What is EPF Amount? Top Facts You Should Know About
By Jasreet Kaur08, Jun 2024 02:00 PMjagranjosh.com
What is EPF?
EPF provides financial security and stability for employees after retirement through regular contributions from both employees and employers. Check out top facts you should know about EPF.
EPF
EPF stands for Employees' Provident Fund. It ensures employees have financial security after retirement by saving a portion of their income.
Purpose
It is a savings scheme for employees in India. It helps employees save money for future financial needs, particularly post-retirement.
Contributions
Both employees and employers contribute to this fund monthly. Contributions are mandatory and deducted from the employee's salary and matched by the employer.
Calculation
The contribution is usually a percentage of the employee's salary. Generally, 12% of the basic salary plus dearness allowance is contributed.
Interest
The fund accumulates interest over time. The interest rate is determined annually by the EPFO and helps the savings grow.
Access
Employees can view their EPF balance online. They can use their Universal Account Number (UAN) on the EPFO portal or app to check.
Withdrawal
Money in the EPF can be withdrawn for retirement, resignation, or emergencies. Withdrawals are also allowed for medical needs or education.
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