{"id":247,"date":"2021-03-12T05:00:24","date_gmt":"2021-03-12T05:00:24","guid":{"rendered":"https:\/\/pkchopra.com\/blog\/?p=247"},"modified":"2024-03-12T10:16:07","modified_gmt":"2024-03-12T10:16:07","slug":"benefits-of-employee-provident-fund","status":"publish","type":"post","link":"https:\/\/pkchopra.com\/blog\/index.php\/benefits-of-employee-provident-fund\/","title":{"rendered":"Benefits of Employee Provident Fund"},"content":{"rendered":"<p>The employee provident fund may be a popular investment scheme for people working in a private sector. This scheme has many other added benefits aside from tax saving.<\/p>\n<p>Read through the advantages of Employee Provident Fund Scheme<\/p>\n<ul>\n<li><strong>Tax free<\/strong> \u2013 The funds in your EPF account is tax free. If you would like to withdraw your EPF money at the time of maturity, the quantity is freed from tax. However, you&#8217;ll be taxable if you withdraw the quantity before 5 years of continuous service.<\/li>\n<li><strong>Long term investment<\/strong> \u2013 This provides financial security. The scheme encourages its members to refrain from withdrawing their funds before maturity.<\/li>\n<li><strong>Pension Scheme<\/strong> \u2013 8.33% out of the 12% contribution of the employer is towards the pension scheme. Hence a member also can enjoy the pension account available.<\/li>\n<li><strong>Easily accessible<\/strong> \u2013 With the linking of Aadhar to the UAN, a member can transfer his\/her PF funds during the transfer of jobs automatically by submitting Form 13.<\/li>\n<li><strong>Insurance benefits<\/strong> \u2013 If there&#8217;s an absence of group life assurance , the employer has got to contribute 0.5% of the essential pay towards life assurance . Although this amount might sound less, it definitely adds on to the varied benefits.<\/li>\n<li><strong>Special added benefits<\/strong> \u2013 The funds within the EPF account are often used during occasions like\n<ol>\n<li><strong>Medical emergencies<\/strong> \u2013 there&#8217;s no limit of minimum contribution during medical emergencies<\/li>\n<li><strong>Housing<\/strong> \u2013 After contributing for 3 years, you&#8217;re eligible to with draw your PF to get or construct a replacement house or flat. just in case of renovations you would like to contribute for a minimum period of 5 years.<\/li>\n<li><strong>Marriage or Education<\/strong> \u2013 After contributing for a period of seven years, 50% of your PF amount are often withdrawn for a maximum of 3 times .<\/li>\n<li><strong>Loss of income<\/strong> \u2013 If an individual faces a situation of unemployment, then he\/she can use the PF amount as a supplement income.<\/li>\n<li><strong>Death<\/strong> \u2013 just in case of the account holder\u2019s death, the accumulated amount are going to be transferred to the listed beneficiary.<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The employee provident fund may be a popular investment scheme for people working in a private sector. This scheme has many other added benefits aside from tax saving. Read through the advantages of Employee Provident Fund Scheme Tax free \u2013 The funds in your EPF account is tax free. If you would like to withdraw &hellip;<\/p>\n","protected":false},"author":1,"featured_media":249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":""},"categories":[34],"tags":[166],"_links":{"self":[{"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/247"}],"collection":[{"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=247"}],"version-history":[{"count":1,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/247\/revisions"}],"predecessor-version":[{"id":248,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/247\/revisions\/248"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/media\/249"}],"wp:attachment":[{"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}