Schemes and updated Status informations on Employee Provident Fund (EPFO).

Hyderabad,India : Epfo stands ( Employee Provident Fund Organisation), is the one of the largest social security Organisations terms in the clients retirement scheme . looking to provide social security to workers engaged in the organised workforce.In 15th November 1951,The Employee Provident Fund came  existence in the name of ’ Employee Provident Fund Ordinance’.1952 it is replaced by “Employee Provident Funds’.The EPF Bill is introduced By the Parliament bill Number  15 of the 1952 . The Act is refered the ’ Provident Funds & Miscellaneous Provisions Act, 1952 in the whole India except Jammu and Kashmir.

What are the Schemes your monthly EPF contribution go into?

Under the EPF Act of 1952, following three schemes that your monthly EPR contributions go. Those are as follows:

  • Employees’ Provident Fund Scheme (1952)
  • Employees’ Deposit Linked Insurance Scheme (1976)
  • Employees’ Pension Scheme (1995)

Employee Provident Fund Balance (EPF):

EPF is one of the main platforms of savings in India for nearly all people working in Government, Public or Private sector Organizations.It is a taken 12% part of monthly salary amount for employee and the firm saved in the form of a fund and it is provided to the employee after his or her retirement.

Employee Deposit Linked Insurance Scheme(EDLI) : It is Providing Protection to the family through life insurance.The scheme provides for a lump sum payment to the insured’s nominated beneficiary in the after  the  death due to natural causes, illness or accident. Nowadays, most organisations offer the facility of provident fund (PF).

Employees’ Pension Scheme (EP) : Pension funds are investment pools that pay for employee retirement commitments. Funds are paid for by either employees, employers, or both. Corporations and all levels of government provide pensions. The fund managers invest these contributions conservatively. They must avoid losing the principal but still beat inflation.

 

If u want more details on EPFO and its Scheme ,Our My Money karma gudies you on it and also check your credit score  on loans  online in Hyderabad.

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