Unlocking 7 hidden benefits of EPF deductions—pensions, nominations, investments, and more revealed for financial empowerment.
| If PF is deducted from your salary every month, you will get these 7 benefits |
If PF is deducted from your Salary every month, you will get these 7 benefits
In the realm of monthly salary deductions, the Employee Provident Fund (EPF) offers a secure retirement fund and a host of additional perks often overlooked or unknown to many employees. Beyond the familiar aspects, here are seven key benefits of engaging with EPF:
1. Pension Perks
Your monthly contribution to EPF and Employee Pension Scheme (EPS) creates a robust pension corpus, with your company chipping in 12% of your salary. Eligibility for pension requires a minimum of ten years of service and reaching the age of 58, ensuring a minimum pension of Rs 1,000.
2. Nomination Empowerment
EPFO emphasizes the importance of making nominations, allowing subscribers to designate any nominee for their EPF account. In the unfortunate event of the subscriber's demise, the nominated individual receives the PF amount.
3. VPF Investment Opportunity
Employees can diversify their investments by contributing to EPF and Voluntary Provident Fund (VPF). Additional contributions to VPF can be made from the basic salary, providing an avenue for increased investment.
4. Withdrawal Wisdom
EPF withdrawal entails specific rules; it's a complex process of changing jobs. Withdrawal is permitted only after a minimum of two months of unemployment and is contingent on securing a new job.
5. Partial Immersion Options
While full withdrawal is not an option, EPF allows partial withdrawals for specific purposes. After seven years of account opening, contributors can withdraw up to 50% for events like marriage, education, or major surgery. Funds can also be utilized for home-related financial needs.
Discovering and understanding these lesser-known benefits underscores the significance of regular PF deductions, presenting employees with a multifaceted financial safety net.
Unveiling the #EPFAdvantage: Secure your future with hidden pension benefits! 💼🌐
#EPF #FinancialWisdom #VPF #PartialWithdrawalPerks #EmployeeProvidentFund #FinancialEmpowerment #RetirementPlanning #PF #Finance #Business
Get India News along with Latest News and Top Headlines from India and around the world
