to spend relaxed and tension free life after retirement. People must understand the benefits as well as the importance of EPF. People should be making aware of all the terms and conditions of the EPF decided by the government.
· Check your EPF Balance
· Check your EPF Claim Status
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