What exactly is Employees' Provident Fund?

The Employees' Provident Fund runs by an organization through the same name from the Government of India. It is just a social security organization and gives pension benefits to the enormous number of organized workforce in the country. Let us see the important things about it.
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On this scheme, 12 % from the employee's wages are deducted through the organization with an equal amount is contributed through the employer also. It is done in establishments which have got a staff strength of 20 or higher. In cases like this, many of these organizations must are categorized as the jurisdiction with the scheme.

The actual interest is 9.5 percent for the deposits produced by the staff member. The worker gets a pension on his retirement or there is certainly provision for the payment of a fixed total his loved ones on his untimely death.

Easy distribution of pension is among the important things about certainly. Under this scheme, a staff needs to make a forex account with any of the registered banks for payment of pension. As soon as the retirement in the employee, pension is disbursed with the organization on the employee concerned. All banks with tie ups usually offer a zero balance account towards the pension holders. The pensioners usually manage to get thier pension ahead of the tenth day's on a monthly basis.

The issue behind the scheme is its reach. It is difficult to find all organizations with the employee strength of 20 or over. Nokia's need to pay to join to the organization and this subscription rate also prevents the organizations to become listed on the scheme. Though the government is attempting to help make the scheme a more attractive and. normally the scheme is a great tool for social security.

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