VPF (Voluntary Provident Fund) One can invest more than 12% of his/ her salary to PF account. This excess contribution to PF is called VPF. You can contribute to PF in percentage (%) terms only. It means you can ask your employer to deduct excess 3% of your salary but you cannot say deduct INR…
No Interest on EPS (Employee Pension Scheme) I have already mentioned that a part of employer’s share goes into EPS. People usually think that they get interest on entire PF amount contributed by Employee and Employer. But actually this is not true. Contribution to EPS out of Employer Share does not earn any interest. But…
Pension It has already written in one of the previous post that a part of Employer Share actually goes to EPS (Employee Pension Scheme). One can get pension from his/ her provident fund. But there certain conditions which are: He/ She has completed the age of 58. He/ She has been member of EPF for…
Nomination One can avail the facility of nomination while joining the EPF. But in case, it has not been done at the time of joining, one can fill up Form 2 to update/ change the nomination details. In case of death of the person, nominee gets the Provident Fund amount. Insurance Contribution to Employees’ Deposit…
The EPF (Employees’ Provident Fund) is an investment scheme launched by Govt. for salaried individuals and is maintained solely by the Employees’ Provident Fund Organisation of India (EPFO). As per EPF scheme, any establishment having more than 20 employees has to register with the EPFO. Every employee is allotted UAN (Universal Account No.) by EPFO…